The Capital One Quicksilver is a new no-annual-fee cash back Mastercard that launched in Canada in October 2026. Short answer: it is worth a look if most of your spending goes to grocery stores and gas stations, or if you buy things in foreign currencies. It pays 3% on eligible groceries, 3% on eligible gas and EV charging, and 1% on everything else, with no caps, no annual fee and no foreign transaction fees. For the first year, Capital One matches every dollar of cash back you earn.
What Is the Capital One Quicksilver Card?
It is not one card but two, and both earn exactly the same way:
- Quicksilver World Mastercard — entry version, lower income requirement, higher interest rate.
- Quicksilver World Elite Mastercard — premium version, higher income requirement, lower flat interest rate.
In simple terms: there are no points to value and no reward chart to learn. You earn cash back, and it comes off your statement balance dollar for dollar. The trade-off is that a statement credit is the only thing you can do with it — no points, no transfers to airlines, no travel bookings. If you prefer rewards you can turn into flights, Aeroplan points do things cash back cannot.
How Much Cash Back Does It Earn?
- 3% at eligible grocery stores
- 3% at eligible gas stations and EV charging stations
- 1% on all other eligible purchases
- No caps, and no foreign transaction fee on purchases made outside Canada
One important exclusion: the 3% grocery rate does not apply at superstores like Walmart and Costco, because those stores are coded as warehouse clubs or department stores rather than supermarkets. If your weekly shop happens at Costco, the card drops to 1% on your biggest spending category.
Simple example. A household spending $800 a month on supermarket groceries, $200 on gas and $1,000 on everything else earns $288 + $72 + $120 = about $480 a year — roughly 2% back overall, from a free card.
Why the missing foreign exchange fee matters: most Canadian cards add about 2.5% to every purchase in another currency. Skipping it saves roughly $25 on every $1,000 you spend abroad or on US websites, before the cash back.
Is the First-Year Cash Back Match Worth It?
This is the headline offer, and it works differently from a normal welcome bonus. Capital One says it will provide an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, credited within two billing periods after your first anniversary.
In year one that effectively means 6% on groceries, 6% on gas and EV charging, and 2% on everything else. The $480 household above would collect $960.
The catch: you have to keep the account open and in good standing for the full year, the money arrives in a lump at the end rather than as you spend, and Capital One can end the promotion at any time.
Quick tip: a match only doubles what you were going to spend anyway. Put your normal everyday spending on the card rather than chasing the offer with purchases you would not otherwise make.
World vs World Elite: Which Version Do You Qualify For?
| Feature | World Mastercard | World Elite Mastercard |
|---|---|---|
| Annual fee | $0 | $0 |
| Cash back | 3% / 3% / 1% | 3% / 3% / 1% |
| Minimum personal income | $50,000 | $80,000 |
| Minimum household income | $80,000 | $150,000 |
| Purchase and cash advance rate | 21.9%–29.9% | 20.9% |
| Foreign transaction fee | None | None |
What this means for you: on the entry card your rate is assigned from your credit profile and can reach 29.9%, well above the 19.99%–20.99% most Canadian cards charge. Carrying even a modest balance at that rate wipes out years of 3% cash back, so this is a card to pay off in full every month. If you sometimes carry a balance, a low-interest card and a payoff plan will do more for you than any rewards rate. Capital One also offers a pre-approval check that shows which version you are likely to get without a hard credit inquiry.
What Capital One Quicksilver Does Not Give You
Both versions include purchase assurance, extended warranty, price protection, car rental collision and loss damage coverage, and common carrier travel accident, flight delay, baggage delay and lost baggage insurance, plus free credit score tracking and fraud alerts.
What is missing: there is no emergency travel medical insurance and no mobile device coverage on either version. Travel medical is the one most people assume a World Elite card includes, and it is the gap most worth knowing about before you cancel another card.
Consider passing on the card entirely if you buy most of your groceries at Costco or Walmart, if your spending is spread out enough that a flat 2% card beats 1%, or if you sometimes carry a balance. Our roundups of the best no-fee credit cards in Canada and the best grocery credit cards in Canada show the alternatives, and our Cobalt vs Scotiabank Gold comparison covers when paying a fee is worth it.
Key Takeaways
- Capital One Quicksilver arrived in Canada in October 2026 as two no-annual-fee Mastercards: a World version and a World Elite version.
- Both earn 3% at eligible grocery stores, 3% at eligible gas and EV charging stations and 1% elsewhere, with no caps and no foreign transaction fee.
- A first-year dollar-for-dollar match doubles your cash back, paid within two billing periods after your anniversary.
- Walmart and Costco are excluded from the 3% grocery rate, and cash back is redeemable only as a statement credit.
- The World version needs $50,000 personal income and charges 21.9%–29.9%; the World Elite needs $80,000 and charges a flat 20.9%.
- Neither version includes travel medical or mobile device insurance.
The bottom line: for supermarket and gas spending plus anything you buy in a foreign currency, this is one of the stronger free cards in Canada right now. It is weaker if you shop at warehouse clubs, want rewards you can turn into travel, or carry a balance.
Rates, fees and features were verified on Capital One Canada’s website on October 9, 2026. Credit card terms change often — confirm the current details on the issuer’s page before you apply.