- Capital One launched the Quicksilver World Elite Mastercard® and the Quicksilver World Mastercard® in Canada in October 2026.
- Both have no annual fee and no foreign transaction fees, and earn 3% cash back on groceries and on gas and EV charging, and 1% on everything else, with no caps.
- New cardholders get all of their first-year cash back matched dollar for dollar, so year one works out to 6% and 2%.
- The two cards differ only in interest rate and income requirement: the World Elite needs $80,000 personal or $150,000 household income.
Capital One has launched two Quicksilver cards in Canada: the Quicksilver World Elite Mastercard® and the Quicksilver World Mastercard®. Both have no annual fee, no foreign transaction fees, and 3% cash back on groceries and gas.
I didn't have a no-FX Mastercard yet, and a first-year match on all cash back is a very good deal. So I applied for the World Elite on October 6.
It was smooth. I ran Capital One's pre-approval check first, took the decision it gave me, and was approved within a minute.
I'll write a full review once I've used it for a while. For now, here's what's on offer.
The two cards
The two Quicksilver cards earn the same, cost the same, and carry the same insurance. Only the interest rate and the income requirement are different.
| Quicksilver World Elite | Quicksilver World | |
|---|---|---|
| Annual fee | $0 | $0 |
| Groceries | 3% | 3% |
| Gas and EV charging | 3% | 3% |
| Everything else | 1% | 1% |
| Foreign transaction fee | 0% | 0% |
| Interest rate | 20.9% | 21.9% to 29.9% |
| Minimum income | $80,000 personal or $150,000 household | $50,000 personal or $80,000 household |
If you meet the World Elite's income bar, there's no reason to pick the World instead. The World is there for anyone under it.
There are no caps on the cash back, and it doesn't expire while your account is open.
The first-year cash back match
This is the welcome offer, and it's an unusual one.
Instead of a fixed bonus, Capital One matches every dollar of cash back you earn in your first 365 days, with no cap.
So in year one, the card effectively pays 6% on groceries, 6% on gas and EV charging, and 2% on everything else. Capital One calculates the match at the end of your first year and credits it within two billing periods, as long as your account is still open and in good standing.
To put numbers on it, say you spend $600 a month on groceries, $200 on gas, and $1,200 on everything else. That's $432 of cash back in a normal year, and $864 in your first year with the match.
The catch is the wait.
You don't see the match for a full year, and Capital One says the offer is "only available when displayed on this site," so apply through capitalone.ca.
What counts as groceries and gas
The 3% categories follow merchant codes. Grocery stores, meat and dairy shops, and specialty food stores count. Superstores like Walmart and Costco don't, so those purchases earn 1%.
I found that out firsthand. My first grocery run on the card was at the Walmart near my home, and it posted at 1%.
For gas, both gas stations and EV charging earn 3%, which is a nice touch for EV drivers.
No foreign transaction fees
Most Canadian credit cards add a foreign transaction fee, usually 2.5%, on anything you buy in another currency. The Quicksilver cards charge 0%, so a $1,000 purchase abroad costs you $1,000 instead of about $1,025.
That makes either card a good one to carry on trips, especially as a no-fee backup to a travel card. Purchases abroad earn 1% unless they fall in the 3% categories.
The insurance is light
The Quicksilver cards come with flight delay insurance (up to $1,000 per trip after a four-hour delay), baggage delay ($100 a day for up to three days), lost baggage (up to $1,000), and common carrier travel accident insurance. You also get primary car rental collision coverage for rentals of up to 31 days.
On purchases, there's 90-day Purchase Assurance, an Extended Warranty of up to one extra year, and a Price Protection service that refunds $10 to $100 per item if the price drops within 30 days.
What's missing matters more if you travel.
There's no emergency medical insurance and no trip cancellation or interruption coverage, so you'll want another card or a separate policy for those.
The fine print
- Statement credits only. You redeem cash back as a statement credit, and it doesn't count toward your minimum payment. Close the account and any unredeemed cash back is gone.
- Existing Capital One customers. Capital One may not approve you if you already have a Capital One account, applied for one in the last 30 days, or had an account in bad standing in the past year. The pre-approval check on its site shows where you stand first.
- Merchant fees. Capital One notes that the World Elite "can impose higher card acceptance costs on merchants."
Final Thoughts
For a no-fee card, this is a strong lineup: 3% on two everyday categories, no FX fees, and a first-year match that doubles all of it.
The weak spots are the insurance and the one-year wait for the match.
For my first year, it's my main card for groceries and gas. After that, it's my go-to for foreign-currency purchases on travel platforms that don't take Visa. Some platforms in Korea, surprisingly, only take Mastercard or charge more on Visa.
My full review will follow once I've had it for a few months.
Are you thinking of applying for one of the Quicksilver cards? Let me know in the comments!
Checked Oct 30, 2026 · Sources: Capital One: Quicksilver World Elite Mastercard · Capital One: Quicksilver World Mastercard · Capital One: Quicksilver Rewards and Redemption terms (effective September 1, 2026) · Capital One: Quicksilver certificate of insurance (effective September 1, 2026)
