Capital One’s two new Quicksilver Mastercards have no annual fee and no foreign transaction fee, pay 3% at grocery stores and gas stations, and match all your cash back in the first year. At typical spending they earn about $396 a year, or $792 in the first year.
Key takeaway: A strong no-fee card if you buy groceries at supermarkets and fill up regularly: about $396 a year at $2,000 a month of spending, doubled to $792 in the first year by the cash back match. Costco and Walmart only earn 1%, and the travel insurance doesn’t include emergency medical coverage.
Editorial update November 8, 2026 · WalletReturn Editorial Team
Two Mastercards launched in Canada in October 2026 with the same rewards: 3% cash back at eligible grocery stores and at gas and EV charging stations, and 1% on everything else, with no cap. Both have no annual fee and no foreign transaction fee. The World Elite version has a lower interest rate and a higher income requirement.
| World Elite | World | |
|---|---|---|
| Annual fee | $0 | $0 |
| Cash back | 3% grocery, gas and EV charging; 1% other | 3% grocery, gas and EV charging; 1% other |
| Foreign transaction fee | None | None |
| Purchase 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 |
Capital One matches every dollar of cash back you earn in your first 365 days, with no cap. That makes the first year 6% on groceries and gas and 2% on everything else. The match is credited within two billing periods after the year ends.
The offer must be shown when you apply, your account must stay open and in good standing, and Capital One can change or end the offer at any time.
About $396 a year, and $792 in the first year with the match, at our typical spending of $2,000 a month ($500 groceries, $150 gas and $1,350 on everything else).
That assumes your groceries come from supermarkets that count as grocery stores. Our card page shows the estimate for your own spending.
| Card | Net annual rewards | First-year value |
|---|---|---|
| Capital One Quicksilver World Elite Mastercard | $396 | $792 |
| Capital One Quicksilver World Mastercard | $396 | $792 |
Superstores such as Costco and Walmart are excluded from the 3% grocery rate, and stores are counted by their merchant category code, so a shop that sells groceries under another code only earns 1%. Cash back can only be redeemed as a statement credit, which doesn’t count toward your minimum payment.
The included insurance covers purchase assurance, extended warranty, price protection, rental car damage, travel accident, flight delay and baggage delay or loss. It doesn’t list emergency medical coverage, so travellers will need separate medical insurance.
People who spend a lot at supermarkets and gas stations and want a card with no annual fee. The lack of a foreign transaction fee also makes it a good no-fee card for travel and shopping in US dollars. If most of your groceries come from Costco or Walmart, a card that pays more at those stores will earn more.
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