Capital One has launched two new Quicksilver cards in Canada, the Quicksilver World Elite Mastercard and the Quicksilver World Mastercard, as reported by Prince of Travel on October 6, 2026. Both earn 3% cash back on groceries and gas, with no annual fee, no foreign exchange fees and a first year cash back match. For you, that makes it one of the simplest cards to carry abroad, but not a replacement for the points that get you into business class.
What do the new Capital One Quicksilver cards offer?
They pay 3% cash back on groceries and gas, and they cost nothing to hold. There is no annual fee on either card.
There are two versions. World Elite is usually the higher Mastercard tier and World is the entry tier, but the core story is the same for both: 3% back on two everyday categories, no FX fees, and a cash back match in your first year. That match can make year one worth a lot more than a normal year, so read the terms to see exactly how and when it is paid.
What the story does not give us is just as useful to know. We have no details here on caps, the rate on other spending, or approval rules. Check those before you apply.
Is 3% cash back better than points for a business owner?
For most business owners who fly, no. Not for your main spend.
Here is a simple example. Say you put $1,000 a month on groceries and gas. At 3% back, that is $30 a month, or $360 a year. That is real money, and it costs you nothing.
Now look at points. When you move points from a flexible program to an airline like Aeroplan and book a business class seat, each point often stretches much further than it would as cash. That is how flying works with points: the value is in the premium seat, not the statement credit. A business that spends a lot each month can turn that spend into lie flat trips that would cost thousands in cash.
Our view: cash back is the safe, easy choice. Points are the high value choice, if you will actually use them. Most of our readers will.
Why does no FX fee matter so much?
Because most Canadian cards quietly add a fee, often around 2.5%, every time you pay in another currency. You barely notice it, but it adds up fast.
Think about a trip to New York, London or Tokyo. Hotels, meals, taxis and client dinners all hit your card in a foreign currency. With a typical card, you pay extra on every one of them. With these Quicksilver cards, you do not.
Honestly, this is the best part of the news for anyone who travels. A card with no annual fee and no FX fees is a rare combo in Canada, and it fixes a cost most people have just accepted.
Who should get one, and who should skip it?
Get one if you travel outside Canada a few times a year and your current cards charge FX fees. It is a smart card to keep in your wallet just for trips, and the 3% on groceries and gas is a nice bonus at home.
It also makes sense if you hate tracking points and just want cash. No fee, simple rules, done.
Skip it as your main card if you are already earning points toward business class. Moving your big monthly spend to cash back could cost you trips. The better play is both: points card for business spend, this card for foreign purchases.
The bottom line
Capital One just gave Canadians a clean, free way to stop paying FX fees, plus solid cash back on two common categories. That is good news. But for a business owner who flies, it is a sidekick, not the main card.
If you run a business, your spending may already cover more business class trips than you think. You can see what your spending buys.