Remember.... Capital One is not directly competing against most of the 2% card issuers. Capital One has always targeted folk with low FICO scores, whereas Citi, Fidelity, PenFed, Alliant, and most of the other 2% card issuers target folks with higher FICO scores. Capital One is probably the best cashback deal in town for folk with low FICO scores, because they can't get the 2% cards, so Quicksilver will continue to be profitable for Capital One at 1.5%.
A bigger mystery to me is why NFCU has not increased the no-fee cashRewards Visa from 1.5% to 2%. NFCU's two biggest competitors for the military market are PenFed and USAA, and both of those have a 2% card with no annual fee. While NFCU does have a 2% card, the Flagship, it has a $49 annual fee.
Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
