Capital One QuicksilverOne Cash Rewards Credit Card

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Easy rewards but the annual fee can eat away at your earnings.

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As a rewards credit card, the Capital One QuicksilverOne Cash Rewards Credit Card just doesn’t stand up to the competition. As a rewards card for a consumer trying to rebuild (or build for the first time) their credit, this card is worth a look.

Review

The 1.5% cash-back reward structure would be pretty standard — for a no-fee credit card. But the $39 annual fee should stop most consumers from considering this card.

There are numerous options other there if you have good credit to earn rewards at this level or higher without having to pay for the privilege. But there are few cards available to someone with fair credit that also offer a nice payday.

A word of caution here, though. This card is not right for you if you plan to carry a balance. The interest you accrue will cancel out any rewards you earn. That, and the APR is fairly unforgiving.

Who should get this card

If your credit score isn’t stellar but you want to earn cash-back rewards, the Capital One QuicksilverOne’s structure is as simple as it gets. Earn a flat 1.5% back on every purchase and redeem in any amount at any time.

Can I get it as a statement credit you ask? Yep. As a check mailed to me? Sure thing. How about I spend those rewards on a gift card? Absolutely! Happy spending.

But this card is a good fit only if you charge more than $7,800 a year, which is the amount you’d have to spend to earn back the $39 annual fee and top the earnings from a no-fee 1% cash back card.

Here’s how the math works: Spend $7,800 and you’ll earn $117 from the QuicksilverOne. Subtract the annual fee, and the total amount you’ve earned is actually $78, or the same amount you would have earned on a 1% cash-back card with no annual fee.

Advantages
  • Unlimited 1.5% cash back on every purchase.
  • Redeem rewards anytime in any amount as an account credit, a check or a gift card-they all have the same value.
  • No rotating categories to keep track of.
  • Get access to a higher credit line after making five on-time payments in a row.
  • No foreign transaction fees.
Disadvantages
  • There’s no sign-up bonus, which you’ll find with other cash-back rewards cards.
  • If you think you’ll carry a balance, the 24.99% APR is fairly high, even for credit cards designed for fair-credit users.
  • There’s a $39 annual fee.

Fees and APR

  • Capital One QuicksilverOne charges a $39 annual fee.
  • There are no foreign transaction fees on charges made overseas.
  • The annual percentage rate is a variable 24.99%.

Extras, perks and using points

The QuicksilverOne  comes with World Elite Mastercard benefits, which include travel protections like trip cancellation reimbursement and baggage insurance, complimentary room upgrades at participating properties, concierge service and car rental insurance.

You can also benefit from the price protection feature, which will reimburse you the difference in eligible items if you find a lower price within 120 days of purchase. Another nice perk is the access to the card’s identity theft services if you ever feel you’ve been compromised.

To access your cash-back rewards, log into your account on the Capital One website and either redeem them as a statement credit, request a paper check to be mailed to you or redeem them for a gift card from a Capital One partner. There’s no minimum amount you have to accrue to redeem your rewards and they never expire as long as your account is open and in good standing.

How this card compares

Card Details
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
  • Enjoy new 5% categories each quarter like gas stations, restaurants and drugstores
  • Unlimited 1% cash back on all other purchases - it's automatic
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.99-24.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • No annual fee
Credit Needed Good
Regular APR 15.99% - 24.74% Variable
Annual Fee $0
Purchase Intro APR 0% for 15 months
Balance Transfers Intro APR 0% for 15 months

If you’re up for the challenge of tracking bonus rewards categories, Chase Freedom can give you some real cash-back bang for your buck. For travel junkies and road warriors, this card is ideal when paired with an eligible Chase card to reap maximum travel rewards on your spending.

Card Details
  • New! Receive Free Social Security number alerts - Discover will monitor thousands of risky websites when you sign up.
  • You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
  • Earn 5% cash back at Amazon.com and Target now through December 2017, on up to $1,500 in purchases when you activate. Plus, 1% cash back on all other purchases.
  • Redeem your cash back for any amount, any time. Cash rewards never expire.
  • 100% U.S. based customer service.
  • Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
  • No annual fee.
Credit Needed Excellent
Regular APR 11.99% - 23.99% Variable
Annual Fee $0
Purchase Intro APR 0% for 14 months
Balance Transfers Intro APR 0% for 14 months

The Discover it Cashback Match also gives 5% back on rotating categories, like gas stations, wholesale clubs and supermarkets, 1% on all other purchases and matches all your cashback earnings at the end of the first year. But you’ll need good to excellent credit to qualify for this card.

Capital One® Quicksilver® Cash Rewards Credit Card
Card Details
  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Use your Quicksilver card and get 50% back as a statement credit on your monthly Spotify Premium subscription, now through April 2018
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 9 months; 13.99%-23.99% variable APR after that
  • Balance transfers also have a 0% intro APR for 9 months; 13.99%-23.99% variable APR after that; a 3% fee applies to each balance transferred
  • Pay no annual fee or foreign transaction fees
Credit Needed Excellent
Regular APR 13.99% - 23.99% (Variable)
Annual Fee $0
Purchase Intro APR 0% intro on purchases for 9 months
Balance Transfers Intro APR 0% intro on balance transfers for 9 months

With regular on-time payments, you may want to trade up to the Capital One Quicksilver Cash Rewards Credit Card, which has same rewards and benefits of the QuicksilverOne, but with more favorable terms.

EDITORIAL NOTE

Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.