Capital One QuicksilverOne Cash Rewards Credit Card
If you’re looking for a way to rebuild credit while still earning rewards and taking advantage of a few basic travel perks, the Capital One QuicksilverOne Cash Rewards Credit Card is a solid option.
Here are the details
The QuicksilverOne offers a simple way to improve your credit score while earning cash back rewards. While the card comes with a $39 annual fee, you will earn 1.5% unlimited cash back on every purchase. You’ll also receive access to an array of benefits such as extended warranty on purchases, price protection, car rental insurance, roadside assistance and travel accident insurance.
This is not a top-tier cash back credit card, but it’s a great choice for someone with less-than-perfect credit. Capital One offers tools to help you track your credit score, and you’ll have opportunities to increase your credit limit after you make five on-time payments in a row.
The card comes with a high variable APR of 26.96%, but many credit cards for fair credit have similar terms.
Worthy addition to your wallet?
It’s important to think of the QuicksilverOne in terms of a credit-building tool rather than a rewards credit card.
As a standard cash back card, it isn’t a stellar addition to your wallet. Other options offer higher rewards rates with no annual fee and more favorable terms. However, those cards typically require good-to-excellent credit scores for approval.
If you’re looking for a credit-building tool, on the other hand, the earning potential and travel benefits that come with the QuicksilverOne are all added perks that make the card a great option for those looking to boost their score while earning rewards.
Those not planning on putting many expenses on the QuicksilverOne might be better off looking at other cards. Taking the annual fee into consideration, you need to spend at least $650 each month in order to beat the rewards you would earn with a no-fee card that offers 1% cash back on every purchase.
How much are rewards worth?
You have a lot of flexibility with the rewards earned from the QuicksilverOne. Cash back can be redeemed in any amount at any time, and your rewards never expire. You can redeem in the form of a statement credit, a mailed check, a gift card and more.
How much you can earn really depends on how much you spend. Because of the high variable APR, it’s not wise to keep a balance on the card — you’ll want to make sure not to spend more than you can pay off each month. Assuming you spend $1,600 each month with your card, that’s an easy $288 in cash back rewards every year.
Keep in mind, however, that there is no sign-up bonus. If your credit score is high enough to qualify for a cash back card that comes with a welcome bonus, you should take advantage of the more generous offer.
Fees and APR
- Annual fee of $39
- No foreign transaction fee
- Variable 26.96% APR
- Up to $38 fee for late payments
How to get the most value from this card
The biggest advantage of the QuicksilverOne is the opportunity to build up your credit score. Ultimately, getting the most value out of this card means eventually upgrading to a rewards credit card with more favorable terms once you boost your score.
While using the card, make sure that you’re paying off your balance each month. The 26.96% variable APR will quickly eat through any rewards you earn, and holding a balance could further damage your credit score.
Take advantage of the credit tracking tools that Capital One offers, and make the most out of opportunities to increase your credit limit. A higher credit limit can help you lower your utilization ratio, which is a major factor in determining your credit score.
Once you’re eligible to upgrade your QuicksilverOne, you should consider changing over to the Capital One® Quicksilver® Cash Rewards Credit Card. The card offers the same rewards and benefits of the QuicksilverOne, but with more favorable terms and an opportunity to earn a modest welcome bonus.
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