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 Cash Rewards charges a $39 annual fee.
  • There are no foreign transaction fees on charges made overseas.
  • The annual percentage rate on this card 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

Chase Freedom®
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • 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
  • Unlimited 1% cash back on all other purchases - it's automatic
  • Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
Credit Needed

Excellent/Good

Regular APR

16.74% - 25.49% Variable

Annual Fee

$0

Purchase Intro APR

0% Intro APR on Purchases for 15 months

Balance Transfers Intro APR

0% Intro APR on Balance Transfers 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.

Discover it® Cash Back
  • Intro Offer: Discover will match all the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
  • No annual fee.
Credit Needed

Excellent/Good

Regular APR

13.74% - 24.74% Variable

Annual Fee

$0

Purchase Intro APR

0% for 14 months

Balance Transfers Intro APR

0% for 14 months

Discover it® Cash Back  cardholders can earn 5% cash back on up to $1,500 in purchases made in accordance with Discover’s 2018 Cashback Calendar after enrollment. Enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year.

You won’t earn one of those huge sign-up bonuses other cards offer, but if you’re looking for a no-frills cash-back card, the Discover it® Cash Back credit card does come with one intriguing feature: Discover will pay a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year.

Capital One® Quicksilver® Card – 0% Intro APR for 15 Months
  • 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
  • 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 15 months; 14.74%-24.74% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 14.74%-24.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees
Credit Needed

Excellent, Good

Regular APR

14.74% - 24.74% (Variable)

Annual Fee

$0

Purchase Intro APR

0% intro on purchases for 15 months

Balance Transfers Intro APR

0% intro on balance transfers for 15 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.