Capital One QuicksilverOne Cash Rewards Credit Card
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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.
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.
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 26.96%.
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
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 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.
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.