Capital One QuicksilverOne vs. Quicksilver

With similar names and the same rewards rate, you might at first wonder what the difference is between the Capital One Quicksilver Cash Rewards Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card. In a nutshell, the Quicksilver is undeniably a better card, but the QuicksilverOne is easier to qualify for.

If you’re considering one or both of these cards based on what you believe you can qualify for, keep reading to learn how they stack up.

Main details

Capital One QuicksilverOne vs. Quicksilver highlights

These Capital One credit cards are very similar, yet you may notice a few areas where the Quicksilver stands out. Here’s a rundown of important categories you should compare and which card comes out ahead in each.

Welcome bonus winner: Capital One Quicksilver

The Quicksilver lets you earn a one-time bonus of $200 when you spend $500 on your card within three months of account opening, which works out to just $167 per month in spending for three months in a row. The QuicksilverOne doesn’t offer an initial bonus.

Rewards rate winner: Tie

Both of these cash back credit cards let you earn a flat rate of 1.5 percent back for each dollar you spend. This rate is better than many cash back credit cards that offer only 1 percent back on regular purchases.

Annual fee winner: Capital One Quicksilver

The Quicksilver doesn’t charge an annual fee, which makes its 1.5 percent rewards rate even better.

The QuicksilverOne charges a $39 annual fee that is not waived the first year.

Foreign transaction fee winner: Tie

Neither of these credit cards charges a foreign transaction fee when you make purchases outside the U.S. In fact, all Capital One credit cards are free of foreign transaction fees.

Which card earns the most?

Both cards offer the same unlimited 1.5 percent back on every purchase you make. However, the Quicksilver comes out ahead due to its lack of an annual fee and the welcome bonus you can earn.

Capital One QuicksilverOne vs. Quicksilver spending example

Say you charge $2,000 per month — or $24,000 a year — on your credit card to cover groceries, gas, utility bills and miscellaneous expenses. In this case, you could earn $360 in cash back rewards annually with either card. However, with the Quicksilver, you could also earn a cash bonus of $200 after spending $500 within three months of account opening, bringing your total first-year rewards haul to $560 with no annual fee.

With the QuicksilverOne, you’d need to subtract the $39 annual fee from your rewards, for a total savings of $321. And remember, this card doesn’t come with a welcome bonus.

If you spend only $1,000 per month — or $12,000 a year — on your credit card, then the final rewards haul works out to $180 total with the Quicksilver and $141 with the QuicksilverOne when you subtract the annual fee.

Why should you get the Capital One Quicksilver?

The Quicksilver is the better option if you have good or excellent credit. Here are additional factors to consider before you apply.

Redemption options

You can redeem your rewards for a check in the mail, a statement credit to your account or gift cards. You can also redeem points to cover purchases made on Amazon.com.

Recommended credit score

You’ll typically need excellent credit to qualify for this rewards credit card, although a FICO score of 740 or higher may also be enough.

Additional benefits

A big benefit you get with the Capital One Quicksilver comes in the form of its introductory APR offer. Once you sign up, you get a 0 percent intro APR on purchases and balance transfers for 15 months, followed by a variable APR of 19.99 percent to 29.99 percent. This benefit can help you finance a large purchase and pay it down without interest over time. It can also come in handy if you need to carry a balance in an emergency.

As a cardholder, you’ll also get extended warranties on eligible items, travel accident insurance, 24-hour travel assistance services and more.

Why should you get the Capital One QuicksilverOne?

The QuicksilverOne can be a better option if you have fair credit but want to earn rewards on your purchases. Here are other benefits that come with the card.

Redemption options

This card offers the same basic redemption options as the Capital One Quicksilver, which include cash back, statement credits and gift cards.

Recommended credit score

This card requires a fair FICO credit of 580 to 669.

Additional benefits

The Capital One QuicksilverOne offers automatic consideration for a credit line increase after six months of on-time payments. This is a great perk if your credit isn’t where you want it to be. After all, a boost to your credit limit can increase your score. Plus, Capital One reports your card use to all three credit bureaus, giving you the best chance at speedy credit score gains.

The bottom line

Although both of these rewards credit cards offer an unlimited 1.5 percent cash back rewards on every purchase, the Capital One Quicksilver is the clear winner for those who can qualify. Not only does this card come with a sign-up bonus and no annual fee, but you can also score an introductory APR offer on balance transfers and purchases, helping you save on interest.

That said, you can still benefit from signing up for the Capital One QuicksilverOne if your credit score needs some work. In fact, by using this card responsibly and boosting your credit score over time, you should be in a position to apply for a different credit card with more rewards and better perks — or upgrade credit cards to the Quicksilver.