The Capital One QuicksilverOne Cash Rewards Card offers the great benefit of allowing cardholders to earn rewards at an adequate rate, along with a few varied redemption options as well.
Rewards: Flat-rate cash back for fair credit cardholders
The Capital One QuicksilverOne Cash Rewards Credit Card earns cash back at a flat 1.5 percent rate. You’ll also earn 5 percent cash back on hotel and rental cars booked through Capital One Travel.
Unlike most other cards available with fair credit, the Capital One QuicksilverOne Cash Rewards card offers cash back on every purchase you make. Although your focus should be on building credit, not earning rewards, the card’s flat rate should make it easy to earn cash back on everyday purchases you’d need to make regardless, like groceries and gas. These rewards can offset the card’s annual fee and help you save a bit of money while you build credit.
Compared to the rewards you’ll typically earn with a credit-building card, this flat-rate is fairly good, especially if you value simplicity. A 1.5 percent cash back rate also competes with the rates on some of the top flat-rate cash back cards for good credit. Although the standard flat rate on unsecured cards is 2 percent back, 1.5 percent back is the best flat rate you can get without a good credit score.
Redemption: Flexible choices
You can redeem cash back rewards in the form of a check or applied as a statement credit, though you can’t use statement credits to meet minimum payment obligations. However, you can apply your cash back rewards to cover a recent purchase.
While redemption values may vary, you can also redeem cash back for gift cards. These options are similar to those you’ll find on other cash back cards and are flexible enough that most people should be able to find a useful way to redeem their rewards.
Credit-building: Offers a credit limit increase within a short timeframe
Since the Capital One QuicksilverOne Cash Rewards Card is for fair credit cardholders, it has a few key benefits that will help build credit. Capital One reports your credit card usage to all three major credit reporting bureaus, so with responsible use, cardholders will be able to improve their credit score.
However, the QuicksilverOne’s biggest credit building feature is that in six months, Capital One may automatically consider cardholders for a higher line of credit with on-time payments.
There aren’t many cards, fair credit or not, that offer credit limit increases, especially one within six months, so this card definitely has an edge over most cards and their credit-building features. Along with CreditWise, which is a free Capital One tool that allows you access to your credit score and tools to help monitor your credit profile, you have the necessary perks to boost your standing.