Capital One QuicksilverOne Cash Rewards Credit Card review: Flat-rate rewards for fair credit
Calling all consumers with fair credit: cash in on unlimited, low-maintenance rewards
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Capital One QuicksilverOne Cash Rewards Credit Card Overview
Individuals who want to build their credit and get rewarded while they do it should consider the Capital One QuicksilverOne credit card. The card provides cash back rewards on every purchase and is one of the few cards that is available to those with fair credit.
Plus, cardholders are automatically considered for a higher line of credit in as few as six months with on-time payments. With responsible use, Capital One QuicksilverOne credit cardholders may improve their credit scores while earning rewards along the way. Not to mention it also comes with attractive Capital One features, like no foreign transaction fees, emergency card replacement and $0 Fraud Liability.
What are the pros and cons?
- You’ll have to cover a small annual fee in exchange for the issuer offering rewards to fair credit consumers.
- There is no welcome offer with this card, so you won’t see a windfall of rewards all at once.
- No 0 percent intro APR periods for purchases or balance transfers, which means carrying a balance could cost you.
A deeper look into the current card offer
- Rewards rate: Unlimited 1.5 percent cash back on all purchases and unlimited 5 percent cash back on hotels and rental cars booked through Capital One Travel (terms apply)
- Welcome offer: N/A
- Annual fee: $39
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 26.99 percent (variable)
Current welcome offer
Unfortunately, there’s no welcome offer or sign-up bonus with this card.
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.
Cardholders can choose to get cash back rewards in the form of a check or applied as a statement credit. (Note, statement credits cannot be used to meet minimum payment obligations.) Cardholders can also spend cash back rewards on gift cards, though redemption rates may vary.
Other cardholder perks
In addition to the straightforward cash back rewards with this card, cardholders also get access to several Capital One benefits.
The Capital One QuicksilverOne Cash Rewards Credit Card is available to individuals with fair credit or better. In six months, Capital One may automatically consider cardholders for a higher line of credit with on-time payments. Credit card usage with this card is also reported to all three major credit reporting bureaus. With responsible use, cardholders may be able to improve their credit score.
Plus, you’ll also get access to CreditWise from Capital One, a free service that lets you monitor your credit score.
This card has no foreign transaction fees, so you won’t pay a fee when making purchases outside of the United States. Cardholders can also access 24-hour customer service, $0 fraud liability and get security alerts.
This card offers Capital One Shopping. Capital One Shopping is an online shopping tool that automatically applies available coupon codes to your order so you can get exclusive discounts as a cardholder.
Rates and fees
The Capital One QuicksilverOne Cash Rewards Credit Card has a $39 annual fee.
The APR for purchases, transfers and cash advances is 26.99 percent variable. The average credit card interest rate is 16.44 percent (as of May 11, 2022), so this APR is high, even for cards geared toward people with fair credit.
For a cash advance with Capital One, the fee is either 3 percent of the cash advance amount or $10, whatever’s greater. Late payment fees are up to $40.
How the QuickSilverOne compares to other cash back cards
Most of the best cash back credit cards require good to excellent credit scores. Your credit score can determine what kind of access you have to certain cards, so it’s important to track and monitor this part of your personal finances.
Capital One QuicksilverOne Cash Rewards Credit Card vs. Upgrade Visa® Card with Cash Rewards
There are a couple of major differences between these two fairly similar cards for consumers with fair credit. The Upgrade Visa does not charge an annual fee and the regular ongoing APR could be significantly lower than that offered by the QuicksilverOne, depending on your credit score. If you qualify for a lower APR with the Upgrade Visa, you could save more on interest over time if you end up carrying a balance. The opposite could be true if you don’t qualify for the lower end APR with the Upgrade Visa, as the high end APR could be up to 29.99 percent variable—a bit higher than the QuicksilverOne.
It’s also important to note that while the rewards rates for these two cards are the same, the way you earn those rewards differs slightly. The QuicksilverOne earns 1.5 percent unlimited flat-rate cash back on purchases while the Upgrade Visa Card earns 1.5 percent unlimited cash back on card purchases every time you make a payment. You can also earn 5 percent cash back on hotels and rental cars booked through Capital One Travel with the QuicksilverOne, adding to it’s value for those who book travel often and want to cash in on elevated rates by using the Capital One Travel portal.
The Upgrade Visa delays your earnings slightly to encourage you to pay your bill, which could be a great feature for people who want to hold themselves accountable while building credit. The QuicksilverOne achieves a similar effect by charging a fairly affordable $39 annual fee compared to other cash back cards which can run upwards of $95, depending on the card. Both of these options are unsecured, so you won’t need to tie up funds into a security deposit. If affordability is top of mind and your credit is in a good spot to be approved for a reasonable APR, the Upgrade Visa may be the more cost-effective option in the long run.
Capital One QuicksilverOne Cash Rewards Credit Card vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card
You could also earn up to 1.5 percent cash back on eligible purchases with the Petal 2, similar to the QuicksilverOne. However, similar to the Upgrade Visa, the Petal 2 adds an extra stipulation for accessing your earnings. Cardholders must make 12 on-time payments before they are eligible for up to 1.5 percent cash back. Like the Upgrade Visa, this extra step encourages responsible credit building habits first before earning rewards. If you’d prefer to skip the wait on your max earnings, the QuicksilverOne grants you rewards on all your purchases, every day. If your focus is centered on building over having immediate access to the highest reward rates, the Petal 2 might be an ideal choice.
Also like the Upgrade Visa, the Petal 2 edges out the QuicksilverOne on affordability slightly because it skips the annual fee. However, the QuicksilverOne has a higher earning rate than the Petal 2, at least for the first year of card ownership. It’s also important to note that you can apply for the Petal 2 without any previous credit history and still feasibly be approved while the QuicksilverOne recommends having at least a fair to good credit score. If your credit score is still on the mend and you want more relaxed requirements to access a card with rewards, the Petal 2 may be the best choice.
Best cards to pair with Capital One QuicksilverOne
If you need to make a balance transfer, you may want to consider a balance transfer credit card with a 0 percent intro APR period. You may also consider another credit card for fair credit with no annual fee and no rewards program like the Capital One Platinum Credit Card. Streamlining your focus to building your credit so you can qualify for more valuable cash back cards could be a noteworthy strategy.
Bankrate’s Take: Is Capital One QuicksilverOne worth it?
If you have fair credit, the Capital One QuicksilverOne Cash Rewards Credit Card is a good choice. There aren’t many rewards credit cards available for those with fair credit, so you can use this card to both build your credit and get cash back on all your purchases.
If you qualify for more exclusive no annual fee credit cards or you’re willing to trade in rewards to focus on building your credit and get access to better cards in the long run, you may be better off exploring other options.