Capital One QuicksilverOne Cash Rewards Credit Card review: Flat-rate rewards for fair credit

With responsible use, Capital One QuicksilverOne credit cardholders may improve their credit scores while earning rewards along the way. It’s one of the few cards available to people with fair credit that also earns cash back rewards on every purchase.

However, as a card for fair credit, the QuicksilverOne card’s utility as a credit building tool is more important than its rewards potential. Fortunately, the card is a solid option for credit-builders. Cardholders are automatically considered for a higher line of credit in as few as six months with on-time payments, which could make it easier to keep credit utilization in check. You also won’t have to worry about putting up a security deposit, making this a more accessible credit-building option than many secured cards.

Other Capital One features, like no foreign transaction fees, emergency card replacement and $0 fraud liability also add some peace of mind to new or wary cardholders.

Quick highlights

• 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: 29.99 percent (variable)

Current welcome offer

Unfortunately, there’s no welcome offer or sign-up bonus with this card, but this isn’t unusual for cards available at this credit level.

Rewards rate

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.

How you earn

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.

Compared to the rewards you’ll typically earn with a credit-building card, these are great rates, especially if you value simplicity. A 1.5 percent cash back rate compares decently to the rate you’ll find 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.

How to redeem

You can redeem cash back rewards in the form of a check or applied as a statement credit, though statement credits cannot be used to meet minimum payment obligations. 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 can find a useful way to redeem their rewards.

In addition to the straightforward cash back rewards with this card, Capital One provides cardholders with a generous list of benefits that can help you build your credit and make the card feel a bit more like a premium rewards card.

Credit-building 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.

Capital One also reports your credit card usage to all three major credit reporting bureaus. With responsible use, cardholders may be able to improve their credit score.

Travel benefits

This card has no foreign transaction fees, so you won’t pay a fee when making purchases outside of the United States. This is a nice addition on a card for fair credit, especially one that isn’t designated as a travel card.

Retail benefits

This card offers Capital One Shopping, an online shopping tool that automatically applies available coupon codes to your order so you can get exclusive discounts.

The Capital One QuicksilverOne Cash Rewards Credit Card has a $39 annual fee. This may sound like a big downside, but if you’re in the fair credit range and want to build credit while earning rewards, you may be able to justify this fee since you can offset it with rewards. Based on the card’s 1.5 percent cash back rate, you’ll only need to spend $2,600 per year to earn enough cash back to offset its annual fee.

The APR for purchases, transfers and cash advances is 29.99 percent variable. This APR is high compared to the current average credit card interest rate, even for cards geared toward people with fair credit.

For a cash advance with Capital One, the fee is either 3 percent of the amount of the cash advance, but not less than $3 (whatever’s greater). Late payment fees are up to $40.

Most of the best cash back credit cards require a good to excellent credit score, which makes the barrier to entry on credit card rewards pretty steep for some cardholders. Fortunately, the Capital One QuicksilverOne is a solid option for folks with fair credit that makes earning cash back a reality However, there are a couple other comparable cards worth calling out.

Capital One QuicksilverOne Cash Rewards Credit Card vs. Upgrade Cash Rewards Visa®

Unlike the QuicksilverOne, the Upgrade Visa does not charge an annual fee. Its regular  APR could also be significantly lower than the rate you’ll get on 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 carry a balance. 

It’s also important to note that while the rewards rates for these two cards are the same, how you earn those rewards is different. 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 its value for those who book travel often and want to cash in on elevated rates by using the Capital One Travel portal.

Both options are unsecured, so you won’t need to tie up funds into a security deposit. However, you must pay the non-refundable $39 annual fee on the QuicksilverOne each year. 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.

Capital One QuicksilverOne Cash Rewards Credit Card vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card

You could earn up to 1.5 percent cash back on eligible purchases with the Petal 2, similar to the QuicksilverOne. However, Petal 2 cardholders must make 12 on-time payments before they are eligible for up to 1.5 percent cash back. This extra step encourages cardholders to establish responsible credit-building habits before they focus on earning rewards. The Petal 2 also edges out the QuicksilverOne on affordability because it carries no annual fee. 

Best cards to pair with Capital One QuicksilverOne

Instead of applying for multiple cards to maximize rewards, it may be worth focusing on building credit with the QuicksilverOne so you can qualify for more valuable cash back cards later on. While a chance to earn rewards is tempting, you should always prioritize building credit.

That said, the QuicksilverOne may leave a few gaps in your card strategy. Notably, if you need to pay off debt, you may want to consider a balance transfer credit card with an intro APR period.

You could also consider another credit card for fair credit that has no annual fee or rewards program, like the Capital One Platinum Credit Card. This will increase your available credit (potentially making it easier to maintain low credit utilization) and help you further focus on what matters most right now – building credit.

The Capital One QuicksilverOne Cash Rewards Credit Card is a fantastic choice if you have fair or limited credit. There aren’t many rewards credit cards available in this credit score range, so you can use this card to both build your credit and get cash back on all your purchases.

But if you qualify for a no annual fee credit card or are willing to trade in rewards to focus on building your credit and getting access to better cards down the road, you may be better off exploring other, more affordable options.

Earn a $200 bonus after opening a Rewards Checking account and making 3 debit card transactions within 60 days. If you have previously opened a Rewards Checking account or do not open one as part of this application process, you are not eligible for this welcome bonus offer.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply