Best for flat-rate cash back
Capital One QuicksilverOne Cash Rewards Credit Card
Recommended Credit Score
Calling all consumers with fair credit: cash in on unlimited, low-maintenance rewards
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Having a fair credit score doesn’t have to leave you out of the running for the chance to earn rewards. Though you’ll have to cover a small annual fee for the Capital One QuicksilverOne, your fair score can still get you a low-hassle flat rewards rate and a few key cardholder perks.
Recommended Credit Score
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.
Cardholders can potentially qualify for a higher line of credit within six months with on-time payments, a great incentive for keeping up with good credit habits
You can earn automatic cash back on all purchases everywhere with no need to worry about spending caps or rotating bonus categories
There are no foreign transaction fees, making the card a great companion for travel abroad.
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.
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.
Unlike many other cards for users 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 offers an easy way to save on everyday purchases you’d need to make regardless, like groceries and gas.
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 even 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 about the best flat rate you can get without a good credit score.
Cardholders can choose to get cash back rewards in the form of a check or applied as a statement credit.* Cardholders can also spend cash back rewards on gift cards, though redemption rates may vary.
In addition to the straightforward cash back rewards with this card, Capital One provides cardholders with a generous list of benefits that can make this card feel like a premium rewards card.
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.
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.
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 deter some from applying, but if you’re in the fair credit range and want to build credit while earning rewards, it can be easy to justify this fee. You’ll need to spend just $2,600 annually to offset this fee with cash back at the card’s 1.5 percent earning rate.
The APR for purchases, transfers and cash advances is 29.74 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.
Recommended Credit Score
Recommended Credit Score
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 14.99% – 29.99% 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 — 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 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 of these options are unsecured, so you won’t need to tie up funds into a security deposit. However, you will need to 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 in the long run.
You could also earn up to 1.5 percent cash back on eligible purchases with the Petal 2, similar to the QuicksilverOne. However, cardholders must make 12 on-time payments before they are eligible for up to 1.5 percent cash back. Like the Upgrade Visa, which has a similar feature, 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 you’re focused more on building credit than immediately getting the best reward rate, the Petal 2 is worth considering.
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.
Instead of applying for multiple cards to maximize your rewards, it may be worth streamlining your focus to building your 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, theQuicksilverOne 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 a 0 percent 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.
If you have fair credit, the Capital One QuicksilverOne Cash Rewards Credit Card is a fantastic 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.
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.
*Statement credits cannot be used to meet minimum payment obligations.
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