Unlike many cash back credit cards, Capital One® QuicksilverOne® Cash Rewards Credit Card doesn’t involve rotating categories — gas stations one quarter, and restaurants the next — or their corresponding signups. Some of us (e.g., me) are terrible at keeping track of signup deadlines and are thus grateful.
Instead, you receive 1.5% cash back on all purchases, with no limit. Except, of course, your credit limit. Fortunately, Capital One® QuicksilverOne® Cash Rewards Credit Card offers you the opportunity to increase your line of credit with Capital One®’s Credit Steps program after you make your first five monthly payments on time. Standard Capital One® features, including fraud coverage, personalized payments, and account alerts, are included, as are Platinum MasterCard® benefits, such as auto rental insurance, price protection, and 24/7 travel assistance.
In terms of educational tools, Capital One® QuicksilverOne® Cash Rewards Credit Card partners with CreditWise®, an app that not only allows you to view your credit score for free, but also informs you of key factors impacting your credit and uses a credit simulator to show you how potential decisions may affect your credit score. It should be noted, however, that even if you aren’t a Capital One® customer, you can still access CreditWise® for free.
Did You Know?
Three Ways to Boost Your Credit Score
Whether you’re seeking a credit card or auto loan, having fair credit limits your financial options. Fortunately, there are numerous ways to grow your score, so you receive better interest rates on financial products and qualify for credit cards with higher limits and extensive perks, such as high cash back rates and large discounts on travel. Improved credit also saves money in a less obvious way: The higher your credit score is, the lower your interest rate will be on credit cards and loans, saving you a lot of money over time.
Check for errors in your credit reports.
No one is perfect — even the Big Three credit reporting bureaus! In fact, a 2012 Federal Trade Commission study found that 5% of consumers had errors in one of their three major credit reports, which could result in a higher price for a financial product, such as a loan or insurance.
The good news is that the study also found that one in five consumers had an error that was corrected by a credit reporting agency after it was disputed. Federal law allows you to obtain a free copy of your credit report every 12 months, so visit AnnualCreditReport.com and do just that. In particular, keep an eye out for any incorrectly listed late payments, which have a huge effect on your score.
Minimize outstanding debt.
If you have debts in collection or default, start there. In some cases, including with medical bills, you may be able to negotiate down your payments or seek other financial assistance. Then, start paying down your other debts. If those include credit cards, focus on the cards that are closest to their credit limit first. And try to make more than the minimum payment — even if it’s just an additional $5 or $10 or a set of two minimum payments each month. You’d be amazed at the difference such a seemingly small amount makes.
Keep paying your bills on time!
Your payment history is the most influential factor in your credit score. So, pay all your bills on time and in full. I’d suggest setting up an autopay option whenever possible along with an alarm, calendar event, or reminder. At this point, most of the recurring events in my calendar are finance-related. If you’re not a fan of autopay, then I’d suggest sitting down after each paycheck — before you spend any of it — and paying all your bills through the next pay period in one go.
The Bottom Line
As someone with fair credit, you should be working on rebuilding your credit in order to improve your score and qualify for higher credit limits along with better interest rates and card perks. All of the top picks include an element of assistance for rebuilding your credit. If rebuilding your credit is your sole objective, I recommend a secured credit card, specifically Discover it® Secured or UNITY® Visa Secured Credit Card.
You may have other financial goals, though, in which case you should choose the card that best fits your personal needs. USAA Classic Platinum Visa® is your best bet as a military member, whereas students benefit most from Discover it® Student Cash Back or Discover it® Student chrome. And although they aren’t as impressive as the perks for those with excellent credit, Barclaycard Rewards MasterCard® and Capital One® QuicksilverOne® Cash Rewards Credit Card offer cash back rewards.