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Capital One QuicksilverOne Cash Rewards Credit Card Review
The Capital One QuicksilverOne Cash Rewards Credit Card is designed for credit users with average credit looking to improve their financial health while earning rewards. For anyone with a lower credit score, it can be difficult to get approved for cards that feature decent rewards rates but here’s your chance. The Capital One QuicksilverOne Cash Rewards Credit Card allows cardholders to earn cash back, build better credit and establish responsible financial habits.
In this article
What we like about the Capital One QuicksilverOne Cash Rewards Credit Card
- Consistent rewards rate: Cardholders earn unlimited 1.5% cash back on all purchases. There are no rotating bonus categories to monitor, so this card delivers if you prefer a straightforward, flat rewards rate.
- No foreign transaction fees: You don’t have to worry about foreign transaction fees eating into your rewards or adding to your balance.
- CreditWise tool: Cardholders get access to CreditWise, a tool to monitor your credit score. Keeping tabs on your credit health delivers visibility into your financial progress. With the right knowledge, it’s easier to manage your credit and see any issues quickly.
- Credit limit increases: After five initial on-time payments, cardholders can get access to a higher line of credit. This is a helpful benefit for anyone who wants to improve their credit score by lowering their credit utilization ratio.
- Fraud coverage keeps you protected if your card is ever stolen or lost, meaning you won’t be liable for fraudulent purchases.
- Pre-qualification check: Before applying for this card, you can use Capital One’s pre-qualification tool that lets you know your approval odds without negatively impacting your credit score.
Things to consider
- Annual fee: While the annual fee isn’t astronomical, it’s still a cost to neutralize.
- No intro bonus: Unlike other comparable cards, there’s no intro bonus offer for signing up.
- High APR: If you tend to carry a balance on your credit card month to month, you might want to look into other cards. The high APR of this card can lead to more debt, and there’s no intro APR period, so you’ll be stuck with a high interest rate from the start.
Capital One QuicksilverOne Cash Rewards cash back details
You can earn 1.5% cash back on all purchases including groceries, travel, rent and anything else you use your card for. Cash back rewards don’t expire as long as the account is active, so you don’t have to worry about any reward deadlines at the end of the year.
One of the best perks of the Capital One QuicksilverOne Cash Rewards Credit Card is the flexibility of your redemption options. You can redeem your cash back in the form of a check or apply it to your account through a statement credit. You can also cover your purchases by applying your cash back directly to cover recent purchases. And finally, you have the option to redeem your rewards for gift cards.
Capital One QuicksilverOne Cash Rewards Credit Card fees
Although the annual fee is low in comparison with other cards, it’s still a cost that needs to be factored into the usefulness of the card for your lifestyle and spending habits. Luckily, you won’t be charged a foreign transaction fee, which can add up if you travel abroad often. It’s common for cards to charge a 3% fee abroad, and nobody wants to come home from vacation to unanticipated charges.
How does it compare to other cash back cards?
The Capital One QuicksilverOne Cash Rewards Credit Card offers solid benefits, but there are other opportunities to earn a higher rewards rate or more diverse types of rewards. For example, the Citi Double Cash Card offers 2% cash back on all purchases (1% when purchase and another 1% upon payment) and a long 0% APR period. The Capital One Quicksilver Cash Rewards Credit Card is the older sibling in the Capital One card portfolio and offers better perks in the form of no annual fee, a generous intro offer and a similar 1.5% cash back rate. The caveat with the two other cards is that you’ll need a great credit score to qualify.
|Card||Ongoing Purchase APR||Annual Fee||Intro Bonus||Credit Needed||Key features|
|Capital One QuicksilverOne Cash Rewards Credit Card||26.99% variable||$39 annually||None||Average, Fair, Limited/No History||Unlimited 1.5% cash back on every purchase|
|Citi® Double Cash Card||13.99%–23.99% variable||None||None||Good to excellent||2x cash back on all purchases (1% when purchase and another 1% upon payment)|
|Capital One Quicksilver Cash Rewards Credit Card||14.99% - 24.99% (Variable)||$0||$200 cash bonus after you spend $500 on purchases within 3 months from account opening.||Good to excellent||Unlimited 1.5% cash back on every purchase|
Too long, didn’t read?
The Capital One QuicksilverOne Cash Rewards Credit Card is an excellent choice for those with average credit who want to earn rewards. The card has built-in benefits that reward responsible financial behavior so you’re incentivized to make smart choices. For example, with five initial on-time payments, you can get access to a higher credit line. This card is a great way to rebuild credit, allowing you to eventually upgrade to a card with better rewards or no annual fee.
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