Capital One Quicksilver Student Cash Rewards Credit Card Review
Capital One Quicksilver Student Cash Rewards Credit Card
CardRatings Editor's Analysis: Pros & Cons
- Student expenses can be all over the place. What's great about this card is that it earns 1.5% cash back on all purchases, no matter the category.
- There is no annual fee, plus no foreign transaction fees so this is a great option for students planning to study abroad - or spend a summer backpacking in another country.
- This card only requires fair credit, but has the perks of a credit card designed for someone with higher credit. This is a nice incentive for students looking to work on their credit score while earning rewards in the process.
- The card's APR is a bit steep. If you plan to carry a balance, you might want to consider another option.
TABLE OF CONTENTS
- Quicksilver Student Card Rewards
- What Credit Score is Needed for the Quicksilver Student Card?
- Quicksilver Student Credit Card Fees
- Who Does Capital One Consider to be a Student?
- What Happens to Your Card After Graduation?
- What are the Downsides of the Card?
- How Does the Quicksilver Student Card Compare to Other Cards?
- Is the Quicksilver Student Card a Good Card?
The Capital One Quicksilver Student Cash Rewards Credit Card can help you establish a credit history and learn how to use credit cards responsibly during your college years. The card can also help students earn a little extra cash with 1.5% cash back earned on all purchases– which can go a long way toward helping pay for some school expenses each year. Also, students save because there are no annual or foreign transaction fees. On the other hand, the interest on this card is a bit high with a 26.99% (Variable) APR, but this should serve as motivation to not carry a balance on the card, and thus help students build healthy credit habits.
Although this card is designed to be a starter credit card for students, it's unique in that it has many of the same benefits that can be found with the non-student version of the card, the Capital One Quicksilver Cash Rewards Credit Card, which is designed for those with higher levels of credit. Both cards offer unlimited 1.5% cash back on all purchases. Student credit cards rarely come with many perks, so the fact that this card earns the same as its excellent-credit counterpart, is appealing.
In addition to earning 1.5% cash back on all purchases made, the Capital One Quicksilver Student Cash Rewards Credit Card offers a number of valuable perks that students are sure to really enjoy, such as tickets and VIP packages for concerts and music festivals, access to premier dining experiences, and on-site perks and discounts for sporting events through Capital One Experiences. Plus, the card features numerous protection and management perks which could help cardholders build healthy financial habits. To protect your account from fraud and put your mind at ease, Capital One provides security alerts that you can receive via text, email, or phone; virtual card numbers that you can use for online purchases; and a mobile card lock feature.
In order to save you money, or make you money, some additional Quicksilver Student card perks include:
- No annual fee
- Warranty protection for eligible purchases
- Travel accident insurance
- $0 fraud liability if card is lost or stolen
- No foreign transaction fees
The card also gives you access to perks that make having it in your wallet fun, such as:
- Online shopping tools
- Concierge services to help you with travel, entertainment, and dining
- Access to culinary experiences
- Tickets and VIP packages to numerous events, including sporting events, music festivals, and concerts
Finally, in order to protect your account and give you peace of mind, the card offers:
- Travel assistance services available 24 hours a day for emergency cash advances or card replacement
- Instant push notifications for all new purchases
- Security alerts on suspicious activity on the card
- Extended warranty protection on eligible items
- The ability to lock card if it's lost or stolen
- 24/7 customer service
With these perks and protections, this card allows you to get a feel of what it's like to take on the responsibilities of a first credit card, while giving you access to all the benefits that are enjoyed by those more experienced with financial responsibility– consequently encouraging you to use your card responsibly to qualify for even better offers in the future.
- Earn a $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 plan fees on plans created during the first 12 months after account opening. Plans created after that will have a plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- Terms Apply.
Capital One states that fair credit is required to apply for this card, which is likely where a traditional college student who is applying for their first credit card, credit score stands. The credit scoring agency Fico considers a fair credit score anything that’s in the 580-699 range, but keep in mind that additional factors from your application and credit history could also be considered in the approval process.
The Capital One Quicksilver Student Cash Rewards Credit Card has no annual fee, which makes it a practical option for students. Also, this is a great choice if you plan on studying abroad or spending spring break in Mexico as the card doesn’t charge fees for international purchases. Many cash-back credit cards charge foreign transaction fees, usually averaging 3%. That means if you spent a semester abroad, and spent, say $10,000 in a foreign currency while away, you could end up paying $300 in fees alone with a different card.
However, this does not mean there are no fees associated with this card at all. Cardholders pay cash advance fees of 3% of the amount of the cash advance, but not less than $10, and late payment fees of up to $40. Using a credit card for cash advances is almost never a good idea though, and the late payment fee is something to be mindful about, but as long as you’re paying your balances on time, you won’t have to worry about it.
In order to be considered a student, you are required to be enrolled in an accredited college, university, or other type of higher education institution. In addition, those who have been admitted into an accredited school and plan to enroll within three months of applying for a card are eligible.
After graduation you can still keep your credit card open. In addition, all of your rewards and benefits will remain on your account. However, if you would like to upgrade your card to the non-student version, you may have that option, depending on your credit history. The benefit to this would be that you could be eligible for a lower APR, and possibly to a higher line of credit.
The APR of the Capital One Quicksilver Student Cash Rewards Credit Card is a bit steep at 26.99% (Variable), which can make it more challenging for a college student to pay off their bill each month if carrying a balance. This should serve as an incentive though to not carry a balance on the card. If carrying a balance, any rewards you earn will likely be canceled out by interest charges. So, it’s best to spend only within your means and pay your statement each month on time and in full. Not only will this help you make the most out of your rewards earned with the card, but it should also help you in the long run as healthy financial habits like this could help raise your credit score.
Capital One QuickSilver Student Card vs. Capital One SavorOne Student Card
The Quicksilver Student card and the Capital One SavorOne Student Cash Rewards Credit Card both allow you to save money on fees because there are no annual or foreign transaction fees.
Both cards offer unlimited cash back, but the SavorOne Student card has double the rate for some purchases with 3% cash back earned on eligible streaming services, dining, grocery and entertainment purchases. However, that rate drops to 1% for all other purchases, compared to the 1.5% rate offered by Quicksilver Student card across the board.
They both offer the same entertainment and management perks, so if it comes down to choosing between these two cards, it really boils down to your spending habits. Do you spend regularly in various categories, or are streaming, dining, grocery, and entertainment purchases where most of your money goes? If it’s the later, you might benefit more from the SavorOne Student card.
Capital One Quicksilver Student Card vs. Discover it® Student Cash Back
Instead of earning a flat rate on all purchases, the Discover it® Student Cash Back card earns rewards in rotating bonus categories. Cardholders earn 5% cash back on everyday purchases, up to the quarterly maximum of $1,500 spent each quarter you activate, in categories that rotate. Some example categories include: Amazon.com, grocery stores, restaurants, gas stations, and PayPal purchases. All other purchases earn 1%.
What’s really nice about this card though is that it offers a welcome bonus to new cardholders – a rare perk for student cards. At the end of your first year as a cardholder, Discover will match every dollar you’ve earned. So say you earn $100 that first year – Discover will automatically match that and you’ll pocket $200 instead.
Furthermore, if you maintain a 3.0 or higher GPA, you can also receive an annual $20 statement credit each school year, up to five years.
Both cards have no annual or foreign transaction fees, however the Discover card also doesn't charge a late fee on the first missed payment. It also offers a significantly lower APR, which is intro 0% for the first six months and 12.99% - 21.99% Variable APR thereafter.
Capital One Quicksilver Student Card vs. Chase Freedom® Student
While Chase Freedom® Student credit card's rate of 1% cash back earned on all purchases is lower than the QuickSilver Student rate of 1.5%, it offers a $50 bonus if you make your first purchase within three months of opening the account, and $20 every year for up to five years for keeping the account in good standing. Also, the Chase Freedom® Student card has a lower APR at 14.99% Variable and gives you the opportunity to have your credit limit increased if you make five monthly payments on time within 10 months of having the card.
If lower APR and having a higher line of credit are more valuable perks to you than earning rewards on purchases, the Chase Freedom® Student is a worthy option to consider.
The Capital One Quicksilver Student Cash Rewards Credit Card is a good card to help you start building your credit and to earn some money in the process thanks to its cash back rewards. The high APR makes it a good idea to pay the balance of this card off each month, which is also a great habit to adopt for long-term credit card usage.