Capital One® QuicksilverOne® Cash Rewards Credit Card review: Earn rewards while building credit
Capital One® QuicksilverOne® Cash Rewards Credit Card
CardRatings Editor's Analysis: Pros & Cons
- A simple rewards structure gives cardholders the chance to earn unlimited 1.5% cash back on every purchase with no rotating categories, spending tiers or caps to worry about.
- Allows those with less-than-stellar credit to get in the cash-back game.
- With no foreign transaction fees, this is a decent choice if you plan to travel abroad.
- While the annual fee isn't high, it is something to consider. It's possible you could qualify for better rewards with a no-annual-fee card, like Chase Freedom Unlimited®.
The Capital One® QuicksilverOne® Cash Rewards Credit Card allows cardholders with average to limited credit to, with responsible use, build their score while simultaneously enjoying perks (and cash back!) usually reserved for upper-echelon cash-back credit cards. Its mainstay is 1.5% flat-rate cash back on all purchases. With only a small annual fee of $39 and no rotating categories, the QuicksilverOne® offers one of the simplest cash- back programs out there and it's still an option even if your credit is less than excellent.
Some of the features of this card include:
- Easy access to a higher line of credit in as little as six months
- $0 fraud liability if your card is ever lost or stolen
- Credit profile monitoring with the CreditWise® app
- Extended warrenty protection which doubles the time of the original U.S. manufacturer's warranty (up to one year) on eligible warranties of three years or less
- No foreign transaction fees
- Travel protection benefits such as travel accident insurance, roadside assistance, and auto rental collision damage waiver
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.
Many cash-back credit cards come with annual fees and interest rates much higher than their no-frills, no cash back cousins, not to mention are reserved for people with good to excellent credit. Capital One® QuicksilverOne® Cash Rewards Credit Card, on the other hand, features a reasonable $39 annual fee, much less than many "plain vanilla" credit cards for average credit. And, as an added bonus, the Capital One® QuicksilverOne® won't charge you a foreign transaction fee on purchases made outside of the U.S., so this card makes a great travel companion if you occasionally visit overseas destinations.
When it comes to rewards, you can redeem your reward cash for a statement credit with no minimum redemption required and no redemption fee. That's a big deal when a few extra dollars will make a difference in your monthly budget. If you're likely to forget about your cash-back rewards, you can put your rewards redemption on autopilot. Just request automatic statement credits whenever your cash-back rewards balance hits $25 (or whatever dollar amount feels best for you).
The Capital One® QuicksilverOne® Cash Rewards Credit Card is a rewards card geared towards those who have limited credit history or just average credit. Many cards for individuals looking to build their credit don’t provide rewards earning capabilities, so the QuicksilverOne® card is noteworthy in this way.
Capital One states that average/fair/limited credit is needed for approval, but other factors are likely considered in the application process as well, including payment history of revolving credit, your total open cards, and the average age of accounts open. The credit agency Experian considers a fair FICO score to be in the 580-669 range. Please note though that these numbers can vary between different bureaus.
An offer of 1.5% cash back is good for users with average credit; however, there are much more competitive cash-back deals for applicants whose credit is in excellent or good standing. If that's you, you can likely find higher cash-back rewards with a different card. Also depending on whether you are going into membership with a mindset geared more toward building your credit or trying to reap a few dollars back, it wouldn't hurt to consider secured or prepaid credit cards that are designated primarily for building your credit.
There is also a $39 annual fee attached to the card. While you could earn some of the annual fee back with that 1.5% ongoing reward rate, the cash back is not nearly enough of an equalizer if you’re planning to carry a balance. A card with an introductory APR offer – or at least a lower ongoing APR – could be a better fit if that is the case for you.
Capital One® QuicksilverOne® vs. Quicksilver®
Both the Capital One® QuicksilverOne® and the Capital One® Quicksilver® Cash Rewards Credit Card are good choices to earn cash back on every purchase you make. Each card provides unlimited 1.5% cash back on all purchases along with perks such as no foreign transaction fees and travel accident insurance.
While the cards are similar, QuicksilverOne® doesn't have a welcome offer at this time. However, Capital One Quicksilver® offers new cardholders $150 once spending $500 on purchases in the first three months. Another benefit of the Capital One Quicksilver® credit card is that it doesn't charge an annual fee.
The main difference between these two cards boils down to credit scores. While the Capital One Quicksilver® card has a bit of an edge over the QuicksilverOne®, you'll need good or excellent credit to open an account. For those with lower credit scores, the QuicksilverOne® is a good alternative. It offers a similar level of benefits for a relatively low annual fee.
To learn more about how these two cards line up side-by-side, check out our in depth "Capital One® Quicksilver® vs. QuicksilverOne®" comparison.
Capital One® QuicksilverOne® vs. Capital One® Platinum
The Capital One® QuicksilverOne® card and Capital One® Platinum Credit Card are two options for cardholders with average or fair credit scores. The QuicksilverOne® card provides cash back rewards however, and the Platinum card does not.
Like the QuicksilverOne®, the Capital One® Platinum card offers a chance to access a higher credit limit in as little as six months. The card also doesn't charge an annual fee which can make it a more economical choice when compared to the $39 annual fee charged by the QuicksilverOne® card.
In terms of added benefits, both cards have a similar set of perks. Regardless of whether you choose Capital One® QuicksilverOne® or Capital One® Platinum, you'll get access to travel accident insurance, extended warranty protection, 24-hour travel assistance service and auto rental collision damage waiver protection. Plus, neither card charges foreign transaction fees.
Capital One® QuicksilverOne® vs. Chase Freedom®
(This card is not currently available on CardRatings)
Recognized as one of our best credit cards for travel, Chase Freedom® offers impressive rewards and perks. Cardholders receive 5% cash back on purchases made in categories that rotate quarterly (up to $1,500 in combined purchases in bonus categories each quarter you activate). All other purchases receive 1% cash back. New cardholders can also earn a $150 cash back bonus once spening $500 with the card in the first three months of card membership.
Chase Freedom® doesn't charge an annual fee and comes with the added bonus of a 0% intro APR period. Through this offer, enjoy 0% intro APR for 15 months from account opening on purchases and balance transfers, then 16.49% - 25.24% Variable. The card also offers benefits such as purchase protection, extended warranty protection and trip interruption/cancellation insurance. Chase offers a number of ways to redeem its cash back including gift cards, travel or shopping through Amazon or Apple.
All that might make it seem as though Chase Freedom® is a better choice than the Capital One® QuicksilverOne® card; however, there are some good reasons to choose the latter. If you'd rather not hassle with quarterly categories, the QuicksilverOne® card's cash-back rate of 1.5% is higher than the regular Chase Freedom® rate of 1%. Plus, foreign transactions are free for QuicksilverOne® cardholders while Chase Freedom® charges a 3% fee for any purchase made in a foreign currency.
Beyond that, the Capital One® QuicksilverOne® is more accessible to those with lower credit scores. If you want to open a Chase Freedom® account, you'll need good or excellent credit.
The information related to the Chase Freedom® credit card has been collected by CardRatings and has not been reviewed or provided by the issuer of the card.
The Capital One® QuicksilverOne® Cash Rewards Credit Card can either be a great standalone card thanks to its 1.5% cash back offer on all purchases, or a credit-building card to get you started in the right direction; i.e. as a segue into higher-tier credit cards with greater rewards. Maybe for you, it's both!
For average credit card users the QuicksilverOne® comes off as a steal because of its dual nature of offering you something back in your pocket as well as opportunities for your credit to climb the ladder as long as you use the card responsibly. If you can find the perfect balance between spending responsibly and utilizing the credit preserving tools the QuicksilverOne® has in store, it could be a solid card choice for you.