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®.
TABLE OF CONTENTS
- Benefits of Capital One QuicksilverOne Card
- What Our Editors Like Most About QuicksilverOne
- Capital One QuicksilverOne Card Credit Score Needed
- Potential Downsides of QuicksilverOne
- Capital One QuicksilverOne Cardholder Scores
- How the Capital One QuicksilverOne Card Compares to Other Cards
- Is the Capital One QuicksilverOne Card Good?
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 $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.
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.
CardRatings conducts a survey annually to learn what actual cardholders think of their cards. Here are the results:
|Current Scores||Past Scores|
|Overall Score||86.6||Did not survey|
|Rewards Program Satisfaction||8.4||n/a|
|Likelihood of Continuing to Use||9.3||n/a|
|Recommend to a Friend/Colleague||8.9||n/a|
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 $200 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 FlexSM
Recognized as one of our best cash back cards, Chase Freedom Flex℠ 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) as well as 5% cash back on travel purchased through Chase Ultimate Rewards® and 3% cash back on dining and drugstore purchases. All other purchases receive 1% cash back. New cardholders can also earn a $200 cash back bonus once spending $500 with the card in the first three months of card membership; also, earn 5% cash back on up to $12,000 in grocery store purchases during the first year (excludes Target and Walmart).
Chase Freedom Flex℠ 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, then 14.99% - 23.74% Variable.
All that might make it seem as though Chase Freedom Flex℠ 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 Flex℠ rate of 1%. Plus, foreign transactions are free for QuicksilverOne cardholders while Chase Freedom Flex℠ 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 Flex℠ account, you'll need good or excellent credit.
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.
Survey Methodology: CardRatings commissioned Op4G in September and October 2020 to conduct surveys among 1,746 cardholders nationwide. CardRatings website analytics from Jan. 1, 2020-Aug. 31, 2020 were used to determine a selection of the most popular cards and additional cards were added to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents' scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted.