Capital One® QuicksilverOne® Cash Rewards Credit Card: Is It Worth It?
The Capital One® QuicksilverOne® Cash Rewards Credit Card lets you earn 1.5% Cash Back on every purchase, every day and comes with a $0 balance transfer fee.
However, its high balance transfer APR 26.99% (Variable) makes it best suited for those who don’t plan on transferring a balance from another card — plus, it has a $39 annual fee.
Here’s what you should know about the everyday rewards card.
Capital One® QuicksilverOne® Cash Rewards Credit Card review: Solid rewards for those with average credit
Unlimited 1.5% cash back
This card’s main draw is the unlimited 1.5% Cash Back on every purchase, every day For example, if you charged $1,000 to the card each month for a year, you’d earn $180 cash back.
There are no categories, so general spenders will find more rewards than they might with a more specialized card, such as one that gives you cash back for dining out and entertainment. Earned rewards won’t expire as long as you don’t cancel the card, and there’s not limit of how much you’re able to earn.
You can get your cash back as a statement credit or check, or spend it on a gift card. You can also set up an automatic redemption so you can get it on a set day each year or when you reach a certain earnings threshold ($25, $50, $100, $200, $500 or $1,500). Lastly, you can apply the cash back directly to cover a recent purchase.
Average credit is accepted
The Capital One® QuicksilverOne® Cash Rewards Credit Card requires a minimum credit score that falls into the “average” category. As a general guideline with Capital One, average credit means that either you’ve defaulted on a loan in the past five years or you have a limited credit history. This could include students, people who are new to the U.S. or authorized users on another person’s credit card.
Opportunity to raise your credit score
Capital One will give you access to a higher credit limit if you can make your first five payments on time. However, this can be a pro or a con, depending on the consumer.
For example, a higher credit limit can boost your credit score because of the credit utilization factor. So, assuming you’re not adding to your revolving debt, a higher limit can lower your overall utilization and raise your score. But some people may see this increased credit limit as potentially dangerous, particularly if they are prone to overspending.
High variable purchase APR
The purchase APR for this card is 26.99% (Variable). For context, credit cards can have APRs as high as nearly 35%, but the best ones are going to be below 15%. So purely from an APR standpoint, this card is a bit high.
Of course, if you’re the type of person who doesn’t carry a balance, this won’t matter as much, since you wouldn’t be paying interest charges if you paid your card in full each month.
Capital One® QuicksilverOne® Cash Rewards Credit Card has a $39 annual fee, and there are similar rewards cards that don’t charge for this. For example, the Chase Freedom Unlimited® card offers the same unlimited rewards rate with a $0 annual fee. And while some other credit cards may waive the annual fee for the first year, the Capital One® QuicksilverOne® Cash Rewards Credit Card does not.
No fee for foreign transactions or balance transfers
This credit card charges a $0 foreign transaction fee and a $0 balance transfer fee. That means, theoretically, you could transfer a balance from another card onto this one for free, then use it overseas without incurring a fee — you would pay interest, of course, if you don’t pay off the balance.
However, unlike more traditional balance transfer cards, there is no promotional APR associated with balance transfers. So the only way this would be worth your effort would be if you were carrying a balance on a higher-rate card and wanted to save a bit on interest.
It’s also important to be aware that balance transfers do not earn rewards.
Capital One offers CreditWise, which gives you unlimited access to your VantageScore, as well as tools to help you monitor your credit profile.
You don’t have to sign up for a product with the company, but you will have to provide your Social Security number to access it. Using this, or a similar tool, can help you stay on top of your credit and figure out how to raise your score over time.
ValuePenguin’s verdict: Decent everyday rewards, but not much else
The Capital One® QuicksilverOne® Cash Rewards Credit Card does its job adequately: It gives qualified applicants access to a more generalized cashback rewards system and does not set limits around those rewards. It even goes so far as to open itself up to those who may not possess a perfect credit history.
However, it doesn’t do much for cardholders beyond that. While it has a $0 balance transfer fee, for example, there’s not a promotional 0% APR balance transfer offer to make that a quality perk. The purchase APR (26.99% (Variable)) is also on the high side, and does not offer a range. Instead, it gives all cardholders a singular, high base. That means that even those with slightly better credit would be paying the same rate than those who didn’t have great credit.
This card also comes with a $39 annual fee. You’d have to charge at least $2,600 a year to earn that figure back in rewards. And while it’s on the low side, some other cashback cards don’t charge this fee. Since it is an unavoidable cost, it’s something to consider when weighing your options.
All that said, this card does make rewards available to those who may not have perfect credit and are more general spenders. So it may still be worth considering, particularly if you prefer a no-frills financial product and don’t mind shelling out $39 a year in exchange.
Alternatives to the Capital One® QuicksilverOne® Cash Rewards Credit Card
While the Capital One® QuicksilverOne® Cash Rewards Credit Card may be good for those looking for a relatively easy rewards system, its $39 annual fee and general lack of other perks — such as a 0% introductory purchase APR or sign-up bonus — might make you want to look further into your cashback options.
And if you plan on carrying a balance, whether that’s via a balance transfer or purchases, there are other cards that may be more suited to your needs.
Here are a few solid ones that are worth considering if you’re looking for a good rewards card.
Unlimited 1.5% cash back and a sign-up bonus
Similar to the Capital One® QuicksilverOne® Cash Rewards Credit Card, the Chase Freedom Unlimited® lets you earn an unlimited 1.5% cash back offer. But it goes beyond that, letting you earn $200 cash back after you spend $500 on purchases in your first 3 months from account opening Plus, there’s a $0 annual fee.
It also comes with a substantial bonus for those who have debt. You can get a 0% intro purchase or balance transfer offer for 15 months (after that, it’s a 16.49% - 25.24% Variable APR). Notably, though, it does have a balance transfer fee — 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5, then either $5 or 5% of the amount of each transfer, whichever is greater.
It’s important to be aware that Chase does not go into detail about its credit requirements for this card, so it’s difficult to tell whether you’re likely to qualify.
2% cash back and a 0% intro APR on balance transfers
Citi® Double Cash Card
No Annual Fee
13.99% - 23.99% Variable
- Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 13.99% - 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
The Citi® Double Cash Card – 18 month BT offer gives cardholders a nice incentive to pay off their balances: you Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.
Like the Capital One® QuicksilverOne® Cash Rewards Credit Card, it doesn’t limit the types of purchases or times of year during which you can earn rewards — it’s always 2% if you’re paying off the balance each month.
It also has a , then a 13.99% - 23.99% Variable APR applies, and charges 3% for each balance transfer with a $5 minimum. (Know, however, that you won’t be earning rewards on that transferred amount.)
The annual fee is $0.
5% cash back for certain categories
The Discover it® Cash Back credit card lets you earn 5% cash back at different places, such as gas stations, grocery stores and restaurants, each quarter up to the quarterly maximum spend ($1,500) each time you activate. You earn 1% unlimited cash back on all other purchases.
That said, you can redeem earned rewards anytime for any amount. Also, INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
The information related to the Chase Freedom Unlimited® and the Citi® Double Cash Card – 18 month BT offer has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.