Capital One QuicksilverOne Cash Rewards Credit Card Review: Is It Worth It?

Capital One QuicksilverOne Cash Rewards Credit Card Review

The Capital One QuicksilverOne Cash Rewards Credit Card is a good starter card that lets consumers with Average/Fair/Limited credit earn 1.5% Cash Back on every purchase, every day, with a $39 annual fee.

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The Capital One QuicksilverOne Cash Rewards Credit Card keeps things simple by offering a flat 1.5% Cash Back on every purchase, every day, with a reasonable $39 annual fee.

While this card doesn't come with a huge selection of benefits, consumers have options to save money if consolidating debt or traveling abroad. It’s a good fit for someone just out of school, whether you’re looking to travel or earn rewards that are flexible and easy to use. Plus, your cash back will never expire.

Pros

  • Flat-rate rewards rate with no bonus categories to keep track of
  • Flexible redemptions for rewards
  • $0 at this Transfer APR
  • No foreign transaction fee
  • Available for consumers with "Average/Fair/Limited" credit
  • Automatic consideration for a higher credit limit in as little as six months

Cons

  • No welcome bonus offer
  • High APR for purchases and transfers
  • Meager cardholder benefits
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Capital One QuicksilverOne Cash Rewards Credit Card

On Capital One's Secure Website

$39

26.99% (Variable)

0 - 660

  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Be automatically considered for a higher credit line in as little as 6 months
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn't expire for the life of the account
  • Help strengthen your credit for the future with responsible card use
  • Get customized alerts and manage your account with the Capital One mobile app

Apply with an average credit score

One of the biggest draws of the Capital One QuicksilverOne Cash Rewards Credit Card is the fact you can get approved if your credit is considered "Average/Fair/Limited." This covers a FICO Score that falls between 520 and 679.

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Where most rewards credit cards require good or excellent credit, the Capital One QuicksilverOne Cash Rewards Credit Card is a starter credit card that gives people with imperfect credit the chance to earn rewards while improving their creditworthiness. Meanwhile, you can also get unlimited access to your credit score and other credit-related tools through the Capital One CreditWise® program.

Automatic account reviews at 6 months

While it's possible your credit limit will start out as low as $300, Capital One promises to automatically consider you for a credit line increase in as little as six months.

Keep in mind you'll increase your chances at receiving a higher credit line if you pay your credit card bill on time each month and avoid maxing out your new card's limit.

Earning cash back

The Capital One QuicksilverOne Cash Rewards Credit Card offers a flat rate of 1.5% Cash Back on every purchase, every day.

This means that, if you charge $1,000 in purchases to your card each month, you'll earn $180 in cashback rewards over the course of one year. If you want to earn enough rewards to make up for this card's $39 annual fee, you would only need to spend $2,600 on your credit card per year, or a little over $216 per month.

The flat rate this card offers can be a major plus for consumers who don't want to keep track of rotating categories or bonus rewards caps. Also note that cash back earned with the Capital One QuicksilverOne Cash Rewards Credit Card is unlimited, and your rewards will never expire.

While 1.5% back isn't the highest rate of cash back among all credit cards, this rate is exceptional considering the Capital One QuicksilverOne Cash Rewards Credit Card is available to consumers with imperfect credit scores.

Redeeming cash back

The Capital One QuicksilverOne Cash Rewards Credit Card lets cardholders redeem their rewards in several different ways, including for a check in the mail or statement credits to their account. You can also redeem cash back for gift cards or for statement credits that cover specific purchases you make with your card.

You can even set up automatic redemptions at a set time each calendar year, or when your rewards balance reaches any of the following thresholds: $25, $50, $100, $200, $500 or $1,500.

Cardholders should take special care to redeem rewards before closing an account. If you close your credit card and you have a remaining rewards balance, you'll forfeit that cash back.

No foreign transaction fees

If you frequently travel outside of the United States, you'll be happy to know the Capital One QuicksilverOne Cash Rewards Credit Card doesn't charge any foreign transaction fees. Considering foreign transaction fees usually add around 3% to the price of every purchase you make overseas, this benefit could lead to considerable savings.

High variable APR

The Capital One QuicksilverOne Cash Rewards Credit Card charges an APR of 26.99% (Variable) for purchases and balance transfers, which is very high.

However, cardholders do not have to pay this interest rate if they pay their credit card balance in full each month. With that in mind, the high APR on the Capital One QuicksilverOne Cash Rewards Credit Card is really only a downside for those who plan to use their cards for long-term debt.

Also be aware that you can secure this rate for balance transfers, and with no balance transfer fee. While this offer isn't up to par with the top balance transfer credit cards, using the Capital One QuicksilverOne Cash Rewards Credit Card for a balance transfer can make sense if you're paying a much higher interest rate on other debts, such as payday loans.

Other Capital One QuicksilverOne Cash Rewards Credit Card benefits

The Capital One QuicksilverOne Cash Rewards Credit Card doesn't have a ton of cardholder perks, although this is normal among credit cards for Average/Fair/Limited credit. It does offer a few other notable benefits:

Cardholders do get emergency card replacement and the chance to set up security and account alerts.

Cardholders also gain access to the Capital One mobile app, which lets you "lock" your credit card any time you think it may be lost or stolen.

You don't actually need to have a Capital One credit card to use Capital One CreditWise, yet cardholders with the Capital One QuicksilverOne Cash Rewards Credit Card may feel more at ease doing so. This free program lets you monitor your credit score and keep track of factors that can impact your score over time.

How does the Capital One QuicksilverOne Cash Rewards Credit Card compare to other cards?

While the Capital One QuicksilverOne Cash Rewards Credit Card may be a good option for consumers with Average/Fair/Limited credit, its $39 annual fee, lack of cardholder perks and high APR make it a less than optimal choice for anyone who can qualify for a better rewards credit card.

If your credit score is very good or excellent, or if you want a card that gives you 0% APR for a limited time, consider these alternatives:

Capital One QuicksilverOne Cash Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card

On Capital One's Secure Website

The Capital One Quicksilver Cash Rewards Credit Card is the sister card of the Capital One QuicksilverOne Cash Rewards Credit Card, and it's geared to consumers with Excellent/Good credit. This card lets you earn unlimited 1.5% Cash Back on every purchase, every day. Plus, you can also earn a One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

The Capital One Quicksilver Cash Rewards Credit Card also offers superior card benefits, including extended warranties, travel accident insurance, complimentary concierge service and 24-hour travel assistance. There's a $0 annual fee, and you even get an APR of 0% intro on purchases for 15 months, followed by a variable APR of 14.99% - 24.99% (Variable).

Capital One QuicksilverOne Cash Rewards Credit Card vs. Capital One Platinum Credit Card

The Capital One Platinum Credit Card doesn't offer any rewards, but it is available to consumers with Average/Fair/Limited credit and with a $0 annual fee. That makes it a good option for people who want the chance to prove their creditworthiness with a credit card but don't want to pay an annual fee for the privilege.

The Capital One Platinum Credit Card also grants automatic credit line reviews in as little as six months, and there are no foreign transaction fees.

Capital One QuicksilverOne Cash Rewards Credit Card vs. Discover it® Cash Back

If your credit score is in the Excellent/Good range, you can also consider the Discover it® Cash Back credit card. This card gives you the chance to earn 5% cash back at different places each quarter up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases - automatically.

Discover also offers an Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

Is the Capital One QuicksilverOne Cash Rewards Credit Card worth it?

If you have imperfect credit and you need a chance to improve it, the Capital One QuicksilverOne Cash Rewards Credit Card can be ideal. You'll pay a $39 annual fee to get started, but you'll be able to prove your creditworthiness through responsible credit use, and you can even track your credit score and progress in real time.

Since the Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% Cash Back on every purchase, every day, it's worth it on that front, too. Just make sure you pay your credit card balance in full each month to avoid paying the hefty APR this card charges on everything you buy.

Does the Capital One QuicksilverOne Cash Rewards Credit Card have foreign transaction fees?

The Capital One QuicksilverOne Cash Rewards Credit Card does not charge foreign transaction fees, which can help you save money when you use your credit card outside the United States.

What’s the credit limit on the Capital One QuicksilverOne Cash Rewards Credit Card?

Capital One says they will determine your credit limit after receiving your application details, including your income and ability to repay. However, the minimum credit line on this card is set at $300.

Is the Capital One QuicksilverOne Cash Rewards Credit Card a Visa or Mastercard?

The Capital One QuicksilverOne Cash Rewards Credit Card can be a Visa or a Mastercard. Some of your cardholder benefits may vary depending on the version of the card you receive.

Is the Capital One QuicksilverOne Cash Rewards Credit Card good?

The Capital One QuicksilverOne Cash Rewards Credit Card is a good credit card option for consumers with Average/Fair/Limited credit. Those who have good or excellent credit should consider the best rewards credit cards instead.

What score do you need for the Capital One QuicksilverOne Cash Rewards Credit Card?

Capital One says you need "Average/Fair/Limited" credit to be eligible for the Capital One QuicksilverOne Cash Rewards Credit Card. Fair credit usually includes any FICO Score that falls between 580 and 669.

The information related to Capital One Platinum Credit Card and Discover it® Cash Back has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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