If you’re looking to build up your credit profile while earning cash back, the Capital One QuicksilverOne is a good choice. Unlike many other cash-back rewards credit cards, the Capital One QuicksilverOne doesn’t require excellent credit. The 1.5% cash-back rate isn’t too far from what many premium-level rewards cards are currently offering. And in addition, Capital One offers a program called Credit Steps that offers you a higher credit limit after you make five sequential on-time payments.
Available to people with average credit
Unlimited 1.5% cash-back rewards
Easy redemption options
Incentive for on-time payments
High interest rate on purchases, transfers, and cash advances
No introductory interest rates
No sign-up bonus
- Available to people with average credit: Many credit cards (especially rewards credit cards) require good or excellent credit in order to qualify. The Capital One QuicksilverOne is an exception to that rule.
- Unlimited 1.5% cash-back rewards: You can earn 1.5% cash back on all purchases you make, with no cap on how much you can earn. As is typical with rewards credit cards, returns or any other forms of credit to your account, deduct from your cash back.
- Easy redemption options: You can cash out your rewards at any time and for any amount, even for a penny. You can redeem cash rewards as a statement credit, a check, or a gift card. You can even set up automatic redemption options for certain times of the year or certain dollar amounts, if you want.
- Incentive for on-time payments: If you make your first five monthly payments on time, Capital One will increase your credit line.This may help increase your credit score, because you’ll be using less of your credit line (assuming you don’t run up the balance higher).
- Annual fee: The Capital One QuicksilverOne card comes with a $39 annual fee. That’s not much, but cash-back rewards cards often don’t have a fee. Rewards cards with no annual fee usually require good or excellent credit, so consider working on your credit so you can qualify for a rewards card without the yearly charge.
- High interest rate on purchases, transfers, and cash advances: The Capital One QuicksilverOne charges a variable APR of 26.99%—very high compared to other cards.
- No introductory APRs: Many basic cash-back cards have introductory periods where you can pay a lower rate on purchases or balance transfers, but the QuicksilverOne doesn’t. That means it’s not a good card for financing purchases or paying down other card debt.
- No sign-up bonus: There’s no opportunity to earn extra cash back for spending a certain amount of money in your first months as a cardholder. Many cards with similar rewards (but higher credit standards) offer this.
Earning Points & Rewards
You’ll automatically earn 1.5% cash back on all purchases you make, with no limit on how much you can earn and no expiration date. Rewards only expire if you close the card without redeeming them.
This rewards rate is pretty similar compared to many of the cash-back rewards cards out there. However, there still are credit cards that offer better rewards rates.
You can cash in your rewards at any time and for any amount in the following ways:
- Statement credit
- Gift card
Another handy thing that Capital One allows is setting up automatic redemption preferences. If you want to redeem your rewards at the same time each year—before the holidays, say, or a month before your birthday—you can do so. You can also set up cash rewards to be doled out automatically once you reach certain thresholds, either $25, $50, $100, $200, $500, or $1,500.
Finally, you may be able to transfer your rewards between Capital One accounts in some cases. Capital One doesn’t publish which credit card accounts are eligible, so if this interests you, you’ll need to contact customer service to see if your account is eligible for rewards transfers.
How To Get The Most Out Of This Card
You can get the most out of this card in two specific ways. First, make sure you’re able to spend at least $2,600 per year (or $216.67 per month) with the card, because then you’ll earn enough cash back to offset the annual fee. Second, make sure you pay off your balance in full before the payment is due—that way, you won’t even have to worry about paying the high interest rate.
Keep close tabs on your spending on a rewards card. It doesn’t make sense to make purchases to earn 1.5% cash back if you’re going to finance them with a double-digit APR.
Capital One QuicksilverOne’s Excellent Perks
The Balance’s editors classify some high-value benefits as “excellent perks,” because they’re valuable enough to deserve a shout-out. The QuicksilverOne only offers one benefit from the short list of excellent perks: travel accident insurance.
Capital One QuicksilverOne’s Other Features
- Auto rental collision damage waiver: If you charge a rental car to your card and it’s damaged by theft or collision, you may be covered for up to the full value of the vehicle if you decline the car rental company’s insurance.
- Extended warranty: If you pay for something with your card and it has a written warranty of three years or less, you can get up to an extra year’s worth of warranty protection from Capital One.
Capital One falls in the middle of the pack in regards to customer satisfaction, according to a 2019 J.D. Power survey of major card issuers. Capital One does offer several handy features for its Capital One QuicksilverOne card, including a mobile app, 24/7 customer service, and a monthly recurring transaction list.
Many of the Capital One QuicksilverOne’s security features are relatively standard and include things like card lock, a virtual credit card number, and account alerts. While this is not exclusive to card members, you can also take advantage of Capital One’s CreditWise program, which provides a free VantageScore 3.0 score (a close approximation of your FICO score).
Capital One QuicksilverOne's Fees
The Capital One QuicksilverOne is light on fees, other than the annual fee. The ones it charges are on-par with the industry, and there are several common fees it doesn’t carry. Most notably, there’s no foreign transaction fee.