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 good to excellent credit. The 1.5% cash-back rate is comparable to rates many cash-back rewards cards offer. Plus, if you consistently make on-time payments, Capital One may automatically boost your credit limit after your first six months.
Available to people with average credit
Unlimited 1.5% cash-back rewards
Easy redemption options
Good behavior may be rewarded
High annual fee
High interest rate on purchases, transfers, and cash advances
No introductory interest rates
No bonus for new cardholders
- 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.
- Easy redemption options: Cash out your rewards at any time and for any amount. You can redeem your rewards as a statement credit, a check, a gift card, or to pay for specific past purchases. You can even set up automatic redemption options for certain times of the year or certain dollar amounts, if you want.
- Good behavior may be rewarded: Capital One will consider you for a credit limit increase in as few as six months if you make five consecutive on-time payments. 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 after the bump).
- High annual fee: The Capital One QuicksilverOne card charges a $40 annual fee. That’s not much, but cash-back rewards cards often don’t have a fee, even those designed for customers with bad or average credit. 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 very high rate on purchases and other transactions 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. Consequently, it’s not a good card for financing purchases or paying down other card debt.
- No bonus for new cardholders: There’s no opportunity to earn extra cash back for spending a certain amount of money during 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 comparable to rates offered by many cash-back rewards cards available, including cards geared toward customers with fair or average credit.
You can cash in your rewards at any time and for any amount in the following ways:
- Statement credit
- Past purchases
- 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: for example, $25, $50, $100, $200, $500, or $1,500.
Finally, if you have another Capital One credit card with rewards, you can transfer any points and/or miles between these accounts to consolidate them.
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 (about $217 per month) with the card, because then you’ll earn enough cash back to offset the $40 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
Some credit cards offer some especially valuable perks that can help you out. The editorial team at The Balance identified one such perk:
- Travel accident insurance: If you suffer death or certain types of bodily injury while on a trip that you paid for with your card, you or your family could see a payout. The exact details depend on whether you get a Visa or Mastercard-branded credit card, which Capital One gets to decide. Either way, you’ll get a full benefits guide that explains your coverages in-depth.
Capital One QuicksilverOne’s Other Features
- Extended warranties
- Rental car collision insurance (secondary to your own policy)
Capital One ranked third out of 11 issuers in J.D. Power’s 2019 Credit Card Satisfaction Study, earning an overall grade of “About average.”
The issuer offers several handy features for its Capital One QuicksilverOne card, including a mobile app, account alerts, and a monthly recurring transaction list.
Many of the Capital One QuicksilverOne’s security features are 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 complimentary access to your VantageScore 3.0 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.