Consumers with fair credit who want to improve their score and gain rewards in the process may benefit from the Capital One QuicksilverOne Rewards card. Despite its annual fee, its 1.5% cash back reward is applicable on all purchases.
Capital One QuicksilverOne Rewards Review
The Capital One QuicksilverOne Rewards card is one of the few good options for individuals with fair credit. It offers an unlimited 1.5% cash back reward on every purchase, but it has a $39 annual fee. The card also comes with a relatively high APR, but this shouldn’t be an issue if you don’t carry a balance.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Capital One QuicksilverOne Rewards at a Glance
If you want to build your credit score and you have good financial habits, the Capital One QuicksilverOne Rewards card could be the right card for you. It gives an unlimited 1.5% cash back reward on all your purchases. This is redeemable in any amount and at any time. Additionally, the rewards don’t expire.
- Capital One QuicksilverOne Rewards
Best card for earning cash back across categories
- Limited–FairCredit Needed
- $39Annual Fee
- 1.5% Cash BackRewards Rate
- 1.5xRewards Rate on Online Shopping
- 1.5xRewards Rate on Dining
Pros & Cons Explained
The many benefits of the Capital One QuicksilverOne Rewards Credit Card are exciting, but it is also important to consider its drawbacks before applying. Understanding the pros and cons can help you determine if it’s the right card for you.
- Qualify with fair creditYou can get approved for this card even if you only have an average credit rating. If you use it wisely, you can improve your credit while earning rewards along the way.
- Earn unlimited cash backEvery purchase you make earns you 1.5% cash back. There’s no limit on your rewards, they don’t expire and you don’t need to sign up for rotating categories. Unlike other cards, you can redeem your rewards in any amount and at any time.
- No foreign transaction feeUsing this card outside of the U.S. will not incur foreign transaction fees, which are usually 3% on each transaction.
- Annual feeThe card carries a $39 annual fee, so you need to spend $2,600 a year to break even. However, if you’re like most people, you will probably spend more than that and end up saving.
- High interest rateLike most credit cards for people with average credit scores, the Capital One QuicksilverOne Rewards card carries a 26.99% APR on all purchases, balance transfers and cash advances. This can result in huge interest charges if you fail to pay your balances in full.
MoneyGeek evaluates various credit card offerings each month and picks the top for popular card categories. The Capital One QuicksilverOne Rewards is among the best credit cards for people with average credit. Compare this card with the others on our list.
Bonuses & Rewards Explained
With the Capital One QuicksilverOne Rewards card, you earn 1.5% cash back on all your purchases. The rewards do not expire as long as your account remains active, and there’s no cap on how much you can earn. In addition, rewards are redeemable in any amount and at any time.
You can redeem your credit card rewards as a check, statement credit or gift card. You can also set up auto-redemption and automatically earn statement credits whenever your rewards reach a certain threshold. If you choose to buy gift cards, the amount you can get may be lower than your actual reward, so it’s better to have them as a check or statement credit.
Other Features Explained
The Capital One QuicksilverOne Rewards has many other features and benefits that may make it an ideal card to have in your wallet.
- Card FeatureDescription
- Automatic credit line reviewsIn as little as six months, you’re automatically evaluated for a higher credit line.
- Account securityYou won’t be responsible if any fraudulent purchase is made using your card. You can also have your card locked through the Capital One Mobile app if it’s misplaced, lost or stolen.
- 24/7 customer serviceYou can call Capital One’s customer service representatives at any time of the day.
Pay your monthly balances in full to avoid the card’s high APR while continuing to receive cash back rewards. If you spend more than $2,600 a year, you’ll start to earn money after breaking even on the annual fee.
Understanding the Fine Print
You should know all the fees and understand the fine print to determine if the Capital One QuicksilverOne Rewards card is a good option for you. Ultimately, its biggest drawbacks are its annual fee and relatively high APR. However, those can be compensated for by the card’s unlimited cash back rewards if used responsibly.
- Card FeatureAmount or Rate
- Annual Fee$39
- Cash Back Rewards
- Rewards Rate1.5% Cash Back
- Airline Benefits
At 26.99%, the Capital One QuicksilverOne Rewards card has a relatively high APR (Annual Percentage Rate). This applies to purchases, balance transfers and cash advances. It is the sum of all the interest accrued by the card in a year.
The card comes with a $39 annual fee, which is typical for cards that feature premium benefits. By spending at least $2,600 a year, you can make up for the card’s yearly fee through its cash back rewards.
Cash Back Rewards Rate
Every purchase you make using this card comes with a 1.5% cash back reward. If you spend $1,000, you’ll earn $15, which you can redeem through a check, statement credit or gift card. There’s no limit on the rewards you earn, and they don’t expire.
Balance Transfer Fee
If you transfer your old credit card balance into this card, you’ll be charged a 3% transfer fee. However, if you transfer a balance at the transfer APR, the fee is waived.
As you look at other credit cards for consumers with fair credit, carefully note their APR and other fees. If you already have a card, this information is available on your billing statement and your provider’s website. You can also visit the Consumer Financial Protection Bureau’s (CFPB) credit card agreement database.
Who Should & Shouldn’t Consider Capital One QuicksilverOne Rewards?
Other Considerations for Capital One QuicksilverOne Rewards
Beyond the Capital One QuicksilverOne Rewards Card’s benefits and drawbacks, how you plan to use the card will help you decide whether or not you should apply. Using it as a primary card or along with other cards can impact the card’s overall value.
Things to Consider if This is Will Be Your First or Only Credit Card
If this is going to be your first card, keep in mind that cards without an annual fee are also available for fair credit consumers. Another thing to note is the card’s high APR. You won’t be able to take advantage of the card’s cash back rewards if you’re paying interest every month.
That said, if you’re able to pay balances each month and intend to use this card for everyday expenses, the Capital One QuicksilverOne Rewards is a worthwhile option. You’ll be able to build your creditworthiness while gaining rewards in the process.
Things to Consider if This is Will Be an Additional Card in Your Wallet
Due to its annual fee, the Capital One QuicksilverOne Rewards card is not ideal as an additional card. If you’re unable to spend at least $2,600, you won’t be able to make up for its annual fee through the card’s cash back rewards. It also has a high APR and lacks any transfer benefits. There are other cards in the market if you’re only looking for a secondary card.
MoneyGeek follows a thorough review process when evaluating credit cards. We independently collect data from the Consumer Finance Protection Bureau’s database. We also standardize data points, use an average spend profile, factor in introductory and annual bonuses and many others. Since offers constantly change, our team regularly revisits our data to ensure that it is still accurate and relevant.
How Capital One QuicksilverOne Rewards Compares to Other Cards
The Capital One QuicksilverOne Rewards Card is a good option for consumers with fair credit because of its cash back rewards on all purchases. However, its annual fee is something to consider. Choosing the right card will depend on your needs and spending habits.
Quick Comparison of Capital One QuicksilverOne Rewards
Capital One QuicksilverOne Rewards
- Annual Fee: $39
- Cash back rate: 1.5%
- Purchase APR: 26.99%
- Mini Verdict: Best for consumers who want to build their creditworthiness while earning cash back rewards in the process.
Capital One Platinum Credit Card
- Annual Fee: $0
- Cash back rate: N/A
- Purchase APR: 26.99%
- Mini Verdict: Great as a secondary card since it doesn’t have any annual fee.
Other Helpful Decision-Making Q&As
Don’t miss the answers to some frequently asked questions about the Capital One QuicksilverOne Rewards card. We hope this helps you decide if it’s the right card for you.
Still not sure about this card? Consider these options.
If you’re still undecided about the Capital One QuicksilverOne Rewards Card, consider looking at other credit cards for people with fair credit. You can also check how the card performs against other reward cards.
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