Capital One® QuicksilverOne® Cash Rewards Credit Card review
Earn unlimited 1.5% cash back on all purchases while building or rebuilding your credit.
finder.com’s rating: 3 / 5
- Get this card if you have fair credit and you want to earn cash back.
- Pick something else if you want higher cash back, or if you want an intro APR period.
- Apply with an average credit score of 580 or higher.
Up to 1.5%
Purchase APR (variable)
Recommended credit score
Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
Like its cousin the Capital One® Quicksilver® Cash Rewards Credit Card, the Capital One® QuicksilverOne® Cash Rewards Credit Card is a simple cashback card, albeit one for those with fair credit or a limited credit history. You’ll earn 1.5% cash back on all purchases, and you can graduate to a higher credit limit after five consecutive on-time payments. It requires a small annual fee of $39 and carries a purchase APR of 22.99% variable. You can apply with a credit score of 580 or higher.
Additional perks are minor but welcome for credit-building cards: You’ll get fraud coverage, no penalty APR for late payments, as well as other Capital One card perks depending on your card status level. Unfortunately, an annual fee bites into cash back earnings and the card offers no signup bonus to offset this fee.
Given its status as a credit-building card, the Capital One® QuicksilverOne® Cash Rewards Credit Card is a strong pick for students, people new to the US or others looking to build their credit while reaping some rewards on the side. Use this card wisely and Capital One could very well upgrade you to the annual fee-free Capital One® Quicksilver® Cash Rewards Credit Card.
How to apply for the Capital One® QuicksilverOne® Cash Rewards Credit Card Card
Thanks to Capital One’s automated preapproval system, you’ll usually get a decision on your application within 60 seconds. In some cases, though, it can take up to 10 business days to hear back, and you may need to submit additional information. Upon approval, you’ll get your card and welcome materials in the mail within seven to 10 business days.
- Go to the provider's site and click Apply now.
- Fill out the application form.
- Review the form and submit.
What should I know before I apply?
To apply for the card, you must be at least 18 years old and a US citizen or permanent resident of the US.
In your application, you’ll need to provide personal and financial details, such as:
- Full name and contact information.
- Date of birth and Social Security number.
- Financial information and employment status.
During your application, you may choose to receive alerts when your payments are due. You can also select to receive further communication in Spanish if that’s your preferred language.
Capital One® QuicksilverOne® Cash Rewards Credit Card benefits
- Cash back. Get unlimited 1.5% cash back on everything you buy.
- Access to higher credit limits. Once you make on-time payments for five consecutive months, you’re eligible for a higher credit line. And if you keep paying on time, Capital One may offer you an upgrade to a better card.
- You can apply with a fair credit. You can get the card with a credit score of 580 or higher, and you can build your credit to get a better card. Since Capital One reports your activity to the major credit bureaus, try to make your payments on time and in full to reap the full benefits.
- No foreign transaction fees. You won’t pay foreign transaction fees if you use your card abroad. Other cards come with up to a 3% fee for each transaction made outside of the US.
- No penalty APR. You’ll only pay a fee for late payments. With other cards, a single late payment could land you with a penalty APR of up to 31%, which can apply to your account indefinitely.
- CreditWise. Get unlimited access to your credit score from TransUnion. This can help you in your credit-building process as you can monitor your progress whenever you want.
- Fraud coverage. If your card is lost or stolen, you get $0 fraud liability for unauthorized purchases.
- Platinum Mastercard benefits. Get extended warranty, travel accident insurance, car rental insurance, 24/7 travel and roadside assistance and price protection with Platinum Mastercard.
Capital One® QuicksilverOne® Cash Rewards Credit Card drawbacks
- Annual fee. The card comes with a $39 annual fee.
- High APR. The card comes with a variable APR of 22.99% for purchases and transfers. This is high, considering the average APR on other cards is 16%. To avoid this, pay your balances on time.
- Low minimum credit line. If you have fair credit you could be stuck with the minimum credit limit of . But if you pay on time for five consecutive months, you may be eligible for a credit line increase.
- No signup bonus. Most cards offer a signup bonus once you meet certain spending criteria. Unfortunately, this card doesn’t offer any bonuses.
- No intro APR period. Other cards offer an intro APR period on purchases and balance transfers that last from six to 20 months, but this card has no intro APR period.
How much cashback rewards can I earn with Capital One® QuicksilverOne® Cash Rewards Credit Card?
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With annual spending similar to our example, you would earn $156 each year once we deduct the annual fee of $39.
How much do I have to spend to make the annual fee worth it?
You have to spend $2,600 per year — or $217 per month — to offset the annual fee.
Compare similar cashback credit cards
Cashback cards for fair credit are relatively rare on the market, so you won’t find many quite like this card. However, you can get a better sense of how this card stacks up to the heavier hitters on the market. Select up to 4 cashback cards and click Compare to look at them side-by-side.
Capital One® QuicksilverOne® Cash Rewards Credit Card Card reviews and complaints
Most customers with fair credit scores are happy with their approval and the credit line increases they received after months of timely payments. Some even claim Capital One offered them an upgrade to Capital One® Quicksilver® Cash Rewards Credit Card. The only complaint about the card is the high APR. But if you pay your balance in full and on time, this shouldn’t be a problem.
The Better Business Bureau has accredited Capital One with a rating of A as of October 2020. However, it sports a 1.13 out of 5 when it comes to a customer rating from an average of nearly 500 reviews. It fares little better on Trustpilot, earning a 1.4 rating out of 5 as of October 2020.
How do I redeem rewards from Capital One® QuicksilverOne® Cash Rewards Credit Card?
You can either call the rewards center or sign in to your online Capital One account and request your cash back in the form of:
- Statement credit
- Credit for previous purchases
- Gift cards
You can also set up an automatic redemption preference for a specific time each calendar year or when you reach a specific threshold — $25, $50, $100 or $200.
This is an excellent card for those with limited credit history and for those with fair credit. You’ll earn unlimited cash back on everything you buy — and with on-time payments, Capital One may give you a credit line increase or upgrade you to the no-annual-fee Capital One® Quicksilver® Cash Rewards Credit Card.
But if you want a card with signup bonuses, no annual fee or higher cashback rewards, explore other rewards credit cards, or if you want to build your credit, check out other credit-building cards to find the card that best suits your needs.
Compare Capital One® QuicksilverOne® Cash Rewards Credit Card with other cards
Images: Capital One
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