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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: 4.3 / 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.
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Up to 5%
Cash back
$39
Annual fee
29.74%
Purchase APR (variable)
580
Recommended credit score
Details
| Annual fee | $39 |
|---|---|
| Welcome offer | N/A |
| Rewards | 1.5% cash back on every purchase, every day and 5% on hotels and rental cars booked through Capital One Travel (terms apply) |
| Purchase APR | 29.74% variable |
| Balance transfer APR | 29.74% variable |
| Minimum credit score | 580 |
| Issuer | Mastercard |
cta text | Apply now |
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a personal finance writer at Finder, specializing in investments and cryptocurrency. He's written more than 700 articles to help readers compare the best trading platforms, understand complex investment terms and find the best credit cards for their needs. His expert commentary has been featured in such digital publications as Fox Business, MSN Money and MediaFeed. He’s also well-versed in money transfers, home loans and more — breaking down these topics into simple concepts anyone can understand. In another life, Kliment ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
Expert review
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, 5% back on hotels and car rentals booked through Capital One Travel, and Capital One will automatically consider moving you to a higher credit limit after six months of responsible card use. It requires a small annual fee of $39 and carries a purchase APR of 29.74% 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.
- Learn more about how to apply for Capital One QuicksilverOne Cash Rewards Credit Card.
- 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 a form of ID.
- 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. You can also earn 5% back on hotel and car rentals booked through Capital One Travel.
- Access to higher credit limits. Capital One will automatically consider you for a higher credit limit after six months of responsible card use.
- 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.
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 29.74% 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 $300. Thankfully, Capital One will automatically consider you for a credit line increase after 6 months.
- 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?
| Where you spend: | The amount you spend: | Cash back earned: |
|---|---|---|
| Dining | $2,000 | $30 |
| Gas | $2,000 | $30 |
| Groceries | $3,000 | $45 |
| Everything else | $6,000 | $90 |
| Total | $13,000 | $195 |
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.
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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 2021. 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 1.3 rating out of 5 as of October 2021.
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
- Checks
- 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.
Bottom line
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 responsible use, Capital One will automatically consider you for 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.
What’s changed with the Capital One QuicksilverOne Cash Rewards Credit Card
| 05/17/2022 | Added: Earn 5% back on hotels or car rentals booked through Capital One Travel. |
Compare Capital One QuicksilverOne Cash Rewards Credit Card with other cards
Images: Capital One
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