Capital One QuicksilverOne Review: Cash Back for Average-to-Below-Average Credit
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Capital One QuicksilverOne Cash Rewards Credit Card- Basics: The Capital One QuicksilverOne Cash Rewards Credit Card is geared toward consumers with fair or average credit who want the opportunity to earn unlimited 1.5% cash back.
- Pros: The 1.5% cash back rate, which is unlimited and includes no bonus or rotating categories, is fairly competitive, particularly for a card for people with fair or average credit. That said, there are more competitive cash back cards for well-qualified applicants.
- Cons: The card comes with a $39 annual fee, and there are no introductory APR offers or bonus cash back offers available. The credit lines with this card are usually low, ranging from $300 to $1,000 for most approved applicants. The variable APR is the same, regardless of creditworthiness, and is relatively high.
- WELCOME OFFER
No welcome offer
- ANNUAL FEE
$39
- PERKS
• Automatically considered for a higher credit line in as little as 6 months
• CreditWise from Capital One access for unlimited credit score access and tools
• $0 Fraud Liability to protect you if your card is stolen or lost
• No foreign transaction fee
• 24-hour travel assistance services
• Extended warranty protection
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The Capital One QuicksilverOne is a cash back rewards card for people with average credit.
The card earns 1.5% cash back on all purchases automatically with no limits. Cash back redemption options are flexible with the QuicksilverOne as well.
The QuicksilverOne does have an annual fee, and there are no introductory bonuses or introductory APR offers currently available, so for someone with good or excellent credit this might make the QuicksilverOne’s sister card, the Capital One® Quicksilver® Cash Rewards Credit Card a more appealing option, with no annual fee and a cash back introductory bonus.
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Capital One QuicksilverOne Benefits
The QuicksilverOne is a simple card that’s easy to use and easy to be approved for. Even if you don’t have a perfect credit history, the QuicksilverOne’s approval standards may mean you have access to credit building paired with cash back rewards.
Unlimited 1.5% Cash Back
Rewards come as cash back, so there’s no worry about devaluation of points or airline miles, and they can be redeemed whenever, and in any amount.
Redemption options include a check or a statement credit.
Cardholders can also apply their cash back to cover a recent purchase on their card, or they can redeem for gift cards.
Increased Credit Line Eligibility
After five months of on-time payments, you become eligible for an automatic credit line increase.
CreditWise
For cardholders, there’s complimentary access to the CreditWise program from Capital One. You can track your credit score over time, see where you can make improvements, and build your score so you can eventually be approved for an upgraded card like the Quicksilver with good spending and payment habits.
Higher Credit Line
In as little as 6 months, QuicksilverOne cardholders are automatically considered for a higher credit line, without having to request an increase.
Fraud Coverage
If your card is lost or stolen and someone makes fraudulent purchases with it, you’re protected with $0 Fraud Liability.
There are security alerts if Capital One sees any suspicious account activity, and there’s a feature called Card Lock. Card Lock is available in the Capital One Mobile app, and you can lock your card if it’s ever lost or stolen.
If Capital One detects a possible mistake on your billing, you’ll receive an account alert, and you can pay for online purchases with virtual card numbers.
Capital One QuicksilverOne Fees
There are some fees associated with the Capital One QuicksilverOne.
Annual Fee: $39
The QuicksilverOne has a $39 annual fee, which can be offset with monthly spending of around $250 a month. If you can’t or don’t want to spend that much each month, you might consider a card with no annual fee like the Capital One® Platinum Credit Card.
Foreign Transaction Fee: $0
There’s no foreign transaction fee with the QuicksilverOne.
Cash Advance Fee: 3%
There’s a 3% cash advance fee with the QuicksilverOne. A cash advance is when a cardholder uses an ATM or goes to a financial institution to withdraw cash.
Most card issuers charge a fee, in addition to higher interest rates for cash advances.
Late Payment Fee: $39
If you miss a minimum card payment or don’t make it on time, there’s a $39 late payment fee.
Who the QuicksilverOne Is Good For
There are people who might find the QuicksilverOne is a good option for them given the benefits of the card.
Those With Average Credit
Due to the rewards structure, the Capital One QuicksilverOne is a good card for someone who doesn’t have perfect credit but who wants to start building their history and at the same time wants to earn cash back.
Those Who Want a Simple Reward Structure
The QuicksilverOne is a good card if you want a simple cash back structure and you don’t want to have to worry about bonus or rotating categories. If you want a good everyday spending card or a credit-building card and you can’t qualify for something like the Quicksilver, you might consider the QuicksilverOne.
Who the QuicksilverOne Isn’t Good For
While there are upsides to the QuicksilverOne, it may not be right for everyone.
Applicants with Excellent Credit
The QuicksilverOne card isn’t ideal for someone with excellent credit because there are cards that offer more perks and higher rewards if you can qualify, including the Quicksilver which boasts a cash back introductory offer of $150 cash back after spending $500 in the first three months.
Cardholders Who Carry a Balance
The QuicksilverOne is not a good option for someone who carries a balance because the APR is relatively high. Since the credit lines are typically low, particularly when you’re first approved you could lower your credit score by raising your utilization if you do carry a balance.
Low Spenders
If you aren’t going to spend at least $250 a month, the QuicksilverOne might not be the optimal card for you because you wouldn’t be able to offset the $39 annual fee.
Capital One QuicksilverOne Pros and Cons
Capital One QuicksilverOne Pros
- 1.5% cash back rate. Most cards for average credit don’t have any rewards, and even for cards with higher approval requirements, the average cash back rate is around 1% compared to a 1.5% cash back rate with the QuicksilverOne.
- Can be approved with fair to average credit. The QuicksilverOne is one of the few rewards cards you’re more likely to be approved for if you don’t have good or excellent credit.
- No limits on cash back. You can spend as much as you want with the QuicksilverOne and continue to earn cash back. You don’t have to think about caps in certain categories or keep track of rotating cash back categories.
- No redemption minimums. With the QuicksilverOne, you can redeem for cash back whenever you want, rather than only being able to do once you’ve accrued a certain amount of rewards.
- Opportunity for an automatic credit line increase after five months. Many credit cards don’t automatically up your limit. You have to request an increase, but with the QuicksilverOne after five payments you’ll get an increase automatically.
- CreditWise access. The CreditWise tool can help you build your credit score with complete visibility, and it also has tools that can help you cultivate a strong financial future.
Capital One QuicksilverOne Cons
- $39 annual fee. Many cards for people with limited or average credit don’t have an annual fee, so you do have to ensure your spending is going to justify paying this.
- High APR. If you’re someone who typically carries a balance on your credit card, with a high APR, the QuicksilverOne might not be a good option for you.
- Low initial credit lines starting at $300. The QuicksilverOne is a product for people who are building or working on their credit primarily. Initial credit lines are as low as $300 and go up only to $1000 for qualified applicants.
Capital One QuicksilverOne Frequently Asked Questions
- Can you upgrade from a QuicksilverOne to a Quicksilver?
- When is the $39 annual fee charged?
- How much would you need to spend with the QuicksilverOne to justify the $39 annual fee?
- What credit score would you need for approval?
- Can you carry a balance with the QuicksilverOne?
Alternatives to the Capital One QuicksilverOne
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Author:
Ashley is a graduate of UNC-Chapel Hill where she studied journalism. She has worked as a journalist, content creator, and copywriter for nearly a decade, with a focus on personal finance, real estate, and healthcare. She now lives in Knoxville with her husband and young kids. During her free time, she enjoys traveling and enjoying the outdoors in East Tennessee.
