Updated Feb 08, 2021 | Published Aug 20, 2020 • 10 min read
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The Capital One QuicksilverOne is an uncomplicated rewards card for people with fair credit. You’ll earn a flat 1.5% cash back for every purchase, and gain a few useful spending and credit monitoring tools and a handful of shopping and travel protections. Despite the annual fee, you could do worse if you’re looking to build your credit.
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The Capital One QuicksilverOne Cash Rewards Credit Card is a cash back card designed for people with fair or average credit. It’s one of the better cards you’ll find for this level of credit, because most don’t offer any rewards at all.
You’ll get 1.5% cash back on every purchase you make, a fairly good rate. But you’ll need to pay a $39 annual fee to use this card.
Cards for average credit don’t typically come with very high credit limits, but when using the QuicksilverOne, you may be automatically considered for a higher credit line after six months. It also comes with several Platinum Mastercard benefits, like Price Protection and Travel Accident Insurance.
It’s pretty simple and it’s not the most rewarding card, but if you don’t have the best credit your options will be somewhat limited. There’s an upgraded version with better rewards and benefits, but it also requires better credit: the Capital One Quicksilver Cash Rewards Credit Card (Review). If you have good or excellent credit, check out that card first. There’s also another Capital One card for average credit that offers rewards.
Use your card for everything: Use this card for all of your spending to earn a flat 1.5% cash back on everything you buy.
Use it in tandem: Consider combining this card with a different rewards card with bonus categories. Then you can use that other card to earn more cash back in those spending categories, while using the QuicksilverOne for all your other purchases.
Watch one of your credit scores: Use the CreditWise credit monitoring service to track your VantageScore 3.0 over time, see parts of your TransUnion credit report, and get advice to build up your credit.
Practice responsible use: Use this card responsibly, always making your monthly payments and paying your balance in full, to improve your credit scores. Eventually, with good financial habits in general, you’ll be able to qualify for a more rewarding card. Then you can close out the QuicksilverOne so you don’t need to pay the annual fee any longer.
Pay your full balance: Make a habit of paying your statement balance in full every billing period. This will prevent interest from accruing, helping you stay away from credit card debt. It will be better for your credit utilization too, leading to higher scores.
1.5% cash back for every purchase
1.5% cash back may not seem like much, but remember that this card is designed for fair or average credit. So its main purpose is to help you improve your credit scores.
The cash back is more like a nice extra feature to find on a card like this. If you don’t have good credit you won’t be able to qualify for better cards, and rewards cards designed for average credit are rare. One of the others to strongly consider is the Journey Student Rewards from Capital One (Review), also issued by Capital One.
You can redeem your cash back whenever you want and for any amount. It won’t expire as long as your account remains open and in good standing.
When it comes time to redeem, you can do so for statement credits, gift cards, or use it to directly cover a recent purchase.
Many credit cards require you to reach a certain amount before you can redeem it, and then you may only be able to do so in certain denominations. So being able to redeem any amount whenever you want is pretty convenient. The Chase Freedom Unlimited® (Review) is a similar card that lets you redeem any amount at any time.
You’ll get a decent set of extra benefits compared to other cards designed for a similar credit range. Especially useful are the credit tracking and education tools you can access, which will help you fine-tune your efforts to build or rebuild your credit.
Access a higher credit line: Capital One may automatically consider you for a higher credit line after six months. Credit cards for average credit typically come with credit limits on the small side, like $1,000 or less at first, so this is a nice feature to have.
Capital One CreditWise: The CreditWise service provides free access to one of your VantageScore 3.0 credit scores, based on your TransUnion credit report. You can monitor your score over time and get alerts about any changes. Anyone can enroll in the CreditWise service, cardholder or not.
Mastercard Global Service: Get help with lost and stolen card reporting, emergency card replacement, and emergency cash advances.
Travel Assistance Services: If you have an emergency while traveling, call the number on the back of the card or 1-800-992-6029 for help getting connected to local emergency services.
Extended Warranty: Use your card to buy a product, and you’ll double an eligible manufacturer’s warranty of up to 12 months.
24/7 Roadside Assistance: If your car breaks down just call 1-800-MC-ASSIST to get help sent right away (you must pay for any third-party charges).
Travel Accident Insurance: You’ll receive up to $100,000 in coverage against accidental loss of life, limb, sight, speech, or hearing while riding on common carriers.
Auto Rental Insurance Waiver: Your eligible rented vehicles are covered against collision damage and theft, as long as you decline the rental company’s insurance.
Capital One Second Look fraud coverage: This tool will automatically monitor your account, 24/7, for fraudulent activity.
Identity Theft Resolution Services: Finding out that someone has stolen your identity and is pretending to be you is going to be stressful. Thankfully, Capital One is ready to help. If you believe that you’ve been a victim of identity theft call 1-800-MC-ASSIST. These services are available at no charge.
The Terms & Fees
Balance Transfer APR
Cash Advance APR
Foreign Transaction Fee
Balance Transfer Fee
Cash Advance Fee
3% of the amount of the cash advance, but not less than $10
Returned Payment Fee
Up to $40
You’ll need to pay a $39 annual fee to use this card, but when it comes to improving credit this is a pretty small price to pay.
The other terms are pretty straightforward. Any purchases will accrue interest at the rate shown above, unless you pay off your entire balance in full each billing period. This is our recommended strategy, and it’s even more important if you’re working to build or rebuild your credit.
Paying your balance in full each month will have several positive effects on your credit and your finances in general:
The fee might seem a bit high, but remember that you’re paying for the privilege of building up your credit. There’s no need to pay extra in interest charges because you can just pay off your balance in full each month, preventing any interest from accruing.
The 1.5% cash back will help you pay for the annual fee every year, and, depending on how much you spend, you may have quite a bit left over too. Most cards that are meant for less than good or excellent credit don’t provide any rewards at all, so 1.5% is not bad. It’s even competitive with some cards designed for better credit.
You won’t get a ton of valuable extra perks, but you may get a higher credit line just six months into using your card. And the CreditWise tool is a good way to keep an eye on your credit as you work to improve it, providing tips to increase your credit scores faster.
The QuicksilverOne Cash Rewards isn’t a bad card, but it might not be right for you. Check out some alternatives to this card below, which offer general cash back rewards but have no annual fee.
How Do I Apply for the QuicksilverOne Cash Rewards Card?
Most people will get an instant decision, either approved or denied, but in some cases it could take longer. Capital One may request more information from you.
What Credit Scores Do I Need to Qualify for the QuicksilverOne Cash Rewards Card?
It’s recommended for you to have fair credit or higher for the best chances of being approved.
That would mean your credit scores fall within the ranges of 580–669 for FICO and 650–699 for VantageScore.
There are other factors that affect your creditworthiness that credit card issuers take a look at, like income and source of income. So even if you have lower credit scores, you still might be approved. However, that means even if your scores are higher than what’s recommended, there’s a chance you won’t make the cut.
Qualifications and Requirements
Must not have applied for a Capital One credit card two or more times in the last 30 days
Must not have two or more open credit card accounts with Capital One
Must not be past due or over the credit line with any Capital One credit accounts
Must be 18 to apply
Personal identifying information: SSN, address, phone number
Financial information: Total annual income, source of income, monthly mortgage/rent payment
Capital One QuicksilverOne Cash Rewards Credit Card
Yes, Capital One may automatically consider you for an increase in credit line after six months. Manage your card and other credit accounts responsibly (always pay your bills on time) for the best chance at a higher limit.
Since it’s meant for people with better credit it comes with better terms and rewards. Just remember this: the Quicksilver is for good credit, while the QuicksilverOne is for average credit.
You won’t get quick access to a higher credit line with the Quicksilver card. But that shouldn’t be a problem because you’ll probably be approved with a higher credit limit than you would with the QuicksilverOne.
Other than that, many of the shopping and travel protections will be similar, though you’ll likely get a better selection with the Quicksilver.
As a student card it’s designed for average credit, like the QuicksilverOne. But it has a different reward and fee structure that could make it a better card for you, namely the lack of an annual fee.
You’ll earn slightly less than you would with the Quicksilver card, but because there’s no annual fee, anything you do earn will be profit.
However, with enough spending per year, the Quicksilver will become more profitable than the Journey Student. You’ll need to spend $16,000 before you’ll end up getting more cash back with the QuicksilverOne, after accounting for the annual fee. So if you spend less than that annually, you’d probably be better off with the Journey Student card.
It’s another very simple rewards program, but in this case you earn 2% cash back and it gets split up. You’ll get the first percent when you make the purchase, and the second when you pay it off. (You must pay at least the minimum due to earn rewards.)
On top of that flat rate, there’s a solid balance transfer offer attached. Balance transfers could be a big help, especially if you have a large debt starting to accrue interest on another card.
This credit card offers a similar set of benefits as the QuicksilverOne, minus the shopping and travel protections. You won’t get any travel accident or rental car insurance here like you would with the Capital One card, but you’ll be able to check your FICO Bankcard Score 8, based on your Equifax credit report, which is always handy.
The Freedom Unlimited offers 1.5% cash back, just like the QuicksilverOne. But in addition to some more heartier rewards, it also provides a fairly rewarding welcome bonus, a step up. There’s no annual fee, and a solid intro APR of 0% for 15 months before the regular 14.99% - 23.74% Variable APR kicks in.
The benefits of the Freedom Unlimited and the QuicksilverOne Cash Rewards are pretty much the same, for the most part. They each come with some useful protections, though the Freedom Unlimited may be available at an upgraded Visa Signature level, which could include additional benefits like Trip Cancellation/Interruption Insurance.
The Freedom Unlimited is made for people with better credit, so consider this card if you’re on the edge of average and good credit.
Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.
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