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Many premium rewards credit cards require strong credit. However, the Capital One QuicksilverOne Cash Rewards Credit Card is a cash back credit card that offers a solid rate of rewards for people with less-than-perfect credit.
Capital One QuicksilverOne Cash Rewards Credit Card Features
These are some of the top features of the Capital One QuicksilverOne Cash Rewards Credit Card.
Available to People with Fair Credit
Credit scores typically range from 300 to 850, with higher scores being better. Most lenders consider fair credit scores to be between 580-669. According to our credit score data above, someone with a credit score of 627 was approved for this card.
1.5% Cash Back on All Purchases
The 1.5% cash back is a solid rate as most cards with bonus categories pay just 1% on non-bonus purchases, and the best flat-rate cards max out at around 2% cash back on every purchase. However, those cards often require better credit.
You can redeem your cashback as soon as you earn a penny; there’s no minimum to redeem.
Automatic Credit Limit Reviews
Your credit limit can play a role in determining your credit score. Capital One will approve customers for credit limits as low as $300.
Capital One automatically reviews your credit and card use from time to time and will increase your credit limit automatically if you're eligible. You can receive an automatic credit limit increase in as little as six months.
Access to Capital One CreditWise
If you have less than perfect credit, you should take steps to try to boost your score. Having strong credit can help you qualify for better credit cards and save you money on student loans, auto loans, and mortgages.
CreditWise is Capital One's service that lets you track your credit score. You can see how your score has changed over time and identify the factors influencing your score.
The tool also includes a simulator that you can use to see how different actions will impact your score, for example, carrying a specific balance or opening a new credit card.
You can use CreditWise to help you make sound credit decisions and see how your choices are helping to improve your credit score.
Capital One often offers instant approvals when you apply for the card online.
If your application isn’t instantly approved, you may have to wait up to ten days for Capital One to process your application.
Capital One QuicksilverOne Cash Rewards Credit Card Fees
One common feature of credit cards for people with poor or fair credit is an annual fee, and the Capital One QuicksilverOne Cash Rewards Credit Card is no different. Capital One charges a $39 annual fee. All in all, this is a reasonable fee for this type of card, though it’s better to get a similar, fee-free card if possible.
At the time of writing, the APR on the card is a bit high at 30.74%. The APR changes based on market rates, but it will be higher than the APRs charged by cards targeted at borrowers with solid credit.
The good news for travelers is that there is no foreign transaction fee.
Other fees include:
- Balance Transfers: $0 at the Transfer APR, 3% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
- Cash Advances: The greater of $10 or 3%
- Late Payments: Up to $40
Capital One uses industry-standard security tools to keep your information safe. That includes encrypting your connection to its website and protecting your confidential information.
The lender also offers standard fraud protection agreements. You won't be liable for unauthorized spending if someone else uses your card without your permission. You can also set up fraud alerts and instant purchase notifications to help keep your card safe.
If you lose or misplace your card, you can lock it through the Capital One app, blocking anyone from using it.
Capital One has a mobile app available on both iOS and Android. The apps are fully featured and function well, giving you access to every aspect of your account that you might need while on the go.
You can use the app to look up your account balances and recent transactions or to view previous statements. You can also schedule and make payments through the app or redeem your cashback rewards to reduce your card balance.
If you want to keep an eye on your credit score, the app also offers access to CreditWise, including its credit score forecasting tools, so you can predict how your score will change based on the actions you take.
Capital One makes it easy to get help when you need it with phone support available from 8 AM to 8 PM, seven days a week.
If you'd prefer not to talk with someone when you need support or need help outside of those hours, you can start an online chat with Eno, Capital One's virtual assistant. Eno can direct you to resources to help you resolve your issue or get you in touch with a person who can assist.
Pros and Cons
- Available to those with fair credit: Many rewards cards are only available to people with strong credit, but the Capital One QuicksilverOne Cash Rewards Credit Card is more widely obtainable.
- Cashback rewards: Cashback rewards are easy to deal with. You know exactly what your rewards are worth and don’t have to worry about transferring miles to partner airlines or jumping through hoops.
- Automatic credit limit reviews: Capital One can automatically boost your credit limit after six months, which can help boost your score.
- High APR and an annual fee: The card charges a $39 annual fee and has a high APR. Some rewards cards are fee-free and have lower rates.
The Capital One QuicksilverOne Cash Rewards Credit Card is a solid choice for those who can’t qualify for a fee-free rewards card. The $39 annual fee is relatively minor, and you can earn $39 by spending $2,600 on the card, which many people can do within a year.
You can open this card and use it for a year or so to boost your credit score before moving on to a fee-free rewards card.
Capital One QuicksilverOne Cash Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card is the partner card to the Capital One Quicksilver Cash Rewards Credit Card.
Both cards offer the same rewards. The difference is that Capital One is more selective about who it approves for the Capital One Quicksilver Cash Rewards Credit Card, meaning you'll need better credit to qualify. In exchange, you won't have to pay an annual fee and can enjoy a lower APR.
If you can qualify for the Capital One Quicksilver Cash Rewards Credit Card, there's no reason to apply for the Capital One QuicksilverOne Cash Rewards Credit Card. However, the Capital One QuicksilverOne Cash Rewards Credit Card is a solid backup choice if Capital One won't approve you for the standard Capital One Quicksilver Cash Rewards Credit Card.
You can also upgrade from the Capital One QuicksilverOne Cash Rewards Credit Card to the Capital One Quicksilver Cash Rewards Credit Card once your credit improves.
If you don’t see the upgrade option in your account but feel your credit has improved, you can reach out to customer service to request an upgrade.
Who Is It For?
The Capital One QuicksilverOne Cash Rewards Credit Card is for people with fair credit and offers a pathway toward a better card, the Capital One Quicksilver Cash Rewards Credit Card, as you build credit.
Given that there are other cards with lower fees and better rewards out there for people with solid credit, there’s little reason for those with higher credit scores to apply for the Capital One QuicksilverOne Cash Rewards Credit Card. However, if you fit the card’s target credit profile, it’s one of the top choices on the market.
The Capital One QuicksilverOne Cash Rewards Credit Card combines a reasonable annual fee, solid rewards, and a willingness to extend credit to those with less-than-perfect scores.
If you already have great credit, you should check out our list of Top Credit Cards.
If you're working on building credit and want to open your first cashback card, the Capital One QuicksilverOne Cash Rewards Credit Card is a strong choice.
Related: What is a good credit score?
Reportedly, it is set at a maximum $5,000.
To be approved for this card, card applicants must have an average credit score. While Capital One doesn’t disclose credit score requirements, an average score is generally considered to fall between 630 to 689, although some report being approved with scores in the mid-500s.
Capital One does identify average credit as applying to a consumer who has defaulted on a loan in the past 5 years or has limited credit history. Limited credit history would include those who have “had my own credit card or other credit for less than 3 years (including students, people new to the U.S., or authorized users on someone else’s credit card).”
While the Capital One Quicksilver Card has no annual fee and a 0% APR offer, it earns the same cash back amount (1.5%) as the QuicksilverOne Card. Both cards share nearly identical benefits. However, the APR is higher on the Capital One QuicksilverOne Card, and it does have an annual fee. The QuicksilverOne Card requires an average credit score, while the Quicksilver Card requires a “good” score.
If you have good or better credit, the Quicksilver is the better option. If you have fair, average or limited credit, QuicksilverOne increases your odds of approval.