Capital One QuicksilverOne Credit Card Review

Full Review of Capital One QuicksilverOne Credit Card

Pros Explained

• Higher rewards rate than similar cards: This card offers unlimited 1.5% cash back on all purchases. That’s not the best rewards rate in the industry. But compared with other credit cards for fair, average, or limited credit, you’ll be hard-pressed to beat it. Plus, cardholders don’t have to worry about planning to spend in certain categories to earn rewards. 
• Average credit accepted: Capital One may issue this card to those who have defaulted on a loan in the past five years or have a limited credit history. That includes college students, newcomers to the U.S., and people who have previously only been authorized users on someone else’s credit card. If you're working on building a credit history, this can be a great card to have until you can qualify for a better card.
• Good credit behavior recognized: You'll start off with a credit line of at least $300, but having a relatively low limit may not be great for your credit score. Two of the several factors that determine your FICO credit score are how much you owe and your credit utilization rate (your card's balance divided by its credit limit). Consistently having a high utilization rate due to a low limit can make improving your credit score challenging. The good news is that, in as little as six months, Capital One will automatically consider whether to increase the credit limit on your QuicksilverOne card, making it a little easier to keep your credit utilization rate lower.

Cons Explained

• $39 annual fee: Plenty of credit cards for consumers with fair credit don't charge an annual fee, but this one costs $39 per year. Although that’s low compared to many travel rewards credit cards, annual fees aren’t common among cash back credit cards. On the bright side, you only need to spend $2,600 each year (about $217 per month) to earn enough cash back to justify the annual fee.
• High APR: This card's 29.99% variable APR isn't the highest out there for consumers with average credit, but it’s also not the lowest. Regardless, carrying a balance isn't recommended. Instead, make it a goal to pay your credit card balance in full each month.
• No introductory incentive: You won't get a one-time offer or a low introductory APR promotion with this card. While that’s pretty standard for less-than-stellar credit, you may be disappointed if you’re looking for upfront cash rewards or interest savings.

Who This Card Is Best For

The Capital One QuicksilverOne card is an excellent choice for consumers who are trying to build their credit history. Even though it has an annual fee, you can earn rewards while you work to improve your credit. 

With better rewards credit cards available for consumers with better credit, this isn’t a card you’ll want to hold on to forever. But if you like it, you can apply for the Capital One Quicksilver card once your credit improves. The Quicksilver card offers the same rewards rate but features a bonus, an introductory promotional rate of 0% APR, and no annual fee.

The QuicksilverOne card is an especially good choice if you’re planning to travel abroad. It doesn’t charge a foreign transaction fee, which is typically 3% of every international purchase. 

Rewards Earning Details

If you want simplicity, this rewards program will work well for you. You'll earn unlimited 1.5% cash back on every purchase you make with this card. Plus, you can earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options (terms apply). There’s no limit to how much you can earn in rewards or spending categories with varying rewards rates. 

However, if you prefer to maximize your rewards on certain purchases, compare this card with others offering a tiered-rewards system. For instance, if you’re a college student, the Discover it Student Cash Back card offers 5% cash back on different categories each quarter up to a quarterly cap, plus 1% cash back on everything else.

Rewards Redemption Details

The QuicksilverOne card offers three options for redeeming rewards: a paper check, a general statement credit (or a credit against a specific purchase), or a gift card. 

Rewards don't expire as long as your account is open. You can accumulate rewards for as long as you want, which can be beneficial if you’re saving up for a large purchase. At the same time, there’s no minimum redemption amount so you can get your cash back as often as you want.

How to Maximize Your Rewards

With no bonus and a flat rewards rate, you don't have to do any extra legwork to maximize the rewards you earn with this card. Just make sure to use it whenever you can.

Cardholders with a low credit limit should consider making multiple payments each month to avoid racking up a high credit card balance, which can hurt your credit score.

Standard Benefits

• Travel accident insurance
• Rental car insurance
• Extended warranty protection
• 24-hour travel assistance 

Cardholder Experience

Capital One was rated fifth out of 11 in J.D. Power's 2022 U.S. Credit Card Satisfaction Study, ranking a bit less than average in all categories the research firm explored. 

The bank provides free access to your VantageScore credit score through its CreditWise feature, regardless of whether or not you have a Capital One credit card. That said, the VantageScore isn’t that widely used by major lenders, and many credit card issuers offer access to your FICO credit score, which is more commonly used in lending decisions.

Capital One provides 24/7 customer service, which is standard among credit card issuers. You can also manage your account online or with the card issuer’s mobile app, which was ranked No. 1 by J.D. Power in its 2022 U.S. Banking Mobile App Satisfaction Study.

The customer service department can be contacted at 1-800-227-4825 or at the number on the back of your card.

Security Features

Capital One provides cardholders with two helpful security features not standard in the credit card industry. 

The first is the ability to lock your card from the mobile app. This can prevent someone from using it if it’s lost or stolen. Second, you can create virtual credit card numbers to use online. You have the option to create a different number for each online retailer, and you can lock and unlock them at any time.

Hidden Fees to Watch Out For

This card's $39 annual fee isn't high, but it’s uncommon for a cash-back credit card, even for fair credit. It also charges 3% of the amount of each transferred balance that posts to your account at a promotional APR.

Other than that, the QuicksilverOne card's fees aren’t out of line with the industry standard.

Final Verdict

If you’re trying to establish credit or you’re having a hard time getting approved for a better card because you have fair or average credit, the Capital One QuicksilverOne card should be on your radar. This card's decent flat rewards rate can justify the annual fee, and the simple rewards program doesn’t require you to change your spending habits to maximize its value. 

If you're opposed to paying an annual fee of any amount, compare this card with other credit cards designed for those with fair credit to see if there’s a different option. Just keep in mind that you may end up getting less net value overall. For example, the Capital One Platinum card doesn’t charge an annual fee and also offers the same automatic credit line reviews after the first six months. But that card doesn’t offer any rewards.