A Simple Cash Back Card
Credit Needed: Fair/Limited
If you have average credit and you’re looking to increase your credit score and your credit limit while earning some rewards, you could do worse than the Capital One QuicksilverOne Cash Rewards Credit Card. The card offers unlimited 1.5% cash back – not bad for a card that’s available to those with average credit.
The card is also simple to use. There are no rotating categories to keep track of with the Capital One QuicksilverOne Cash Rewards Credit Card. Your cash back won’t expire if you wait to claim it. There’s no minimum or maximum amount that you can claim at one time.
However there’s no introductory 0% APR on the card, so it’s not a great choice for a balance transfer. And the variable APR of 26.96% is high. Those factors, combined with the $39 annual fee, may scare some consumers away.
Unlimited 1.5% cash back – You’ll earn 1.5% cash back on all your purchases, with no limit on how much you can earn, when you can redeem or how much you can redeem in one transaction.
No penalty APR – If you miss a payment on your Capital One QuicksilverOne Cash Rewards Credit Card, you won’t be bumped up to a penalty APR like you would on some other cards.
- Smart Tip: If you can, always pay your balance in full at the end of each billing cycle. That’s a particularly good idea with the Capital One QuicksilverOne Cash Rewards Credit Card because the APR is on the high side.
Increase your credit limit – After making your first five monthly payments on time you’ll get access to a higher credit line through the cards Credit Steps program.
Who It Benefits
The consumers who stand to gain from this card are those with average credit who want a flexible cash back card and a chance to increase their credit limit and credit score. If you have good-to-excellent credit, you could get a higher rewards rate and lower APR with a different card. If you have balances from other cards that you want to transfer and pay down, you’re better off opting for a card with a 0% intro APR on balance transfers. And if you’re prone to missing payments (because your income is unpredictable, for example), you will probably be safer opting for a card without late fees.
How It Works
The Capital One QuicksilverOne Cash Rewards Credit Card is a pretty straightforward card. Every time you swipe you’ll earn 1.5% cash back. You can redeem those cash back rewards whenever you want, and there’s no limit on the rewards you can earn in a calendar year.
Your APR on your Capital One QuicksilverOne Cash Rewards Credit Card will be 26.96%. It’s a variable rate that can change with the Prime Rate. Balance transfers will also be subject to a 26.96% variable APR.
Cash advances are subject to a 26.96% Variable APR, too. There is a cash advance fee of either $10 or 3% of the amount of each cash advance, whichever is greater. There is no penalty APR but there is a late payment fee of up to $39.
What's the Catch?
The $39 annual fee and the variable 26.96% APR are the two biggest drawbacks with the Capital One QuicksilverOne Cash Rewards Credit Card. If you spend enough each month, you’ll get more in rewards than you pay in the annual fee, but it’s still not great. The lack of a 0% balance transfer intro APR offer is also a catch for customers who have credit card debt from other cards.
Just the Math Please
Every purchase you make on your Capital One QuicksilverOne Cash Rewards Credit Card will earn you unlimited 1.5% in cash back. Your rewards can be redeemed whenever you want to redeem them and there is no minimum or maximum you can redeem.
The APR on any balances you transfer to the card will be subject to a variable 26.96% APR. There are no balance transfer fees, however the APR is high for a balance transfer.
Rates and Fees
Annual Percentage Rate (APR) for Purchases
Your purchase APR will be a variable rate of 26.96%.
APR for Balance Transfers
Any balances you transfer to the card will be subject to a variable APR of 26.96%.
APR for Cash Advances
The APR range for cash advances is 26.96% Variable.
Penalty APR and When It Applies
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing period. If you pay your entire balance by each month’s due date, you will not accrue interest charges.
Balance Transfer None
Cash Advance Either $10 or 3% of the amount of each transaction, whichever is greater.
Foreign Purchase Transaction None
Late Payment Up to $39
Returned Payment None
How it Stacks Up
How does the Capital One QuicksilverOne Cash Rewards Credit Card compare to competitor cards? Its 1.5% cash back rate compares unfavorably to the 2% you’ll get with the Citi Double Cash Card. The Citi Double Cash Card doesn’t charge an annual fee, whereas the Capital One QuicksilverOne Cash Rewards Credit Card charges a $39 annual fee. However, your credit must be good-to-excellent to qualify for the Citi Double Cash Card, whereas the Capital One QuicksilverOne Cash Rewards Credit Card is available to those with average to limited credit.
The Capital One QuicksilverOne Cash Rewards Credit Card also falls short when compared to the Capital One Quicksilver Rewards Credit Card, which offers the same 1.5% cash back but with no annual fee. However, once again, the better card requires applicants to have good to excellent credit, while the Capital One QuicksilverOne Cash Rewards Credit Card is available if you have average credit.
If you have average credit and want a low-maintenance cash back card, you could do worse than the Capital One QuicksilverOne Cash Rewards Credit Card. The cash back rate of 1.5% is competitive with other offerings and you’ll be able to increase your credit limit as you go. Once your credit score improves you can upgrade to a card with better benefits.
- Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
- Saving money is easier said than done, but having a high-yield savings account is a great start. To see what's available today, take a look at our overview of the top savings accounts.