Capital One QuicksilverOne Cash Rewards Credit Card Review 2024

When you have fair credit, your options for a good credit card can seem limited. The Capital One QuicksilverOne Cash Rewards Credit Card is one of a small handful of cards designed for those with so-so credit that still offers solid rewards. Earning 1.5% cash back on every purchase is on par with other flat-rate cash-back cards on the market.

The QuicksilverOne carries a $39 annual fee, so you’ll need to spend $2,600 a year to break even. Most people will spend more than that over the course of a year on their credit card so you’re likely going to come out ahead even with the annual fee.

It’s not all sunshine and blue skies with this card however. Like most credit cards for those with just okay credit it comes with a higher-than-average APR of 29.99% (Variable) on purchases. If you typically carry a balance, you’d be better off with a card with a lower interest rate, even if it doesn’t offer rewards.

Be aware that if your credit is in the good-to-excellent range, you might have a chance at getting approved for the QuicksilverOne’s no-annual-fee sibling, the Capital One Quicksilver Cash Rewards Credit Card (rates & fees), which earns the same 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. It also offers a 0% intro APR on purchases and balance transfers for 15 months, 19.99% - 29.99% variable APR after that; 3% balance transfer fee for the first 15 months, 4% at a promotional APR that Capital One may offer you.

• $39 annual fee
• Earn an unlimited 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply)
• No welcome bonus
• No 0% APR offer
• No foreign transaction fees
• Possibility of a credit limit increases in as little as six months

Earning Rewards

The Capital One QuicksilverOne Cash Rewards Credit Card earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply).

Redeeming Rewards

You can redeem your rewards earned through the QuicksilverOne in any amount and at any time and they never expire. Rewards can be taken as a statement credit, received as a check in the mail or used to cover a recent purchase. You can also redeem your rewards for travel through CapitalOneTravel.com. Rewards can also be used to purchase gift cards through the Capital One site, but the value of your earnings on gift cards may be less than a penny a point depending on the specific redemption, so you’ll typically be better off redeeming for a statement credit or a check.

Rewards Potential

Forbes Advisor uses data from various government agencies to determine both baseline income and spending averages across various categories. The 50th percentile of wage-earning households brings in $95,450 annually and has $30,974 in expenses each year that can be charged to a credit card.

• Emergency card replacement. If your credit card is lost or stolen, you can get an emergency card replacement
• Fraud coverage. You’re covered against unauthorized charges if your card is ever lost or stolen.
• Capital One Cafe discounts: Get 50% off any handcrafted beverage at a Capital One Cafe.

Interest Rates

• Regular APR: 29.99% (Variable)
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $39
• Balance transfer fee: Balance Transfer Fee applies to balances transferred at a promotional rate
• Foreign transaction fee: None

Capital One QuicksilverOne Cash Rewards Credit Card vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card*

If your credit is in the fair range or you simply don’t have much of a credit history to speak of, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card* (issued by WebBank) could be a better option. It doesn’t charge an annual fee, making it a viable option for those new to credit.

You’ll start out earning 1% cash back on eligible purchases right away, 1.25% cash back on eligible purchases after making 6 on-time monthly payments, and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Plus, earn 2% - 10% cash back at select merchants.

Capital One QuicksilverOne Cash Rewards Credit Card vs. Apple Card*

The Apple Card* is a tasty option for someone who typically uses a mobile wallet to pay for their purchases. That’s because the card earns 3% back on eligible purchases from Apple including the Apple Store, apple.com, the App Store and iTunes, 2% back on purchases when using Apple Pay and 1% back on all other purchases.

There’s no annual fee for the card and the accompanying app has some neat visual features designed to incentivize users to pay down their debt faster. But if you don’t have an iPhone or iPad or you rarely use Apple Pay, this card isn’t a fit.

Capital One QuicksilverOne Cash Rewards Credit Card vs. Discover it® Secured Credit Card

Unlike many of the other secured cards on the market, the no annual fee Discover it® Secured Credit Card lets you earn cash-back rewards while working toward a stronger credit profile. The card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. In lieu of a traditional welcome bonus, at the end of the first year, Discover will automatically match all the cash back you’ve earned.

Since this is a secured card, you’ll have to submit a minimum deposit of $200 to Discover, which protects the issuer if you don’t pay back what you charge to the card. However, Discover will review your card usage starting at seven months to see if you qualify to graduate to an unsecured card and have your deposit returned to you.

These attributes make it stand tall among its peers and may be more rewarding for you than the QuicksilverOne’s annual fee and straight 1.5% cash back.

The Capital One QuicksilverOne Cash Rewards Credit Card is a worthwhile choice for those with average credit looking for a simple and straightforward cash-back credit card. Even though it has an annual fee, most cardholders will likely spend enough to break even on the fee and score some additional savings.

But if your credit is badly damaged, you may not qualify for this card. And anyone who can’t stomach the thought of paying an annual fee on a credit card can find an option that’s a better fit.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points of miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read More: How Forbes Advisor Rates Credit Cards