Capital One QuicksilverOne Review
Capital One’s QuicksilverOne cash rewards credit card is a straightforward card offering an unlimited 1.5% cash back on all purchases. It’s an excellent fit for those who want to earn rewards while they shop but don’t want the hassle of keeping track of reward categories on multiple cards.
Unlike with its more mature sibling, the Quicksilver card, applicants only need to have an average credit score for the best chances at approval with the QuicksilverOne. This means that those with limited credit histories or who have defaulted on a loan within the last five years have a chance for approval. The trade-off is a higher-than-average variable APR rate of 26.99% for anyone likely to carry a balance. Still, you get many of the same benefits as the Quicksilver card, like cash back rewards that don’t expire or require a minimum value to redeem, no foreign transaction fees, and $0 fraud liability.
Capital One QuicksilverOne Overview
- Rewards Rate: Unlimited 1.5% cash back on every purchase
- Sign-Up Bonus: N/A
- Annual Fee: $39
- APR: 26.99% variable APR
- Balance Transfer Fee: N/A
- Foreign Transaction Fee: N/A
- Recommended Credit Level: Average
|Unlimited 1.5% cash back on everything you buy|
No balance transfer fees and variable APR rates the same as purchases
Access to a high credit line after making the first five monthly payments on time
|High variable APR of 26.99%|
$39 annual fee with no first-year waiver
Who Should Get Capital One QuicksilverOne?
Best for: People who are working toward better credit and have limited credit histories. It’s also great for cardholders who want a simple cash back rewards card that earns money on every purchase while making it easy to redeem rewards.
Not for: Card users looking for the lowest variable APR rates or wanting a welcome offer for a reward boost.
Rewards rateSign-up bonusAnnual feeAPROther
|Capital One QuicksilverOne Cash Rewards Credit Card||American Express Cash Magnet Card||Capital One Quicksilver Cash Rewards Credit Card||Chase Freedom Unlimited|
|Rewards rate||1.5% cash back on purchases||1.5% cash back on purchases||1.5% cash back on purchases||1.5% cash back on purchases|
|Sign-up bonus||N/A||$150 statement credit after spending $1,000 or more in purchases in the first three months||$150 cash bonus after spending $500 in purchases in the first three months||$150 cash back after spending $500 in purchases in the first three months|
|APR||Variable 26.99%||0% intro APR on purchases and transfers for first 15 months; variable 14.49%-25.49% after||0% intro APR on purchases and transfers for first 15 months; variable 15.49%-25.49% after||0% intro APR on purchases and transfers for first 15 months; 16.49%-25.24% after|
|Other||No foreign transaction fees|
No minimum redemption values
|Option to pay for select qualifying purchases through a set monthly fee over a fixed period|
Complimentary membership to ShopRunner for free two-day shipping
|Flat reward rate for all purchases|
Travel accident insurance at no extra cost
|Transferable Chase Ultimate Rewards points|
|View details||View details||View details||View details|
All information accurate as of February 6, 2020.
Unlimited 1.5% cash back on everything you buy
Capital One’s QuicksilverOne credit card makes earning rewards a no-brainer with a blanket 1.5% cash back on all purchases charged to the card. There’s no keeping track or activating bonus categories or carrying multiple credit cards to optimize your rewards. One card is all you need to earn rewards all day, everyday.
No foreign transaction fees
In a globalized economy, it’s surprising that most credit cards have additional fees per transaction if you use your card abroad or make a purchase with an international merchant. Capital One does away with foreign transaction fees for all its cards. If you travel frequently, this is one credit card you’ll want to have in your wallet.
High variable APR
QuicksilverOne’s 26.99% variable APR is higher than you’d expect for a card geared toward users with average credit. It’s even higher than many “fair-credit” cards like the Credit One Bank Platinum Visa for Rebuilding Credit card, which has a variable APR of 19.49% to 25.49%, and secured credit cards like the Discover it Secured card, which has a 24.49% variable APR. However, QuicksilverOne’s excellent cash back rate can help recoup some of the money spent on interest if you carry a balance.
Capital One QuicksilverOne Compared to American Express Cash Magnet Card
Both the Capital One QuicksilverOne and the American Express Cash Magnet card are straightforward reward cards focusing on a lucrative 1.5% cash back on all purchases rather than bonus features. The cards do have a few extra benefits, like fraud protection, car rental damage protection, and theft protection, but not nearly as many benefits as credit cards like the Chase Sapphire Preferred.
Your variable APR can be much lower with the Cash Magnet card if you have excellent credit. Its lowest rate is 14.49%, while QuicksilverOne is 26.99%. If you’d also rather not pay an annual fee, American Express’s Cash Magnet card has the advantage of having none.
But if you do a lot of overseas shopping or traveling abroad, you may still come out ahead with QuicksilverOne’s lack of foreign transaction fees. It’s also an easier card to get than American Express’ if you have a limited credit history or have defaulted on a loan in the past five years.
How to Earn Cash Back
While you can’t count on a welcome offer to give your cash back rewards a jump-start, you can count on earning an unlimited 1.5% cash on all net purchases. Purchases are the only way to earn cash back with the Capital One QuicksilverOne card. If you want to maximize your rewards with your QuicksilverOne card, keep swiping your card every time you need to pay for products. Unfortunately, cash advances, checks, and balance transfers don’t count as purchases, so they don’t earn rewards. Any account credit you receive also won’t count toward your rewards.
How to Redeem Cash Back
There are a variety of ways Capital One QuicksilverOne account holders can redeem their cash back, including:
- Gift card
- Payment for a recent purchase on the account
- Statement credit
You can set up your redemption option in your account to automatically redeem your rewards based on your preferences and specified redemption amounts. Capital One doesn’t have a minimum redemption value, so you can redeem your rewards as often as you like, or you can wait until it reaches a set threshold, such as $50 or $100.
To change your redemption settings, log in to your Capital One account and look for your QuicksilverOne card in your dashboard. You’ll see a link with your cash back rewards amount listed underneath the card name. Clicking the link takes you to the “My Rewards” page, where you can customize how you redeem your cash back.
The Bottom Line
We recommend Capital One’s QuicksilverOne card for consumers trying to rebuild their credit or for those with limited credit histories. While it does have an annual fee and high interest rate, it also has a generous, unlimited 1.5% cash back rate and no minimum redemption value. And if you tend not to carry a monthly balance, the interest rate isn’t as important. Capital One’s lack of foreign transaction fees also makes it an enticing choice for frequent travelers abroad.