A Credit card is a very useful tool. You can borrow money, build your credit, win rewards, earn cash back, and whatnot, just by using them. However, without sugarcoating it, not all credit cards are worth it. Some of them are expensive and offer no rewards while others are not just profitable. Having said that, we are here to talk about Capital One® Quicksilverone® Cash Rewards Credit Card.
You do not want to commit to some credit card and regret it later. Above all, you do not want to get stuck in a difficult situation. In this Capital One Quicksilver One Review, you will learn everything about this card. This will help you know what this card is all about and help you make an informed decision regarding it.
Capital One® Quicksilverone® Cash Rewards Credit Card: An Overview
If you have not qualified for other rewarding credit cards, Capital One Quicksilverone Cash Rewards Credit Card will be a great choice. Providing your social security number to get this card is an option, however, you will either have to provide your SSN or your Individual Taxpayer Identification Number (ITIN). You will need a fair or decent credit score (around 580 and more) if you wish to get this card.
Capital One® Quicksilverone® Cash Rewards Credit Card is among those cards that require you to pay an annual fee to maintain the active status of your card. With a whopping 25 days grace period, you will be charged 28.49% as an annual percentage rate. Moreover, you will have to pay other charges too.
However, this card has waived the foreign transaction charges or fees on balance transfers as well. Moving on, with a cashback rate of 1.5% to 5%, Capital One has made its Quicksilver One credit card an attractive option for clients.
While many of the Capital One cards offer a much higher reward rate but so is their credit score requirement. This is not the case with Capital One® Quicksilverone® Cash Rewards Credit Card.
This Capital One card brings before you some very useful features:
The initial credit limit is $300. However, it totally depends on your credit score and worthiness. Although the initial credit limit is low, but it can be increased every six months. All you have to do is use your card responsibly and make all the payments on time. Your card will be reviewed and if it is maintained properly, the credit limit of your Capital One credit card will be increased up to $1000.
The Capital One QuicksilverOne Cash Rewards Credit Card will help you keep track of your credit score using CreditWise. It also offers you to monitor your credit report, thus, you know exactly what is causing dents in your report. Therefore, CreditWise helps you build a good credit score and report.
Zero Fraud Liability
In case your card is lost, Capital One Card offers an emergency replacement for the card. Moreover, if any payment is made which is not authorized by you, the company will cover all your loss.
One of the best things about your Quicksilverone credit card is that there is absolutely 0% of balance transfer fee charges. However, except for promotional balances. This means you do not have to pay extra for transferring a normal balance. But if you transfer the promotional balance, you will be charged 3% of the entire amount.
There are three major credit bureaus. They review your credit information and evaluate your credit score. Capital One Quicksilver One reports to all the major credit bureaus. Thus, Capital One will always keep your credit reports updated and send them to TransUnion, Equifax, and Experian for analysis and review.
With a chip attached to the card, you can use it to pay with just one tap. Your payment will be completely contactless and with just one tap of your card on the receiver’s machine. These EMV chips help you to make instant contactless payments.
Capital One offers some pretty useful money management tools that will help you to build and track your credit. All the tools can be accessed in its application. This application can be operated on your mobile. It offers account management, tracking your spending, payments alerts, account balance, etc.
Capital One® Quicksilverone® Cash Rewards Credit Card offers you a hefty 25 days grace period, which is higher than most credit cards. This means after the due date, you will get an extra 25 days to make your payment and no penalty will be charged during the said period.
Fees and APR
Speaking of fees and charges, there’s good news! You can make as many foreign payments as you want and you will be charged nothing, i.e. no foreign transaction fee. As already mentioned, the balance transfer fee on regular balances is waived. But as for promotional balances, you will have to pay 3% of the entire transaction.
When you take the cash out from the ATM using Capital One Quicksilverone, you will be charged an additional cash advance fee of $10 or 3% (whichever is higher). If you fail to make payments even after a whopping 25 days of the grace period, you will have to pay an extra $40 as a penalty late payment fee.
Adding on to that, the interest rate or annual percentage rate will be charged 28.49% after the grace period ends. The annual rate percentage is variable, depending on your amount and the period between the payment pending date and the payment made date.
Moreover, in order to maintain the active status of your credit card, you will have to pay $39 as an annual fee. This annual fee is an additional charge that credit card companies deducted to keep your card active. The annual fee is charged once a year.
Pros and Cons
Before you select a credit card to commit to, you must know every aspect of it. Speaking of Capital One Quicksilver One, knowing its features is not enough. You should know what you are getting into. That can be made possible by learning about this card’s advantages and disadvantages. Below is the list of pros and cons of this card.
- No balance transfer fee on regular balances.
- No foreign transaction fee.
- 5% cash back on hotels and car rentals using Capital One Travel.
- 1.5% unlimited cash back on all the other purchases, no expiration.
- 25 days grace period.
- The credit limit can be increased after six months.
- Zero fraud liability.
- Digital card numbers to avoid online fraud.
- Tracking credit scores with the help of CreditWise.
- No social security number is needed.
- No penalty APR.
- Capital One Shopping will give you coupon codes that can be applied when shopping.
- Reports to all three major credit bureaus.
- $39 annual fee.
- You will have to pay 3% of the amount for transferring a promotional balance.
- You will be charged with a Cash advance fee of $10 or 3% (whichever is greater).
- Late payment fee: Up to $40.
- APR is relatively higher.
- 5% cash back only applied to hotels and rental cars.
- The reward rate is low.
- No welcome bonus.
- No introductory APR schemes.
Earning rewards on your payments will always cheer you up. Everyone loved to win rewards and cash back. Therefore Capital One Quicksilver One offers 5% cash back on hotels and rental car payments. Moreover, a 1.5% cash back on all other purchases, unlimited and with no expiration.
These rewards can play a crucial role in deciding whether or not a card is suitable for you. Well, if you love rewards and use credit cards just for the rewards, there are better alternatives in the market. Having said that, below are listed the ways in which you can redeem rewards.
- Use reward points in purchasing.
- Redeem as a statement credit or check.
- You can redeem the reward points in the form of gift cards.
One thing you need to keep in mind is, that there is no expiration date or limit to the rewards you earn. But you will lose all the points if you close the account.
- You can always stay updated with everything going on in your account by setting up email or text reminders.
- You can track monthly subscriptions.
- Set up auto payment for regularly and repeatedly occurring payments.
- 24*7 customer service.
- Transfer balance from another account to Capital One Quicksilverone Cash Rewards Credit Card.
- You will get notified in case any suspicious activity occurs.
- Zero fraud liability.
- Lock your card immediately in case it is lost, stolen, or misplaced.
- Emergency card replacement.
- Use virtual card numbers for extra protection during online shopping.
- ENO will alert you if any unexpected and unauthorized payment takes place.
- You can manage your account, track your balance, record and track all the transactions, manage expenses, pay bills, and whatnot, using the Capital One mobile app.
- CreditWise will generate your credit reports to help you keep track of your credit score. Thus, you can manage and maintain your credit card accordingly.
- ENO will be your assistance with this card. It will monitor your activities 24*7, send you reminders for pending payments, alert you for suspicious activities, and will resolve your queries, etc.
- No foreign transaction fee
- No balance transfer fee for regular balances
- 3% balance transfer fee for promotional balances
- Cash advance fee of $10 or 3% (whichever is the higher)
- APR will be charged 28.49%, variable
- Late payment fee: Up to $40
- 1.5% unlimited cash back on all purchases, with no expiration
- 5% cash back on hotel and car rentals only
- No welcome bonus
- No introductory APR schemes
Capital One® Quicksilverone® Cash Rewards Credit Card: Application
As already mentioned, you will need a fair or decent credit score if you wish to apply for Capital One Quicksilverone. FICO (financial account and controlling) has set this ‘fair credit’ range from 580 to 669. Having said that, VantageScore states a ‘fair credit’ range from 601 to 660. You can apply for this fair credit score credit card online on its official website. Another option is to apply in person by going to the bank location.
Now if you wish to apply for this credit card after meeting the credit score requirement, here is what you will need:
- You must have to be 18 years or older.
- Your social address, including Puerto Rico and U.S. military locations.
- Your monthly income should exceed the rent or mortgage payments by at least $425.
- Either your social security number or Individual Taxpayer Identification Number.
Capital One might disqualify you because of the following reasons:
- If you submit 2 or more 2 applications for a Capital One credit card within the past 30 days.
- If you have past-due payments on your Capital One account.
- If you go over the credit limit on your Capital One card.
- If your Capital One account was charged off in the last year.
For Whom is Capital One Quicksilver One Card Suitable?
- If you have fair credit, i.e. a range that is declared by FICO or VantageScore as fair. Then, this credit card will be suitable for you.
- If you wish to improve your credit score, this credit card helps in doing that. As it reports to the three major credit bureaus, your score will be improved.
- If you do not have a social security number, you can apply for this card using your Individual Taxpayer Identification Number. Therefore, for noncitizens, Capital One can be a good option.
- If you require a simple reward scheme rather than a complicated one, the card offers are just what you need.
Alternative Cards to Consider
Capital One® Quicksilver® Rewards
Belongs to the same parent company but offers more rewards. However, with a requirement of a higher credit score, Capital One® Quicksilver® Rewards will provide you lower APR. The benefits offered by Quicksilver One and Quicksilver are, although, almost the same. But the reward program of Quicksilver is better. Furthermore, you will have to pay APR at the rate of 18.24 percent to 28.24 percent after your introductory APR period ends.
- 0% introductory APR for 15 months on both purchases as well as on balance transfers.
- You will not have to pay any annual fee.
- The rate of cashback is the same as Capital One® Quicksilverone® Cash Rewards Credit Card.
- You can redeem rewards on entertainment and dining as well.
- APR is lower than Quicksilver One.
- No foreign transaction fee.
- You will win a $200 cash bonus when you spend $500 within the first three months.
- Same pros as Quicksilver One.
- APR is higher as compared to other credit cards.
- You will have to pay a 3 percent balance transfer fee after the introductory period ends.
- No rewards on flights or rental cars.
- Requires you to have excellent credit.
Chase Freedom Unlimited Credit Card
Chase makes it compelling enough for its customers by offering them rewards, cash backs, and bonuses. Above all its introductory offers is a cherry on top. Chase Freedom Unlimited Credit Card is suitable for someone who loved rewards. Anyone who uses a credit card every now and then will benefit from this utterly rewarding card.
- A 5% cash back on all travel purchases like hotels, airplane tickets, etc made with Chase Freedom Credit Card.
- Dining and drugstore payments will earn you a 3% cashback.
- 1.5% cash back on all the other purchases.
- If you spend $500 within the first three months of getting the card, you will get $200 cashback as a welcome reward.
- Introductory 0% APR for 15 months.
- You will not be charged any annual fee.
- Chase Credit Card charges a relatively higher APR varying from 18.74%-27.49%.
- Students might not be eligible for this card.
- Chase Freedom Unlimited Credit Card requires you to have a fair to high credit score if you wish to apply and get approved.
- There is a $500 spending limit on the welcome bonus.
- You will be charged with 3% foreign transaction fee.
Discover It Secured Credit Card
Discover It Secured Credit Card is a great alternative to Capital One® Quicksilverone® Cash Rewards Credit Card. It helps in building your credit. Discover It Secured credit card does not charge any annual fee. Moreover, you get around 1% to 2% rewards and cash back when you pay using this card. However, you will have to put down a security deposit of around $200–$2,500. Although the security deposit is high, the rewards, cash back, and welcome bonuses cover it.
- You can earn around 1% to 2% in rewards, cash backs, and welcome bonuses.
- You do not have to pay any annual fee.
- No foreign transaction fee charges.
- Welcome bonus includes doubling your cash back in the initial first year.
- Increase your credit score.
- Reporting to all three major credit bureaus.
- You need to put down a security deposit.
- APR is high.
Frequently Asked Questions
Q: What credit score do you need for Capital One QuicksilverOne?
Capital One QuicksilverOne requires you to have a fair credit score if you wish to apply for it. FICO (financial account and controlling) has set this ‘fair credit’ range from 580 to 669. Having said that, VantageScore states a ‘fair credit’ range from 601 to 660. Therefore, you need to have at least a 580 or higher credit score to apply for this card.
Q: Is the Capital One Quicksilver card worth it?
Capital One Quicksilver is a great choice for people who do not use credit cards very often or those who require simple and sorted reward schemes. It will be a good option if you are looking for credit because of its 0% introductory APR offer for 15 months.
Q: What is the highest credit limit for Capital One Quicksilver?
Capital One sets your Quicksilver card credit limit depending on your income, creditworthiness, and your history of payment. According to reports, the card’s credit limit can start as low as $750 and go up as high as $10,000.
Q: What is the difference between a Quicksilver card and a Quicksilver One card?
A Quicksilver card and a Quicksilver One card are almost the same and have the same parent company. But with a little difference. Where Quicksilver One will charge $39 as annual you, Quicksilver will charge none. You will not get any welcome bonus or introductory APR offers on Quicksilver One. But with Quicksilver, 15 months on 0% APR and $200 cash back on $500 spent in the first 3 months. Although the reward rate for both is 1.5% on purchases. Quicksilver One offers 5% cash back on rental cars and hotels but Quicksilver does not.
Q: How often does Capital One Quicksilver One increase the credit line?
Your credit limit will be set initially. But after every six months, your credit report will be reviewed and it will be checked how well you have maintained your Quicksilver One card. If you have a good report and activity, then you will be given a raise in your credit limit (every six months).
Capital One® Quicksilverone® Cash Rewards Credit Card is for anyone with fair credit who loves earning rewards and cash back. It reports to all three major credit bureaus and therefore keeps your credit report updated. You can track your score by viewing your CreditWise-generated credit report. ENO will be your Capital One assistance which will help you resolve queries, alert you if anything suspicious happens, remind you of due payments, and whatnot! This credit card offers up to 1.5% of cash back on all purchases and 5% on hotels and rental cars.
Now, We have specifically put together verified factual data in order to help you know about this card. If you wish to get Quicksilver One then this article will help you make an informed decision.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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