No matter where you roam or what you buy when you get there, the Capital One® QuicksilverOne® Cash Rewards Credit Card earns you rewards on every purchase you make with the card. It falls into the cash-back category, so apples-to-apples comparisons should be made alongside cards with similar makeups. Capital One caters to all credit types — from those seeking to rebuild their scores to well-established borrowers who scout out the best deals. The QuicksilverOne® card targets people with average credit scores and the desire to hold a no-frills card that gives cash-back dollars whether you’re buying airline tickets or paying a monthly utility bill. By requiring a low annual fee, the card’s vanilla program may be outshone by some other banks, but it’s still a viable choice for a straightforward approach to financing reasonable purchases.
The Essentials of the Capital One® QuicksilverOne® Cash Rewards Credit Card
- APR: 26.49%
- Annual fee: $39
- Primary feature: Every purchase you make, regardless of category, earns 1.5% cash back.
- Introductory bonus offer: None
What’s Interesting about the Capital One® QuicksilverOne® Cash Rewards Credit Card
For individuals who want a simple approach to credit card usage, the Capital One® QuicksilverOne® Cash Rewards Credit Card may be the right fit. All purchases qualify for 1.5% cash-back rewards regardless of what you choose to buy. There are no revolving categories or additional programs to enroll in. Dollars can be redeemed in any amount via a statement credit or check, and rewards never expire as long as you maintain the account. Thus, for someone who simply wants to carry a single card offering some basic incentives, he or she may not need to look any further.
Capital One has some unique measures in place to protect you from fraud and unauthorized use of the card. Its Eno® personal alert system notifies you by phone, text or e-mail if any unusual activity or accidental charges are detected on your account. By creating virtual card numbers linked to your primary number, this personal “assistant” can process online transactions without revealing the actual number, expiration date, and security code on your physical card. In this way, your card number is never left on sketchy websites or ones that may be hacked in the future.
Things to Consider
The Capital One® QuicksilverOne® Cash Rewards Credit Card is a no-nonsense way to finance purchases, but it lacks many features and benefits that similar cards offer. To start, there is neither a low-interest balance transfer option nor an introductory rate of 0%. Also, there’s no way to secure bonus cash rewards in the first 3 months of account ownership. Add in a $39 annual fee, and the card’s appeal pales in comparison to competitors like the Citi Double Cash Card, which may garner you some additional cash back beyond the 1.5% level. Finally, rate shoppers might find an APR a few points below the high APR of 26.49%.
How to Get the Most from this Card
Folks with lackluster credit may qualify for the Capital One® QuicksilverOne® Cash Rewards Credit Card. One advantage of this particular card is its rewards program, which can benefit folks looking to improve their standing and save a few bucks on purchases. With the rather high flat rate, though, you’d be wise to pay off a balance each month rather than carrying it forward. Moreover, you’ll need to spend a fair amount each month to negate the $39 annual fee. Indeed, with the 1.5% cash-back reward on all purchases, you’d need to spend more than $216 monthly to offset the fee. Still, that shouldn’t present much of a problem if you use the card to pay recurring fees like mobile phone or car payments.
Beyond the rewards program, there are some other benefits for people trying to improve their credit standing. After five months of timely payments, customers will have access to a higher spending limit. For a person looking to raise his or her credit score, a higher maximum limit can boost that score if balances are kept below a certain percentage (30% is a good target) of the total credit line. From a monitoring perspective, the bank’s CreditWise program lets both cardholders and non-cardholders track progress or identify errors if their information populates a TransUnion credit report.
Other Card Options that Might Interest You
If you’re searching for a little bit more in a comparable credit card, you might opt for the Citi Double Cash card. For cash-back purposes, the Citi card offers 1% back on purchases without regard to categories and another 1% reward when those purchases are paid off. The card has no annual fee, and balance transfers get a 0% rate for 18 months for the greater of a $5 fee or 3% of the transfer amount. Also, variable APRs can range from 15.74% to 25.74%, depending on creditworthiness. Thus, applicants who touch the high end of the spectrum would still sit below the flat rate of the Capital One card.
Another attractive alternative to the QuicksilverOne® card is the Discover it® Cash Back card. The card does have rotating quarterly bonus categories that you must enroll in, but purchases in those areas are credited with a 5% cash-back reward. All other purchases earn 1% back, and the card charges no annual fee. While there isn’t a sign-up bonus for dollars spent like many cards have, on the anniversary date, Discover it® will match the first-year amount of cash-back rewards received throughout the year. APRs start at 13.74% and top out at 24.74%, which bests the Capital One® QuicksilverOne® Cash Rewards Credit Card at the high end of the range.
The Final Word
For card shoppers with average credit scores, seeking a cash-back option with a low annual fee is a worthy goal. So, for folks looking to climb the credit ladder, using the Capital One® QuicksilverOne® Cash Rewards Credit Card helps the ascent. However, the card lacks balance transfer and introductory rate promotions, and the high flat rate almost mandates that you don’t carry a balance. For those looking for some more flexibility and greater rewards, other cards fit that mold, even at the high end of their interest-rate ranges.
Consumers with average credit will welcome the rewards offered by the Capital One® QuicksilverOne® Cash Rewards Credit Card, but other cards might pack some more punch.