Many premium rewards credit cards require strong credit. However, the Capital One QuicksilverOne is a cashback credit card that offers a solid rate of rewards for people with less than perfect credit.
These are some of the top features of the Capital One QuicksilverOne credit card.
Available to People with Fair Credit
According to Capital One, a fair credit score suggests limited credit history, new credit, or even recent loan defaults.
Credit scores typically range from 300 to 850, with higher scores being better. Most lenders consider fair credit scores to be between 580-669.
1.5% Cash Back on All Purchases
One of the top reasons to use a credit card for everyday purchases is to earn rewards. Card issuers often offer rewards points, airline miles, hotel points, and cashback as rewards.
The Capital One QuicksilverOne pays 1.5% cashback for every purchase. There are no limits on how much you can earn and no complicated bonus categories to remember.
The 1.5% is a solid rate as most cards with bonus categories pay just 1% on non-bonus purchases, and the best flat-rate cards max out at around 2% cashback on every purchase. However, those cards often require better credit.
You can redeem your cashback as soon as you earn a penny; there’s no minimum to redeem.
Automatic Credit Limit Reviews
Your credit limit can play a role in determining your credit score. Capital One will approve customers for credit limits as low as $300.
The closer you get to maxing out your card, the worse your score will be, so having a high credit limit can help boost your score.
Capital One automatically reviews your credit and card use from time to time and will increase your credit limit automatically if you're eligible. The company advertises that you can receive an automatic credit limit increase in as little as six months.
Related: Best Credit Cards for Fair Credit
Access to Capital One CreditWise
If you have less than perfect credit, you should take steps to try to boost your score. Having strong credit can help you qualify for better credit cards and save you money on student loans, auto loans, and mortgages.
CreditWise is Capital One's service that lets you track your credit score. You can see how your score has changed over time and identify the factors influencing your score.
The tool also includes a simulator that you can use to see how different actions will impact your score, for example, carrying a specific balance or opening a new credit card.
You can use CreditWise to help you make sound credit decisions and see how your choices are helping to improve your credit score.
Capital One often offers instant approvals when you apply for the card online.
If your application isn’t instantly approved, you may have to wait up to ten days for Capital One to process your application.
Capital One QuicksilverOne Fees
One common feature of credit cards for people with poor or fair credit is an annual fee, and the Capital One QuicksilverOne card is no different. Capital One charges a $39 annual fee. All in all, this is a reasonable fee for this type of card, though it’s better to get a similar, fee-free card if possible.
At the time of writing, the APR on the card is a bit high at 26.99%. The APR changes based on market rates, but it will be higher than the APRs charged by cards targeted at borrowers with solid credit.
The good news for travelers is that there is no foreign transaction fee.
Other fees include:
- Balance Transfers: 3% of the amount transferred
- Cash Advances: The greater of $10 or 3%
- Late Payments: Up to $40
Capital One uses industry-standard security tools to keep your information safe. That includes encrypting your connection to its website and protecting your confidential information.
The lender also offers standard fraud protection agreements. You won't be liable for unauthorized spending if someone else uses your card without your permission. You can also set up fraud alerts and instant purchase notifications to help keep your card safe.
If you lose or misplace your card, you can lock it through the Capital One app, blocking anyone from using it.
Capital One has a mobile app available on both iOS and Android. The apps are fully featured and function well, giving you access to every aspect of your account that you might need while on the go.
You can use the app to look up your account balances and recent transactions or to view previous statements. You can also schedule and make payments through the app or redeem your cashback rewards to reduce your card balance.
If you want to keep an eye on your credit score, the app also offers access to CreditWise, including its credit score forecasting tools, so you can predict how your score will change based on the actions you take.
Capital One makes it easy to get help when you need it with phone support available from 8 AM to 8 PM, seven days a week.
If you'd prefer not to talk with someone when you need support or need help outside of those hours, you can start an online chat with Eno, Capital One's virtual assistant. Eno can direct you to resources to help you resolve your issue or get you in touch with a person who can assist.
Pros and Cons
Available to those with fair credit — Many rewards cards are only available to people with strong credit, but the QuicksilverOne is more widely obtainable.
Cashback rewards — Cashback rewards are easy to deal with. You know exactly what your rewards are worth and don’t have to worry about transferring miles to partner airlines or jumping through hoops.
Automatic credit limit reviews — Capital One can automatically boost your credit limit after six months, which can help boost your score.
High APR and an annual fee — The card charges a $39 annual fee and has a high APR. Some rewards cards are fee-free and have lower rates.
The Capital One QuicksilverOne is a solid choice for those who can’t qualify for a fee-free rewards card. The $39 annual fee is relatively minor, and you can earn $39 by spending $2,600 on the card, which many people can do within a year.
You can open this card and use it for a year or so to boost your credit score before moving on to a fee-free rewards card.
QuicksilverOne vs. Quicksilver
The QuicksilverOne is the partner card to the Capital One Quicksilver Card.
Both cards offer the same rewards. The difference is that Capital One is more selective about who it approves for the Quicksilver card, meaning you'll need better credit to qualify. In exchange, you won't have to pay an annual fee and can enjoy a lower APR.
If you can qualify for the Quicksilver card, there's no reason to apply for the QuicksilverOne card. However, the QuicksilverOne is a solid backup choice if Capital One won't approve you for the standard Quicksilver card.
You can also upgrade from the QuicksilverOne to the regular Quicksilver once your credit improves.
If you don’t see the upgrade option in your account but feel your credit has improved, you can reach out to customer service to request an upgrade.
Petal® 2 Cash Back, No Fees Visa® Credit Card
The Petal® 2 Cash Back, No Fees Visa® Credit Card is another good option for people with fair credit. It’s relatively easy to qualify for and offers some useful perks.
One benefit of the card is that you can qualify with a credit limit as small as $300. That means you don’t need stellar credit or a high income to open an account. Once the account is open, there’s no annual fee to worry about.
You’ll also earn rewards of 1% when you make a purchase and an additional .5% when you pay your bill on time for an overall rate of 1.5%. You can get up to 10% bonus cash back at select merchants to boost your earnings even more.
For more information on this card, visit Petal® 2 Cash Back, No Fees Visa® Credit Card.
Who Is It For?
The Capital One QuicksilverOne is for people with fair credit and offers a pathway toward a better card, the standard Quicksilver, as you build credit.
Given that there are other cards with lower fees and better rewards out there for people with solid credit, there’s little reason for those with higher credit scores to apply for the QuicksilverOne. However, if you fit the card’s target credit profile, it’s one of the top choices on the market.
The Capital One QuicksilverOne card combines a reasonable annual fee, solid rewards, and a willingness to extend credit to those with less than perfect scores.
If you already have great credit, you should check out our list of Top Rewards Credit Cards.
If you're working on building credit and want to open your first cashback card, the QuicksilverOne is a strong choice.
Related: What is a good credit score?