Capital One QuicksilverOne Cash Rewards Credit Card Review
Nowadays, some of the most basic entries to credit card rewards are cash back cards. These cards offer a certain percentage of your purchases (often between 1-5%) refunded back to you in the form of rewards.
These cards are popular because they allow you to earn rewards without changing your spending habits too much. But the popularity of cash-back rewards cards has also made it difficult to sort through what the best options are.
The Capital One QuicksilverOne Cash Rewards Credit Card is one well-regarded option. Read below to see the pros, cons, and how to know if the card is a good choice for your needs.
What You Get
Earning cash back is one of the most popular and simplest ways to take advantage of credit cards rewards. While some cash back cards have revolving categories that you have to manually select and keep track, the Capital One QuicksilverOne Cash Rewards Credit Card has a straight-forward 1.5% cash back system that doesn’t change.
There is no cap on how much you can earn in rewards, whereas other servicers may limit your cash back. For example, if you spend just $1,000 a month, you’ll earn $180 in rewards per year. You can redeem your rewards for cash starting at $25, a lower minimum than what some other cards require.
Capital One also increases your credit limit after your first five on-time monthly payments — a boon for those trying to increase their credit utilization and credit score. Capital One also provides Credit Wise, a credit score monitoring service. While this is becoming a more popular feature for credit cards, it’s still not something you can find with every card.
The Capital One QuicksilverOne Cash Rewards Credit Card offers many consumer protection features including fraud coverage if you lose your card or it’s stolen, travel accident insurance, 24/7 roadside assistance, extended warranties for purchases made on the card, and coverage for car rentals.
Cardholders also earn an unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. If you’re traveling overseas, the Capital One QuicksilverOne Cash Rewards Credit Card offers no foreign transaction fees.
What You Don’t Get
There is a $39 annual fee, which is unusual when you look at the competition. While that annual fee isn’t high, it’s still enough to stand out.
Many cash back cards also offer a sign-up bonus for spending a certain amount within 90 days. This card doesn’t, which also decreases its value against some of its competitors. That bonus can often start at $100, so it’s not a small thing to give up if you choose to go with this card.
One of the other downsides to this card is the APR — a current market rate of 29.74% (variable) — which is currently higher than the national average credit card APR. That may be because this card is designed for those with average credit, which Capital One defines as someone who has defaulted on a loan in the last five years or someone with limited credit history.
Many of the downsides of this card can be attributed to the fact that you only need average credit card to qualify, whereas some of the premier rewards card you can only receive once you have excellent credit.
The Bottom Line
The Capital One QuicksilverOne Cash Rewards Credit Card is designed for those with average credit, so while it doesn’t offer some of the best cash back rewards, it’s a good starting point. It can help you grow your credit so that next time, you can apply for a card with a bonus or a higher cash-back percentage.
However, the card is perfect for those looking for a simple cash back card that will continue to earn rewards long after you’ve activated it.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.