A credit card that gets you up to 5% cash back against a fair credit score? There’s a Capital One card that fits the bill! This Capital One QuicksilverOne Rewards review includes everything you need to know to decide whether this is the right card for your needs and financial goals.
Capital One QuicksilverOne Rewards Review
This Capital One QuicksilverOne Rewards review highlights that this can be an excellent starting point for credit building. You need a fair credit to apply, so expect a speedy approval. The unique feature of this card is that it offers users the opportunity to earn rewards while working on their credit score. Although it has its limitations, it is a good option for beginners.
Pros
- Cardholders earn unlimited cash back on every purchase without worrying about spending caps.
- You can build your credit with this card and upgrade to high-tiered options.
- After six months of timely payments, you may be considered for a higher credit line. It can improve their credit utilization ratio.
- You can improve your financial behavior by monitoring your spending through CreditWise.
Cons
- You pay an annual fee, which may seem extra compared to cards with a $0 yearly fee.
- The card comes with a high variable APR, which could be costly if you carry a monthly balance.
Feature and Benefits
| Feature | Benefit |
|---|---|
| Credit building | You get an increased credit line within six months if you make timely payments. |
| Fees and APR | You don’t accumulate debt if you pay your card fees and monthly dues on time. |
| Rewards | You can earn while building credit. |
| Reward redemption | You can redeem cash back through multiple channels. |
| Card security | The bank has strict protocols to protect your identity against scammers. |
| Card management | You can use tools provided by Capital One to manage your card’s features easily. |
Credit Building
Capital One QuicksilverOne Rewards credit card can be a useful contribution to your credit profile. How? Firstly, Capital One reports to the major credit bureaus—Equifax, Experian, and TransUnion—helping cardholders establish a timely payment history. Secondly, you may be eligible for a higher credit line after making your first six monthly payments on time.
Thirdly, you have free access to CreditWise. It is a service that allows you to monitor your credit score and stay on top of changes to your credit report.
Finally, you can set up automatic payments to make sure you don’t miss a due date. This helps maintain a consistent payment history, which is necessary for a good credit score. We recommend you stay within the ideal credit utilization ratio of less than 30%.
Fees and APR
Although you don’t pay a foreign transaction fee on this card, you incur other charges:
- $39 annual fee
- 4% balance transfer fee
- $40 penalty for late payments
- 5% on cash advances
You also incur a 29.99% APR each on:
- Purchases
- Balance transfers
- Cash advances
You can avoid the interest on your transactions by clearing your monthly dues in full. Also, we recommend you pay on time to avoid late fees and debt.
Rewards
This card offers a simple cashback program. You earn:
- 1.5% cash back on every purchase.
- 5% return on booking hotels and rental cars through Capital One Travel.
The rewards don’t expire for the life of the account. Also, there is no limit to how much cash you can earn back.
Additionally, you get 50% off handcrafted beverages at Capital One’s cafes. The best thing about it is you can get them at a discount every day. Although it is not necessarily a reward, it is still a perk. Furthermore, you get a 6-month complimentary membership of Uber One until November 14, 2024.
Rewards Redemption
Capital One offers a variety of redemption options on this card. You can:
- Make travel purchases with your cash back.
- Redeem cash as a statement credit or check.
- Exchange rewards for gift cards from the bank’s partner retailers.
- Shop on Amazon.com or with PayPal.
If you want, you can set up automatic redemptions at a set time each calendar year. We prefer setting auto-redemption when the cash back reaches a specific threshold, such as $25, $50, $100, or $200.
Card Management
Capital One offers a suite of tools to manage your QuicksilverOne card effectively:
- Online account access: You can view balances, transactions, and rewards through Capital One’s website or mobile app. This allows for real-time monitoring of account activity.
- Mobile app: The Capital One mobile app allows you to manage your card and monitor spendings in real time. You can also set up automatic payments and manage your card anywhere.
- Automatic payments: To avoid late fees, you can set up automatic payment of your monthly bills.
- Account alerts: You can opt-in for email or text alerts about payment due dates, spending limits, or suspected fraudulent activity.
- Manage payments: You can find a list of merchants you pay regularly on the bank’s website. It helps you detect unnecessary charges.
- Capital One assistant: Eno, the Capital One assistant, provides 24/7 monitoring. It can answer questions or assist with account-related tasks, too.
- Personalized payments: You can pick your own monthly payment due date. It makes cash flow management more effortless.
Card Security
Capital One provides a series of security features for its cards to protect cardholders from unauthorized transactions and to monitor for potential fraud.
It is important to maintain a secure environment for its customers, seeking to prevent financial loss and personal data compromise while using this card:
- Fraud coverage: In case of a lost or stolen card, you are not held responsible for unauthorized charges thanks to the $0 fraud liability.
- Security alerts: You can sign up for personalized emails or text messages to receive alerts for suspicious activity.
- Virtual card numbers: Through Capital One’s partnership with Eno, their virtual assistant, you can generate virtual card numbers to use online. This adds an extra layer of security.
- Card lock: If a card is misplaced, it can be immediately locked through the mobile app. This prevents new purchases, cash advances, and balance transfers until the bank investigates the suspicious activity.
- Secure transactions: The card has an embedded chip that provides enhanced protection against card fraud when used at chip-enabled terminals.
- Account monitoring: Real-time monitoring of your account helps to quickly detect and act on any unusual activity.
Related Questions
Is QuicksilverOne a Visa or Mastercard?
The Capital One QuicksilverOne Rewards card operates on the Mastercard network. This means it is accepted worldwide where Mastercard is accepted. It provides users with more usability and benefits generally associated with Mastercard credit cards.
Is Capital One QuicksilverOne a Good Card?
The Capital One QuicksilverOne Rewards card is often considered a favorable option for individuals with average credit. This is because it offers an unlimited 1.5% cash back on every purchase a user makes. It can be particularly beneficial for those who use their card for various spending categories.
Can I Upgrade QuicksilverOne to Quicksilver?
Yes, you can upgrade QuicksilverOne to Quicksilver. However, it is subject to your creditworthiness and account standing. If eligible, you can benefit from the Quicksilver card’s higher rewards rate and no annual fee without needing a new application or credit check.
Conclusion
The Capital One QuicksilverOne Rewards is best for people looking for a solid card to build credit. It outshines several credit-building cards because you can earn unlimited cash back here. Although you pay a $39 annual fee and a high APR on transactions, this card is a wise start to higher upgrades.