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The Capital One QuicksilverOne Cash Rewards Credit Card is a solid option for those who have an average or fair credit score and want to earn rewards in the form of cash back. The QuicksilverOne card charges an annual fee of $39. However, it also offers 5% cash back on purchases made through Capital One Travel and 1.5% cash back on all purchases. So, by spending $2,600 annually at a 1.5% rate, you’ll earn enough cash back and offset the annual fee. 

In addition to earning rewards, the Capital One QuicksilverOne Card is great for improving your credit score. When you sign up for this card, you’ll automatically be considered for a higher line of credit after as few as six months of on-time payments. If you’re approved for a higher line of credit, it can help lower your credit utilization ratio and ultimately help raise your credit score. Then, with a higher credit score, you can be approved for credit cards with even better rewards. 

The Capital One QuicksilverOne Card also comes with a few other nice perks, such as no foreign transaction fees and $0 fraud liability protection. However, the allure of the QuicksilverOne card is really in the ability to earn cashback rewards even if you have average credit. 

ProsCons
1.5% cash back on all purchasesHigh APR
5% cash back on Capital One Travel purchases$39 annual fee
Available with average credit
Ability to raise your credit limit after six  months of on-time payments
No foreign transaction fees

Hilton Honors American Express Surpass® Card

Earn 130,000 Hilton Honors Bonus Points plus a Free Night Reward after you spend $3,000 in purchases on the card in your first 6 months of Card Membership. Offer Ends 7/31/2024. See rates & fees.

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Capital One QuicksilverOne Cash Rewards Credit Card Spending Bonuses

As previously mentioned, the Capital One QuicksilverOne card allows you to earn cash back on every purchase you make. Here are the spending bonuses for the QuicksilverOne card: 

  • 5% cash back on hotel and rental car purchases through Capital One Travel
  • 1.5% cash back on all other purchases

So, at the 1.5% cash back rate, you would need to spend $2,600 on all purchases or $780 through Capital One Travel per year to offset the $39 annual fee. 

For a card that’s available to people with average credit, the Capital One QuicksilverOne Card offers above-average rewards. The 1.5% cash back rate beats the industry standard for similar cards and the fact that you can earn 5% on Capital One Travel purchases just makes this card that much more attractive. 

If you were planning on taking a vacation or booking any sort of travel in the future, it might be worth it to sign up for the Capital One QuicksilverOne Card and then book your flights, hotels or rental cars through Capital One Travel and earn 5% cash back. 

When you earn cash back, it’ll go into your Capital One account, and you can redeem it in any amount at any time. Capital One will send you a check, apply your cashback rewards as a statement credit or let you use your cash back to purchase gift cards. Capital One also has an auto-redemption feature that allows you to automatically apply cashback rewards as a statement credit when they reach a certain threshold ($25, $50, $100 or $200).

Capital One QuicksilverOne Cash Rewards Credit Card Benefits

On top of the ability to earn cash back on purchases, the Capital One QuicksilverOne Card comes with a few other notable benefits that shouldn’t be overlooked. While these benefits aren’t much compared to the benefits that come with some premium credit cards, they’re definitely still valuable and worth knowing. 

Uber One Monthly Membership

Through Nov. 14, 2024, all QuicksilverOne cardmembers are eligible for up to six months for complimentary Uber One membership. Some of the benefits of Uber One include: 

  • Unlimited $0 delivery fee on eligible food, groceries and more on Uber Eats
  • Up to 10% off eligible orders with Uber Eats
  • Up to 5% off eligible rides with Uber
  • Member-only perks and promotions

To receive your complimentary Uber One membership, you can sign up for an Uber One membership directly through the Uber or Uber Eats app. Then, make sure to select your QuicksilverOne Card as your payment method, that you’re on a monthly plan and that you aren’t using any Uber Cash. Once you confirm your membership, your QuicksilverOne Card will be charged and you’ll receive a statement credit for each month of your credited membership period. 

If you don’t want to spend any money on Uber One, just make sure that you cancel your membership before your complimentary six-month period is up. 

Automatic Credit Line Reviews

One of the best features of the Capital One QuicksilverOne Card is the fact that you’ll be automatically reviewed for a higher line of credit in as few as six months after you’re approved for the card. To qualify for a higher line of credit, you’ll need to make all of your payments on time over the course of those six months. 

This is a great feature that can help you increase your credit score and could give you access to more credit in a desperate situation. If you maintain the same spending habits and raise your credit limit, you’ll decrease your credit utilization ratio. Generally, having a lower credit utilization ratio has a positive effect on your credit score. 

Additionally, having a higher credit limit is a nice safety net to have if you should have an emergency and need to borrow some money quickly. 

So, if you currently have an average credit score and want to boost your credit while also giving yourself peace of mind, signing up for the Quicksilver Card from Capital One might be a good way to do so. 

No Foreign Transaction Fees

Unlike many other cards on the market, the Capital One QuicksilverOne card doesn’t charge any additional fees for making transactions in foreign countries, which is great for people who like to travel. 

In fact, this feature is standard across all Capital One cards. So, regardless of which Capital One card you carry, you can rest assured knowing that you’ll never be charged additional fees for making foreign transactions.

$0 Fraud Liability

Another feature that comes standard across all Capital One cards is $0 fraud liability protection. This means that if your card is ever lost or stolen, you’ll be fully reimbursed for any unauthorized charges. 

If Capital One picks up suspicious transactions on your account, they’ll contact you via text, email and phone. Then, you’ll need to confirm whether you made the transaction or whether it was fraudulent. If Capital One confirms that it was fraudulent, you’ll be reimbursed 100%. 

No Security Deposit

For people with average credit, getting a secured credit card that requires you to put down a security deposit is a common way to get a card that earns rewards. However, with the QuicksilverOne Card, you aren’t required to put down any upfront cash as collateral, which means you’ll have more money freed up to pay your expenses.

Avoid Penalty APR for Late Payments  

If you don’t make your payment on time with the Capital One QuicksilverOne Card, Capital One won’t raise your APR. However, you may have to pay a late fee of up to $40. Still, the fact that your APR will stay the same (unlike with other cards) could end up saving you lots of money in interest charges. 

Capital One QuicksilverOne Cash Rewards Credit Card Drawbacks

While the Capital One QuicksilverOne card is a great card for people with average credit who want to earn cashback rewards, there are definitely still some drawbacks to this card that you should be aware of before you sign up. 

$39 Annual Fee

As previously mentioned, the QuicksilverOne Card charges an annual fee of $39. While that annual fee is pretty small, you still want to make sure that it’s worth it for you to pay it. To do so, you can look at your past spending and estimate how much cash back you think you’ll earn in the upcoming years. 

If you believe that you’ll earn more than $39 in cash back per year, then signing up for the QuicksilverOne Card might be a good idea. However, if you don’t think that you’ll earn more than $39 per year in cash back with this card, then you’ll probably want to look for a different card. 

High APR

If you’re in the habit of carrying a balance on your credit card, you might want to think twice about signing up for the Capital One QuicksilverOne Card. This card has a higher-than-average ongoing variable APR, which means that carrying a balance from month to month will be expensive. 

If you routinely pay off your monthly balance in full, then you won’t be affected by this card’s high APR. However, if you typically carry a balance, you’ll probably want to look into a card with a lower APR. 

No Reduced Introductory Rates

Credit card companies will sometimes offer introductory APRs to attract new customers to their cards, such as 0% APR for the first 12 months, for example. Unfortunately, the Capital One QuicksilverOne Card doesn’t offer such an introductory APR period (while other similar cards do).

Other Cards to Consider

If you have average credit and you want to earn cashback rewards to improve your credit, then the QuicksilverOne Card from Capital One is a good option. Regardless, you still want to examine all of your other options before you sign up for the QuicksilverOne Card. Here are some other cards to consider. 

Capital One Platinum Credit Card

If you don’t think that you’ll earn more than $39 in cash back per year with the Capital One Quicksilver Card, then you’re probably better off signing up for the Capital One Platinum Credit Card. This card has no annual fee and doesn’t offer any rewards. Apart from that, though, it’s nearly identical to the QuicksilverOne Card. 

The Platinum Mastercard from Capital One comes with the same $0 fraud liability protection, ability to earn a credit limit increase in as little as six months and no foreign transaction fees. Unfortunately, the Platinum Card also has a similarly high APR to the QuicksilverOne Card. 

Upgrade Cash Rewards Visa®

If you like the idea of earning 1.5% cash back but don’t like the idea of paying a $39 annual fee, then you may want to check out the Upgrade Cash Rewards Visa®. This card is also available to consumers with poor credit and above and doesn’t require any security deposit. 

However, before you sign up for this card, you should be aware that it doesn’t function exactly like a traditional credit card. While the Upgrade Cash Rewards card may seem like a credit card in every significant way, it’s actually considered a “series of closed-end loans,” according to the terms and conditions. Effectually, every time you make a purchase, you’re borrowing against your credit limit. 

On top of making purchases with the Upgrade Cash Rewards Card, you can also request that funds be sent to your bank account. In this case, you’d pretty much be receiving a small personal loan. 

The main differences between the Upgrade Cash Rewards card and a true credit card are that applying for the Upgrade card doesn’t involve a hard inquiry (which means your credit score won’t be affected), and it doesn’t report your credit limit to credit bureaus. So, if you have the Upgrade Cash Card, it won’t affect your overall credit limit but it will affect your on-time payment history. 

The Bottom Line

If you have an average or fair credit score and you still want to earn cashback rewards with your credit card, the QuicksilverOne from Capital One is definitely one of the best options for you. This card charges a modest annual fee of $39, which you can easily offset by spending $2,600 annually and earning 1.5% cash back. Additionally, if you spend money through Capital One Travel, you’ll earn 5% cash back, which is comparable to rewards rates offered by top-of-the-line premium credit cards. 

In addition to the excellent cashback rewards, when you sign up for the QuicksilverOne Card, you’ll be automatically reviewed for a credit limit increase in as little as six months. This can help you lower your credit utilization ratio and raise your credit score, which could help you get approved for even better credit cards in the future. 

However, before you sign up for the QuicksilverOne Card, you should definitely examine your other options first. If you don’t think that you’ll be able to offset the $39 annual fee that QuicksilverOne Card charges by earning cashback rewards, you may want to go with the Capital One Platinum Card, which doesn’t charge an annual fee and doesn’t charge any rewards. 

The Upgrade Cash Rewards Visa card is also an option. However, it’s not really a true credit card and it won’t report your credit limit to the three major credit bureaus. That means that this card isn’t as good for building credit as true credit cards. 

In our opinion, if you have an average credit score and you spend more than $2,600 on your credit card annually, the QuicksilverOne Card from Capital One is your best option.