The Capital One QuicksilverOne is a rewards card which allows members to earn cash back on every purchase without the hassle of changing categories or spending caps. It is marketed towards people with average credit so while the rewards program is similar to the one offered with the Capital One Quicksilver card – the terms and benefits are different. There is no signup bonus currently available to new members. However, new account holders can take advantage of an introductory APR on both purchases and balance transfers. The Capital One QuicksilverOne is part of the MasterCard network and comes with an annual fee of $39 (not waived).
New members receive an introductory 0% APR on purchases and balance transfers through the November 2016 billing period. After this time, your variable APR will be 23.24%. There is no balance transfer fee which is a rarity among credit cards (standard fees are usually 3% – 4%).
The Capital One QuicksilverOne keeps it simple. Cardholders earn unlimited 1.5% cash back on every net purchase, all the time. There are no rotating categories to keep up with and your rewards never expire (as long as your account remains open, active and in good standing).
Important: Net purchases are the total amount of transactions minus any credits, returns or other adjustments. Additionally, fees, interest charges and cash-like purchases such as traveler’s checks, money orders or foreign currency do not earn rewards.
Members can redeem cash back rewards for any amount, at any time. Redemption can be in the form of a statement credit or a check. You can also set up an automatic redemption preference which includes these options:
- To redeem at a set time each calendar year
- To redeem when a specific threshold has been reached (such as $25, $50, $100 or $200)
Rewards can also be redeemed for gift cards and other items through the Capital One Rewards Center online. Reward rates for these options may vary (and generally are less than the 1.5% cash back rate).
The minimum credit line offered with the Capital One QuicksilverOne is $300. However, the card offers you the chance to obtain a higher credit line after you make your first five monthly payments on time.
Account holders can access Capital One Credit Tracker which provides your credit score and other tools that help you monitor your credit profile.
Members receive these additional Platinum MasterCard benefits:
- Extended Warranty – Additional free warranty protection on items that are purchased with your card.
- Price Protection – Reimburses you the difference in price on eligible items purchased with your card if you find a lower price within 60 days from date of purchase.
- Travel Assistance Services – 24/7 assistance if your card is ever lost or stolen including getting a replacement card and a cash advance.
For a limited time, card members get 20% cash back on Uber rides when you use your Capital One QuicksilverOne to pay for your transportation purchase. Just add your card as the payment method in your Uber account and you will receive a 20% statement credit every time you ride with Uber. This offer is valid through April 2016.
Card members are not charged foreign transaction fees with Capital One QuicksilverOne. Other cards typically charge 3% per transaction.
The annual fee for the card is $39 which is not waived for the first year.
The Facts
Below we have broken down the specific details of the Capital One QuicksilverOne to help you determine if it’s the right card for you.
The Good:
Simple rewards program:
Cardholders earn unlimited 1.5% cash back on every net purchase, all the time. Net purchases are the total amount of transactions minus any credits, returns or other adjustments. Additionally, fees, interest charges and cash-like purchases such as traveler’s checks, money orders or foreign currency do not earn rewards.
Introductory APR:
New members receive an introductory 0% APR on purchases and balance transfers through the November 2016 billing period. After this time, your variable APR will be 23.24%. There is no balance transfer fee (standard fees are usually 3% – 4%).
No rotating categories:
There are no rotating categories to keep up with. Every purchase you make earns cash back rewards.
Easy to redeem:
Members can redeem cash back rewards for any amount, at any time. Redemption can be in the form of a statement credit or a check. You can also set up an automatic redemption preference which includes these options:
- To redeem at a set time each calendar year
- To redeem when a specific threshold has been reached (such as $25, $50, $100 or $200)
Rewards can also be redeemed for gift cards and other items through the Capital One Rewards Center online. Reward rates for these options may vary (and generally are less than the 1.5% cash back rate).
Rewards never expire:
Your rewards never expire as long as your account remains open, active and in good standing. If your account is ever closed you lose any rewards you may have earned.
Access to higher credit line:
The minimum credit line offered with the Capital One QuicksilverOne is $300. The amount you receive upon approval is determined by your creditworthiness and other financial factors. However, the card offers you the chance to obtain a higher credit line after you make your first five monthly payments on time.
Credit Tracker:
Account holders can access Capital One Credit Tracker which provides your credit score and other tools that help you monitor your credit profile. This service is free of charge and available 24/7. Your credit score is updated each month.
Average credit ok:
Unlike many rewards credit cards which require excellent credit to be approved, the Capital One QuicksilverOne is marketed to people with average credit (660+ FICO score).
Uber rides offer:
For a limited time, card members get 20% cash back on Uber rides when you use your Capital One QuicksilverOne to pay for your transportation purchase. Just add your card as the payment method in your Uber account and you will receive a 20% statement credit every time you ride with Uber. This offer is valid through April 2016.
No foreign transaction fees:
Members are not charged foreign transaction fees on any purchases made while traveling outside of the U.S.
Additional MasterCard benefits:
Members receive these additional Platinum MasterCard benefits:
- Extended Warranty
- Price Protection
- Travel Assistance Services
The Bad:
No signup bonus:
There is no signup bonus currently available to new members.
Annual fee:
This card has an annual fee of $39 which is not waived.
The Ugly:
High APR:
Once the introductory APR expires, the variable APR on purchases and balance transfers is 23.24%. If you often carry a balance on your credit card account, the interest charges could easily negate any rewards you might earn.
The Capital One QuicksilverOne is a straight-forward rewards credit card that delivers solid, unlimited cash back rewards on every purchase, all the time. It is marketed towards people who have average credit which is a big plus. With this card, you don’t have to remember to sign up for changing categories each quarter and your rewards never expire. On the downside, if a big portion of your spending goes towards a specific category – such as groceries or gas – you might want to consider a rewards card which offers more than 1.5% cash back, such as the Barclay Rewards MasterCard (2X cash back on gas, groceries and utilities; 1X cash back on all other purchases). It, too, is designed for people with fair or average credit.