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Looking to improve your credit score? The Capital One® QuicksilverOne® Cash Rewards Credit Card can help as it is marketed to those with fair/limited credit, while also offering a flat-rate cashback rewards program.
We break down the pros and cons of this card and compare it to the Discover it® Secured, which is geared toward consumers with limited/bad/poor credit to help you make your best choice.
- Capital One® QuicksilverOne® Cash Rewards Credit Card pros
- Capital One® QuicksilverOne® Cash Rewards Credit Card cons
- Compare it with the Discover it® Secured
- Is the Capital One® QuicksilverOne® Cash Rewards Credit Card right for you?
Capital One® QuicksilverOne® Cash Rewards Credit Card pros
Helps build credit. The Capital One® QuicksilverOne® Cash Rewards Credit Card is aimed at applicants with fair/limited credit – with a fair credit score being one that falls in the 580 to 669 range, according to FICO®.
Since fair credit is just one step above poor credit, applicants with fair or average credit have a more limited selection of cards for which they could qualify for. Some cards that accept applicants with less-than-stellar credit may have opaque terms and expensive fees, but the Capital One® QuicksilverOne® Cash Rewards Credit Card has a reasonable $39 annual fee.
Rewards. Earn 1.5% cash back on every purchase, every day. That’s a solid cashback rate, especially for a card for applicants with fair/limited credit. While there are cards offering 2% cash back, they typically require good or excellent credit to qualify.
Your cash back can be redeemed as follows:
- As a statement credit
- To cover a recent purchase
- Gift cards
No foreign transaction fee. If you’re traveling abroad, don’t worry about paying a foreign transaction fee on each purchase made outside the United States – there is none.
Additional benefits, including:
- Free credit score. Get unlimited access to your VantageScore via CreditWise®.
- Extended warranty. Get additional warranty protection at no charge on items bought with the Capital One® QuicksilverOne® Cash Rewards Credit Card.
- Auto rental insurance. Your card can cover rental car damage due to collision or theft.
- Travel accident insurance. Insurance for loss of life or limb at no extra charge when you use the card to purchase your airfare.
- 24/7 travel assistance services. If your credit card is lost or stolen, you can get an emergency card replacement and a cash advance.
Capital One® QuicksilverOne® Cash Rewards Credit Card cons
Annual fee. This card charges a $39 annual fee. However, you can recoup that much in cash back by spending $2,600 each year on the card.
High APR. The APR is 26.99% (variable). However, that’s in line with other cards for fair/limited credit. By paying off your card in full each month, you can avoid interest charges altogether.
No sign-up bonus. Many other cashback cards offer a sign-up bonus you can earn after spending a set amount within the first three months of having the card. This one doesn’t – but it’s worth noting that cards for fair/limited credit are less likely to offer sign-up bonuses.
Compare it with the Discover it® Secured
2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
Credit line will equal your security deposit of $200 or more*
No annual fee, no late fee on your first late payment. No penalty APR*
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- See Rates & Fees
See additional details for Discover it® Secured
Another credit card that’s a great choice for building up your credit score is the Discover it® Secured. A secured credit card requires a deposit that serves as your credit line and protects the issuer in case you default on payments. Generally, minimum deposits for a secured card are around $200.
Here’s how the two cards compare:
Capital One® QuicksilverOne® Cash Rewards Credit Card vs. Discover it® Secured
|Capital One® QuicksilverOne® Cash Rewards Credit Card||Discover it® Secured|
|Rewards||1.5% cash back on every purchase, every day.||2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.|
|Sign-up bonus||No bonus.||Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.|
|Foreign transaction fee||None||None|
|Regular purchase APR||26.99% (variable)||22.99% variable|
Though the Discover it® Secured requires a security deposit ranging from $200 to $2,500, you can get your deposit refunded if you pay your card off and close the account, or if Discover graduates you to an unsecured card (one that doesn’t require a deposit).
After you’ve used the card for eight months, Discover begins conducting automatic reviews to see if you quality for a deposit refund. This upgrade isn’t guaranteed, and Discover factors in your behavior across all your credit products (not just those issued by Discover). Despite that, automatic monthly reviews is a great feature.
Which card earns the most cash back depends on how frequently you spend on gas station and restaurant purchases. The Capital One® QuicksilverOne® Cash Rewards Credit Card has a higher cashback rate on all other purchases, and doesn’t have a spending limit after which it drops your earnings down to a lower rate. During the first year, though, the Discover it® Secured wins easily due to the cashback match for new cardmembers.
Read our review of the Discover it® Secured.
Is the Capital One® QuicksilverOne® Cash Rewards Credit Card right for you?
The Capital One® QuicksilverOne® Cash Rewards Credit Card is a good credit card for applicants with fair/limited credit who are looking to build up their credit score with responsible usage and don’t want to pay a deposit for a secured card.
If approved, you’ll get a credit limit of at least $300, but after six months the issuer will automatically review your account and payment behavior to see if you qualify for a higher credit limit. And after demonstrating responsible payment history, you may eventually be able to request a product change to the no-annual-fee Capital One® Quicksilver® Cash Rewards Credit Card.