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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 Credit Card, 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 Credit Card
- 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 Credit Card
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.
- Using your secured credit card will build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
- 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.
- Discover is accepted nationwide by 99% of the places that take credit cards.
- 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 Credit Card
Another credit card that’s a great choice for building up your credit score is the Discover it® Secured Credit Card. 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 Credit Card
|Capital One QuicksilverOne Cash Rewards Credit Card||Discover it® Secured Credit Card|
|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 apr|
Though the Discover it® Secured Credit Card 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 Credit Card wins easily due to the cashback match for new cardmembers.
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.