Capital One QuicksilverOne Review: Build Credit While Earning Cash Back

Capital One QuicksilverOne review

In the world of credit cards, it can seem like you need perfect credit to earn any kind of credit card rewards.

But with Capital One QuicksilverOne, you don’t have to wait until you have a flawless credit to start seeing savings. What’s more, if you have average credit, the QuicksilverOne can be a great card for you to earn rewards as you build credit.

Take a look at this Capital One QuicksilverOne review to help you weigh the benefits and costs of this card before deciding if it’s the right fit for you.

Capital One QuicksilverOne Review

Here’s a Capital One QuicksilverOne review snapshot of key features. Ideally, this card is for consumers who want to:

  • Earn rewards, with the opportunity to get 1.5 percent cash back on all purchases.
  • Redeem rewards and get cash back with a simple, straightforward, and flexible rewards program.
  • Qualify for a credit card, since the Capital One QuicksilverOne card requires only average credit for approval.
  • Build credit with access to tools and tips that encourage spending behavior that improves credit.
  • Skip cash advance and foreign transaction fees.
Check Out Capital One QuicksilverOne Today

The Capital One QuicksilverOne is a credit card for cardholders with average credit and can be a helpful tool for building credit. It has a straightforward rewards system that makes it a no-brainer to earn and redeem rewards. Plus, the QuicksilverOne has lower fees to help keep costs low.

But the Capital One QuicksilverOne Rewards card is not the cheapest card out there. It has an annual fee and an APR on the higher end. And if rewards or bonuses are the main draw, other cards offer more lucrative cash back rewards.

However, if you’re looking for an accessible credit card, the Capital One QuicksilverOne card delivers. It has a good balance of features that can benefit you as you build credit.

Average credit? You can qualify for the Capital One QuicksilverOne card

You don’t need a perfect or even good credit score to qualify for the Capital One QuicksilverOne cash rewards card.

That’s because this card credit score requirements are more flexible and accepting of average credit scores, according to advertisements. Under the FICO model, this includes credit scores as low as 580 up to the lower 700s.

Essentially, credit scores in this range will meet the requirements for a Capital One QuicksilverOne card. So if your score is right and you’re otherwise well-qualified, you have a good chance of getting this card.

In fact, this benefit is the main reason we named the QuicksilverOne card one of the best starter credit cards available today.

However, approval isn’t guaranteed. At the end of the day, the higher your credit score, the better your chances of qualifying for this card. A higher credit score will also help you get approved for a higher credit limit.

How to apply for the Capital One QuicksilverOne card

The only way to know for sure if you qualify for a Capital One QuicksilverOne card is to apply or pre-qualify.

If you’re not sure which Capital One card is right for you, you can also apply to pre-qualify for their various card offers. You’ll start by submitting some personal information, including the cards you’re interested in. Then Capital One uses this to generate card offers for which you’re qualified.

Capital One QuicksilverOne

Keep in mind that this is not a credit card application. When you’ve picked your card and are ready to apply, find the page for the QuicksilverOne card and hit “Apply Now.” This will take you to a secure online application form.

The good news is Capital One site visitors can apply for the QuicksilverOne card online and get a decision back in under a minute.

capital one quicksilverone cash rewards credit card

The form will ask you for some key identifying and financial information such as:

  • Name, date of birth, and Social Security number.
  • Contact info including residential address, email address, and phone number.
  • Employment information, including employer name and annual income.
  • Whether you have bank accounts.
  • Monthly rent or mortgage costs.

The application page also includes a disclosure for the Capital One QuicksilverOne card. Review it carefully to ensure you understand and agree to all the terms, conditions, and fees for the card.

When you’re done, hit “Continue” to submit the application. You’ll get a decision for approval or rejection within 60 seconds.

If you prefer, you can also apply for the QuicksilverOne by phone at 1-800-695-5500.

Once you’re a cardholder, you can log in at CapitalOne.com or through the Capital One mobile app (for iOS and Android). On both, you can view and manage your credit card account.

Apply for Capital One QuicksilverOne Here

How the Capital One QuicksilverOne card helps build credit

The Capital One QuicksilverOne cash rewards credit card is accessible to consumers with less-than-perfect credit. Since it’s easy to qualify for, the QuicksilverOne can be a great tool for building credit and pushing your score up.

For instance, to improve credit, you should only use no more than 20 percent of your credit limit. But the Capital One QuicksilverOne has a fairly low $300 credit limit minimum, of which 20 percent would be just $60.

Yet, QuicksilverOne cardholders can get a credit line increase after they make their first five payments on time. A credit limit increase will raise your limit and allow you to spend more while building credit.

QuicksilverOne cardholders also get access to Capital One’s CreditWise app, a free credit tracking tool. CreditWise gives a user access to his credit score, along with explanations of how it is calculated.

It will also tell you which factors are helping or hurting your credit most and suggest actions you can take to improve it. You can even use a credit simulator that will estimate how much different actions will raise or lower your credit score. Here’s a video tour of how cardholders can use it effectively.

Easily earn cash rewards with the Capital One QuicksilverOne card

The Capital One QuicksilverOne rewards program is straightforward, making it simple to earn and understand rewards. Cardholders earn 1.5 percent cash back on all purchases made with the card.

Capital One also gives cardholders the freedom to earn and redeem their QuicksilverOne rewards however they want thanks to:

  • No spending categories to earn rewards.
  • No cap to the rewards you can earn.
  • Rewards that can be redeemed at any time, with no minimums.
  • Rewards that never expire.

Account holders can also set their rewards to redeem automatically when they reach a specified dollar amount (such as every time $25 in rewards is accrued) or at preset times (like once a month).

The 1.5 cash back is only valid for new purchases. Rewards won’t be earned on non-purchase transactions such as balance transfers or cash advances.

Capital One QuicksilverOne fees and interest rates

The QuicksilverOne card is a middle-of-the-road card when it comes to cost. While it does have an annual fee and sets interest at a higher APR, it skips some common credit card transaction fees.

Here are the QuicksilverOne fees and costs you might pay, as a cardholder:

  • Annual fee at $39.
  • Variable APR of 24.99%
  • Cash advance fee of $10 or three percent the amount of the cash advance, whichever is greater.
  • Late payment fee up to $35.

These are the only Capital One QuicksilverOne fees listed in the credit card disclosure. With responsible credit card use, you can skip most of these costs. Notice that this card carries no balance transfer fee and no foreign transaction fees.

The QuicksilverOne annual fee is the only credit card cost that can’t be avoided. But the rewards that cardholders earn can help offset this cost. If you spend $2,600 or more in a year on this card – about $217 a month – you’ll earn enough cash rewards to offset the annual fee.

To maximize their QuicksilverOne card benefits, account holders should also pay off their balance in full each month. This will help them avoid interest charges, which will be hefty since this card’s APR is among the highest in the industry.

See If Capital One QuicksilverOne Is Right For You

Customer service and experience with Capital One QuicksilverOne card

Overall, most cardholders have a good experience with this credit card. Many Capital One QuicksilverOne reviews also note that the card is a great way to build credit.

On Credit Karma, users note that their QuicksilverOne credit limits were quickly raised and that they saw big gains in their credit scores.

Some reviewers note that although the annual fee and higher APR on this card can add up, they appreciate the transparent rewards structure. Generally, cardholders feel these costs are offset by the rewards, or easy to avoid with responsible balance management.

Contact Capital One

The Capital One contact page primarily lists phone numbers and mailing addresses.

New customers can call 1-800-695-5500 to inquire about or apply for a new credit card. Cardholders with existing Capital One accounts can call 1-800-CAPITAL (1-800-227-4825) for assistance.

If you’d like to reach out to Capital One online, you can also try their customer support Twitter account (@AskCapitalOne) or Facebook page.

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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.