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.
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.
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.
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.
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.
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.
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2 Includes AutoPay discount. Important Disclosures for Payoff.
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4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
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8 Important Disclosures for Avant.
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Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
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