QUICKSILVERONE FROM CAPITAL ONE CREDIT CARD REVIEW [UPDATED 2019]
The ability to earn unlimited cash back and a low annual fee make the QuicksilverOne credit card from Capital One worth adding to your wallet.
- Earn 1.5% cash back on every purchase made with the credit card
- Low annual fee of only $39 a year
- Cash back rewards never expire and can be redeemed for any amount
- There’s a high APR of 26.99% variable
- No signup bonus comes with the card
- There are few additional features beyond the standard fraud protection, car rental insurance, etc.
CASH BACK REWARDS
The main attraction of the QuicksilverOne credit card is that it enables people to earn unlimited 1.5% cash back on every purchase they make, each and every day.
While other cards may offer higher rates of cash back (as high as 6% in some cases) the ability to earn cash back is often restricted to purchases made at certain retailers – grocery stores or gas stations, for example. Outside of those set retailers, most cash back rewards credit cards offer only 1% cash back.
The QuicksilverOne card provides 50% more cash back and there are no restrictions. Cardholders earn 1.5% cash back wherever they use this credit card.
It’s a bit odd, but the QuicksilverOne card does not come with a conventional signup bonus. The closest thing to a bonus this credit card offers is the ability for cardholders to get access to a higher credit line if you make their first five monthly payments on time. That’s it.
There are no bonus cash back rewards like you get with other cash back credit cards. There’s nothing offered that will get you off and running towards collecting unlimited amounts of cash back. While a higher credit limit might be nice, it could end up putting you further into debt in the long run.
ANNUAL AND TRANSACTION FEES
A nice feature of the QuicksilverOne credit card from Capital One is that it has one of the lowest annual fees at just $39 a year. Of course a $0 annual fee would be better. But if you’re going to pay an annual fee, you won’t find one much lower than $39.
Most credit cards issued in the US charge a minimum annual fee of $95, with some cards charging as much as $500 in annual fees. All things considered, $39 is fairly affordable.
Another positive with this credit card is that there’s no balance transfer fee, which means that it will also be affordable for you to transfer balances from other credit cards and loans onto the QuicksilverOne credit card.
There is a fee of either $10 or 3% of the amount of each cash advance you take off this credit card, whichever is greater. And you’ll be charged a penalty fee of $38 for any and all late payments made. These fees are also quite reasonable when compared to other cash back rewards credit cards.
While the fees applied to the QuicksilverOne credit card from Capital One may be reasonable, the annual percentage rate (APR), or interest charged, is not.
The APR with this credit card runs quite high at 26.99% variable – based on your creditworthiness. Considering that the average interest rate charged on US credit cards is 16% and the maximum allowable interest rate is 29.99%, the APR on the QuicksilverOne card is very high.
It’s also variable, which means it could go higher based on changes in the prime interest rate or at the discretion of Capital One. Also, the interest charged on all cash advances is at the rate of 26.99%. You’ll want to keep the APR in mind when comparing the QuicksilverOne credit card against other cash back rewards cards.
There aren’t a lot of extra features with the QuicksilverOne credit card from Capital One. It comes with a few of the standard credit card offerings such as fraud protection, extended warranties on eligible purchases, and insurance coverage for car rentals. But that’s about it.
And all of the additional features are the same as you’ll find on most other credit cards. Capital One does say that the cash back rewards earned with the QuicksilverOne card don’t expire for the life of the account, and you can redeem cash back for any amount. But this too is the case with most cash back rewards credit cards available today.
WHO SHOULD NOT GET THIS CARD
People who don’t like any annual fee, want to pay the lowest interest rate possible and expect a signup bonus with their credit card will not favour the QuicksilverOne card from Capital One.
While the ability to earn 1.5% cash back on all purchases is nice, it may not justify the extremely high interest rate and lack of any rewards bonus with this card.
ALTERNATIVE CARD: BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
A credit card worthy of comparison is the Bank of America Premium Rewards card that gives cardholders an unlimited two points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases. Those points can be used to book travel rewards such as airline flights, car rentals, and hotels around the world.
The Bank of America Premium Rewards card also provides 50,000 bonus points – equal to $500 cash – after you make at least $3,000 in purchases on the credit card in the first 90 days of account opening. There are also no foreign transaction fees charged with the credit card and it has a reasonable APR of 18.24% to 25.24% variable.
The QuicksilverOne credit card from Capital One offers a set cash back rewards rate of 1.5% on every purchase made regardless of the retailer or location. While a nice feature, the benefits of a higher cash back rate are offset by a punitive interest rate of 26.99%.
The fact that this credit card also doesn’t come with a signup bonus and there are few added features makes the QuicksilverOne credit card akin to a one-trick pony. You may want to consider this credit card, but you should shop around and keep your options open. Other cash back cards offer lower interest rates and more rewards than the QuicksilverOne.