When you have fair or average credit, you generally shouldn’t expect to qualify for a rewards credit card. Typically, you’ll only be approved for no-fee cards that offer a means to rebuild your credit, and not much more.
The QuicksilverOne card from Capital One represents one exception to this rule. It’s a credit card that offers competitive cash back rewards — and people often qualify even if they have credit that’s fair or better.
Quicksilver One from Capital One: Key Terms
- Rewards: Unlimited 1.5% cash back on all purchases.
- Annual Fee: $39
- APR: 26.99%
How the Quicksilver One Card Works
You don’t have to have excellent or even good credit to be approved for this card. All you need is to have “fair” credit. Fair credit is often defined as having a credit score of 580 or above. Once approved, you’ll earn 1.5% cash back on all purchases, with no limits and no special rotating list of purchase categories to worry about.
Benefits include extended warranty coverage, rental car insurance and roadside assistance services. This card also integrates into Capital One’s CreditWise® program, which helps you to monitor and improve your credit score.
Although you may not receive a large line of credit at first, Capital One will automatically review your account and consider it for a higher credit limit within six months. There’s a $39 annual fee for this card.
Quicksilver One Card Review: Advantages
This card offers the rare opportunity for people with credit problems to rebuild their credit and earn competitive cash back rewards at the same time. For many people, earning rewards will be worth paying the $39 annual fee. This card is also issued by a major card issuer and comes with a strong list of cardholder benefits.
Quicksilver One Card Review: Disadvantages
The $39 annual fee stands in contrast to nearly all other credit cards designed for those with fair credit. So while you could get a no-annual fee card instead, it will likely offer few if any rewards. Also, this card has a standard APR of 26.99%, which is much higher than average. However, this is competitive for a card designed for people with credit problems.
Alternatives: Other Credit Cards for Fair or Average Credit
Capital One Platinum. This is a similar card that offers no rewards and has no annual fee. Otherwise, most of the features and benefits for the Capital One Platinum are identical to the QuicksilverOne.
Petal Card. This innovative card offers you 1% cash back, and increases that to 1.5% after you make 12 on-time payments in a row. The standard interest rate is 12.99% to 29.49% when you open your account, based on your creditworthiness. There are no annual fees or late fees with this card.
There are not many cards for people with fair credit that let you earn cash back, so the Quicksilver One certainly stands out. If you’re willing to pay the $39 annual fee, you can have the best of both worlds.