Credit Cards

What Is The Credit Limit On Capital One Quicksilver Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

In exchange for an annual fee of $39, cardholders of the Capital One QuicksilverOne Cash Rewards Credit Card receive a flat, unrestricted 1.5% cash back rate on all purchases. Payouts for cash-back rewards can be made via a number of different channels.

The Capital One QuicksilverOne is one of the few cash-back credit cards that doesn’t offer an introductory spending incentive. On the other hand, the credit standards for this card are particularly flexible, meaning that even applicants with fair credit can be considered for approval. 

After being approved, your credit limit will increase if you make all of your payments on time and in full for at least six months. Those with good to exceptional credit may be interested in the QuicksilverOne, a credit card that shares many similarities with the Capital One Quicksilver Cash Rewards Credit Card but does not charge an annual fee.

The Citi Double Cash Card and the Chase Freedom Flex Credit Card are two more well-liked choices; however, approval for both cards is contingent on applicants having strong to excellent credit.

Key Characteristics

What you just read about the Capital One QuicksilverOne card’s main benefits.

Getting Rewards and Redeeming Them

Use your Capital One QuicksilverOne credit card for everyday transactions and receive 1.5% cash back on as much as you spend, with no limits. Capital One Travel gives you limitless 5% cash back on eligible hotel and vehicle rental reservations.

You won’t have to worry about spending limits, restricted options, or tiers. All earned awards can be redeemed at any time for a statement credit, gift card, or paper check. You can choose to have your redemptions processed automatically once you reach $25, $50, $100, or $200 in cash back.

Significant Fees

There is a $39 yearly fee for this card. There will be no additional charges when making a foreign exchange.

Credit One Capital Wise

Access to Capital One CreditWise, a suite of credit-building and -education resources, including a free credit score with your monthly statement, is included with this card. In addition, your score is conveniently located in your online account dashboard, so you may view it whenever you choose.

Additional Benefits for Cardholders

The advantages of having a QuicksilverOne card are numerous and varied, and they include:

  • 24/7 roadside assistance
  • 24/7 emergency card replacement for lost cards or compromised accounts
  • Complimentary collision and damage insurance on rental cars reserved with the card.

Credit Required

To qualify for this card, your credit must be at least fair. In some cases, individuals with less-than-perfect credit can still be approved for a loan by Capital One. On-time payments for the first five months increase your chances of getting a greater credit line from Capital One.

Pros

The pros of the QuicksilverOne card are as follows.

  1. Average Credit is Acceptable. QuicksilverOne’s relaxed requirements for new cards with low or no credit make it a great option for anyone who is working to establish or repair their credit. There is still a good probability that your application will be approved despite the fact that your credit history contains some negative entries. Neither the standard Quicksilver card nor similar alternatives like the Citi Double Cash card offer such a perk.
  2. All Rewards Are Unlimited in Value. The amount and frequency with which you can cash in your Capital One rewards are completely up to you. However, there are other credit cards where such is not the case.
  3. There are no balance transfer fees or foreign transaction fees. No additional fees are assessed for making a balance transfer or making an overseas transaction with your QuicksilverOne card. When taken together, these discounts can make QuicksilverOne a more attractive option for frequent foreign travelers and those who need to transfer high-interest balances from other cards.
  4. The interest rate will not increase for any reason. Interest penalties are not applied by QuicksilverOne. This is a significant advantage over the Citi Double Cash, the American Express EveryDay Credit Card, and the American Express Blue Cash Everyday Credit Card for customers who periodically experience payment difficulties.
  5. There are no Manual Activation or Changing Spending Categories. The rebate process on QuicksilverOne couldn’t be easier: All purchases will earn 1.5% cash back, no matter how much you spend. You won’t have to manually activate the system every three months, and there won’t be any need to keep track of spending across tiers or shifting categories. The 5% cash back categories that rotate quarterly with the Chase Freedom Flex card are only available if they are manually activated.

Cons

Here are some reasons why you should probably think carefully before applying for a QuicksilveOne card.

  1. Charges a Maintenance Fee Every Year. When compared to the vast majority of cash-back cards that do not charge annual fees, QuicksilverOne’s $39 cost stands out as a significant drawback. Among them are the Chase Freedom Flex, the Citi Double Cash, and many others.
  2. There is no early spending bonus. The QuicksilverOne Card is not like other cash-back cards in that it does not have an introductory spending bonus. For new cardholders looking for a quick cash infusion, that’s a major drawback. With Chase Freedom, you can get a $150 incentive after making a $500 purchase within the first three months of creating your account.
  3. There is no introductory annual percentage rate discount. Neither new purchases nor balance transfers are eligible for the promotional 0% APR period on Capital One’s QuicksilverOne Card, in contrast to the standard Quicksilver Card. Compared to cards like the Citi Double Cash or the Chase Freedom Flex, that’s a negative. Both offer introductory 0% APR for 15 months on both purchases and balance transfers.

Bottom Line

There aren’t many cash-back credit cards that openly target applicants with fair-to-poor credit, but Capital One’s QuicksilverOne Cash Rewards Credit Card is one of them. When compared to its stablemate Quicksilver, this is a significant improvement. The credit limit associated with your QuicksilverOne account will also not be extremely high. 

If your credit isn’t perfect, you may get approved for a low limit at first. This is to give you a chance to show that you can handle credit responsibly. Successful cardholders can expect to get their credit limits increased after a certain number of billing cycles, and may even be extended an invitation to apply for the Quicksilver Card, which offers a lower regular APR and no annual fee.

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