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Updated on Tuesday, August 8, 2017
For people with “Fair/Limited” credit, Capital One offers the Capital One® QuicksilverOne® Cash Rewards Credit Card. Every credit card issuer has a different definition of what “Fair/Limited” credit means. Generally speaking, it means a FICO score between 580 and 669.
The Capital One® QuicksilverOne® Cash Rewards Credit Card gives you an unlimited 1.5% Cash Back on every purchase, every day, which is a pretty sweet opportunity for consumers with less-than-perfect credit.
Just beware of the two catches: There’s a $39 annual fee and a high purchase APR – 26.99% (Variable).
The Capital One® QuicksilverOne® Cash Rewards Credit Card program is low maintenance.
Unlike other programs with revolving categories and spending caps, this card doesn’t hold you to either. You will earn 1.5% Cash Back on every purchase, every day.
You can redeem cash back at any time for a check, account credit, or gift card. Cash back you earn never expires for the life of the account.
We like that the cash back program terms are uncomplicated. There are no preset bonus categories that you have to adapt your spending to each month. You can also redeem cash back at any time without having to wait for the balance to reach a certain threshold.
Low credit score requirement.
The Capital One® QuicksilverOne® Cash Rewards Credit Card is one of the only cash back rewards cards around town for average credit. If you’re having trouble getting approved elsewhere, this is a card you need to seriously consider.
The annual fee.
Since this card costs $39 per year, you need to spend at least $2,600 per year (or $217 per month) for the cash back to break even with the fee. Ideally, you’ll want to spend more than just the bare minimum for the rewards card to be worthwhile.
This is a high APR – 26.99% (Variable). Avoid carrying a balance at all costs if you choose this card.
Again, the Capital One® QuicksilverOne® Cash Rewards Credit Card is our top unlimited cash back pick for consumers who have trouble getting approved for other cash back cards.
According to Capital One, you may qualify for this card if:
- You have defaulted on a loan in the past five years
- You have limited credit history
- You have had your own credit card or other credit for less than three years (this may include students, people new to the U.S., or authorized users on someone else’s credit card)
Keep in mind, these are just guidelines to give you a general sense of whether you’ll qualify. Your income, debt, and other credit limits are also factors used to make a decision.
Capital One has a nice feature where you can get preapproved online for offers without a hard credit inquiry.
Keep an eye out for the Capital One® Quicksilver® Cash Rewards Credit Card alternative while checking offers as well.
The Capital One® Quicksilver® Cash Rewards Credit Card is the “big brother” of the Capital One® QuicksilverOne® Cash Rewards Credit Card. It has a $0 annual fee, and it’s for people with Excellent/Good credit. Once the intro period ends, the APR goes to 15.49% - 25.49% (Variable). There’s no harm in checking to see if you prequalify for the Capital One® Quicksilver® Cash Rewards Credit Card.
Is the Capital One® QuicksilverOne® Cash Rewards Credit Card good for rebuilding credit?
Despite the lenient qualifying criteria, the Capital One® QuicksilverOne® Cash Rewards Credit Card is not our top recommendation if you’re rebuilding credit, because of the annual fee – $39.
Your focus should be keeping your credit utilization very low when rebuilding credit. You shouldn’t worry about having to earn enough cash back each month to cover a card’s annual fee.
The Capital One® QuicksilverOne® Cash Rewards Credit Card offers:
- Travel accident insurance and 24/7 roadside assistance. Travel insurance for death or loss of limbs. You can call in for help if your car breaks down.
- Auto rental insurance. Insurance covers rental damage from collision or theft.
- Extended warranty. Purchases made on your card will get an extended warranty.
- Price protection. You can get reimbursed the difference if you find items you purchased on sale within 60 days.
- Fraud coverage. Covered by $0 fraud liability if your card is lost or stolen.
The Capital One® QuicksilverOne® Cash Rewards Credit Card doesn’t have much competition since it’s the best card for consumers with Fair/Limited credit. The following no-fee cash back cards officially require good to excellent credit but allow you to prequalify without a hard inquiry.
No annual fee
The information related to Chase Freedom Unlimited® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
The Chase Freedom Unlimited® card allows you to earn 5% cash back on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases. What’s great about Chase is it’s another credit card issuer that lets you prequalify for offers without a hard pull. Check out offers you may prequalify for here. You can redeem cash back from your Chase Freedom Unlimited® card at any time, and cash back never expires as long as you keep your account open. At times there is an intro APR deal or cash back bonus offer that add benefits to this card, and ongoing rates are sometimes lower than what you’d see on the Capital One® QuicksilverOne® Cash Rewards Credit Card.
Double cash back, no fee
The information related to Citi® Double Cash Card – 18 month BT offer has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
The Citi® Double Cash Card – 18 month BT offer is another good choice for low-maintenance cash back rewards. It gives double cash back on all purchases. You Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases..
This is a card that members report qualifying for with a credit score in the high 600s. Citi lets you shop for prequalified offers on the website as well. If you’re interested in this card, see if you can get prequalified here. In addition, there are changing intro APR deals for this card that allow you to save interest early on, and ongoing interest rates are sometimes lower than with the Capital One® QuicksilverOne® Cash Rewards Credit Card.
The Capital One® QuicksilverOne® Cash Rewards Credit Card is a good rewards card for those with Fair/Limited credit. If you have had difficulty being approved for other higher cash back rewards cards, you may be approved for the Capital One® QuicksilverOne® Cash Rewards Credit Card, which offers unlimited 1.5% Cash Back on every purchase, every day. Be aware that this card comes with an annual fee of $39 and high APR of 26.99% (Variable), so make sure to do your research and see if this card is right for you.
You should not keep a balance on this credit card to benefit from the cash back. The high APR is a large amount of interest to be paying on purchases. If the interest charges you experience on this card coupled with the annual fee surpass the cash back you earn, this card is pointless.
No. You’re free and clear to spend money on anything, and it’ll earn 1.5% Cash Back on every purchase, every day. This is the beauty of an unlimited cash back card. However, cash advances and balance transfers will not qualify for cash back.
No, cash back does not expire as long as your account remains open.
You can, but not with Fair/Limited credit. The Capital One® QuicksilverOne® Cash Rewards Credit Card is the best unlimited cash back card there is specifically targeting people with fair credit. Another option you have is working to improve your credit first before applying for a credit card to qualify for a card that gives you more cash back.