Review: Capital One QuicksilverOne Cash Rewards Credit Card

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

Capital One has reworked its old cash-back rewards card for people with less than perfect credit and named it the Capital One QuicksilverOne Cash Rewards Card. This card offers some of the best cash-back rewards out of any card currently available.

Advantages

• Earn cash back on every purchase. Cardholders earn 1.5 percent cash back on all purchases, all the time, with no limit on the amount that can be earned. Capital One used to offer 1 percent cash back with a 50 percent bonus at the end of each year. With the new QuicksilverOne Cash Rewards Card, Capital One is giving cardholders 1.5 percent cash back on every purchase instead of making them wait until the end of the year to realize that extra half of a percent.
• No rotating categories. The cash-back terms are simple: 1.5 percent cash back on every purchase all the time. There is no need to sign up for rotating categories, which you could potentially forget to do.
• Generous introductory APR period on purchases. The card offers a 0 percent APR introductory period on purchases until June 2014.
• No foreign transaction fees. The card does not charge a foreign transaction fee for overseas purchases.

Disadvantages

• No intro period on balance transfers. Although the card offers a nice 0 percent APR introductory period on purchases, it does not offer a 0 percent APR intro period on balance transfers. However, if you were to make a balance transfer, there is no balance transfer fee.
• Annual fee. The card charges an annual fee of $39, which is still pretty low.

Bottom line

Get it if: You have good credit and want to take advantage of one of the best cash-back credit cards on the market.

Forget it if: You have poor credit, want to transfer a balance, or want a card with no annual fee.

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Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.