Here's the best cash-back card for people with average credit

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Having a good or excellent credit score (670 and above) can put you at a big advantage when it comes to qualifying for the best rewards credit cards, but there are some that you may be able to get approved for with average credit.

There are two scenarios that could lead you to having average credit: 1) You are completely new to credit and looking to get your first card in order to start building a credit history; or 2) Something has happened over the years that has caused your credit score to take a hit and you are looking to repair it.

Whether you are just starting your credit journey or you are fixing damaged credit, CNBC Select has ranked the best credit cards for fair and average credit, and there's one that can help you do both — while also letting you earn cash back every time you use it.

Below, we take a look at the Capital One QuicksilverOne Cash Rewards Credit Card and explain why it is the best choice for people with average credit who also want to earn cash back. But first, we look at how to best manage your cash-back card so you can later qualify for more rewards.

Credit cards that reward you with cash back when you spend can be a great tool for your wallet and your overall financial health. It's basically like getting money back when you shop for the things you need.

Some of the best cash-back credit cards include the Citi Double Cash® Card (see rates and fees), which comes with no annual fee and earns 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.

There are even some cash-back cards catered to foodies, such as the Capital One Savor Cash Rewards Credit Card, and others that are great for grocery shopping, like the Blue Cash Everyday® Card from American Express. 

But most, if not all, of these require having good or excellent credit to qualify. If you aren't there yet, here are some steps to take with the Capital One QuicksilverOne Cash Rewards Credit Card that teach you how to manage credit wisely and can lead you on the way to qualifying for these other cards. 

• Pay your bills on time. On-time payments make up 35% of your FICO score calculation.
• Make your payments in full. If you don't think you can pay the full amount, at the very least pay the minimum so your account stays in good standing.
• Only charge what you know you can pay off. Carrying a balance month to month can become costly once the interest starts accruing.
• Use 30% or less of your credit limit. Using up all of your available credit shows that you may be a financial risk to lenders and it also increases your credit utilization rate, or your debt-to-credit ratio (which lowers your credit score).
• Before you apply, know the terms to redeem your cash back. For example, with the Capital One QuicksilverOne, you earn your cash automatically, but other cards may require you to pay your balance off first (which is the case in the Citi Double Cash® Card mentioned above).

The Capital One QuicksilverOne Cash Rewards Credit Card stands out because of its generous and unlimited 1.5% cash back on all purchases that is available to those with average credit. Usually the best cash-back rates are given to good or excellent credit cardholders, but this card opens up doors for others to qualify.

With the Capital One QuicksilverOne, you can keep track of your credit score and future purchases by using Capital One's free credit monitoring service, CreditWise® from Capital One®. The card also encourages good credit habits: once you make your first five monthly payments on time, you may qualify for a higher credit limit.

And if you hold onto the card for a while, you can see the benefit of all the cash back you earned over time. CNBC Select calculated that the average American could earn an estimated $293 in the first year of card membership (including the $39 annual fee), and a total of $1,464 after five years. 

As for cash back, you can redeem it at any time and for any amount. You may want to redeem your cash back as a statement credit (which is essentially a credit back onto your account), as a gift card to a store or for purchases on Amazon.com.

For frequent travelers outside the U.S., there are no foreign transaction fees on the Capital One QuicksilverOne Cash Rewards Credit Card. There is a $39 annual fee, however, and the variable APR is relatively high at 28.99%. If you don't carry a balance month to month, though, you won't ever pay interest.

New cardholders don't receive any sort of welcome bonus once approved, but they will get extended warranty protection for eligible purchases and an array of travel benefits, including 24-hour trip assistance.

As you work your way toward better credit, whether it's building it from the bottom-up or repairing it, know that the Capital One QuicksilverOne Cash Rewards Credit Card can help get you there — while earning you money along the way. And once your score gets in a higher range, you can look forward to qualifying for more robust rewards cards.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards for travel protection.

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