If you like to travel internationally, but don't have a high credit score, you might be frustrated looking for a credit card that doesn't tack on foreign transaction fees. Enter: Capital One.
One of the best features of Capital One credit cards is that they guarantee no foreign transaction fees, no matter where your credit score ranks on the scale of 300 to 850. While a higher credit score may help you qualify for a lower APR or a card with a better rewards program, consumers with average credit can still benefit from having a credit card with added perks.
Among them is the Capital One QuicksilverOne Cash Rewards Credit Card, with an annual fee of $39 and variable APR of 28.99%. If your credit score is between 580 and 669 and you've been looking for a card with no foreign transaction fee and unlimited cash back, the Capital One QuicksilverOne may be an accessible option.
Below, CNBC Select breaks down the rewards, benefits and fees associated with the Capital One QuicksilverOne Cash Rewards Credit Card to help you decide if it's right for you.
Capital One QuicksilverOne Cash Rewards Credit Card review
- Rewards
- Additional benefits
- Fees
- Bottom line
The Capital One QuicksilverOne Cash Rewards Credit Card available to those with limited/fair credit, which makes it surprising that it features an elevated 1.5% cash back on all purchases.
- Simple rewards structure with no caps or categories to track
- Available if you have fair credit
- High APR
- Has an annual fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or limits to how much you can earn, and cash back doesn't expire for the life of the account. It's that simple
- Be automatically considered for a higher credit line in as little as 6 months
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Help strengthen your credit for the future with responsible card use
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
- Top rated mobile app
Balance transfer fee
- $0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Capital One QuicksilverOne Cash Rewards Credit Card rewards
Just like the Capital One Quicksilver Cash Rewards Credit Card, the QuicksilverOne delivers a competitive 1.5% cash back on every purchase, with no limits to how much you can earn.
If you elect to deposit your cash back rewards directly into your bank account, you can set up automatic disbursements as frequently as you like. According to Capital One's terms, you have the option of disbursing your points at a set time each calendar year, or when you reach a specific threshold that you determine.
Your cash-back rewards are also redeemable as credit statements that wipe out a portion of your credit card balance. Alternatively, you can apply your cash-back balance to gift cards for retailers like Walmart and Lowe's, or for restaurants like Subway and Starbucks, among others. Capital One cash rewards are also now redeemable on Amazon.com.
Unlike the Quicksilver, the QuicksilverOne does not offer a welcome bonus.
CNBC Select calculated how many rewards the average American can earn if they optimize the way they use their Capital One QuicksilverOne Cash Rewards Credit Card. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.
The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953).
Here's a breakdown of how much cash back you can earn in each category, annually:
- Groceries: $78
- Gas: $33
- Dining out: $55
- Travel: $34
- Utilities: $73
- General purchases: $59
- Total: $332
Based on the annual spending budget from Esri, the average American can earn an estimated $293 in the first year of card membership, after accounting for the $39 annual fee, and $1,464 over five years. This assumes that cardholders are redeeming cash back for a typical value of 1 cent each. Extreme optimizers might be able to achieve more value, and you may earn a higher or lower return depending on your spending habits.
Additional benefits
The Capital One QuicksilverOne Cash Rewards Credit Card is one of the best cards for fair and average credit because it helps consumers raise their credit limit with on-time payments as customers are automatically considered for a higher credit line in as little as six months.
All Capital One cardholders can utilize CreditWise from Capital One to track their credit score and simulate hypothetical purchases to see how every choice would affect their credit.
Beyond credit building, the QuicksilverOne card offers limited retail benefits, like extended warranty protection for eligible purchases.
Fees
The Capital One QuicksilverOne Cash Rewards Credit Card has a slightly higher variable APR at 28.99%, meaning you need to be even more careful about paying your card in full every month. There is no balance transfer fee, but there is also no introductory 0% APR period. If you want to use your credit card to pay off debt or another large purchase, there are better cards that offer a 0% APR period for special financing.
Like all Capital One credit cards, the QuicksilverOne lets international travelers spend freely with no foreign transaction fees.
The annual fee for the Capital One QuicksilverOne card is $39.
Bottom line
When used responsibly, the Capital One QuicksilverOne Cash Rewards Credit Card bestows cardholders with the ability to travel internationally without any foreign transaction fees and the opportunity to improve their credit score as long as they practice good financial habits, paying their balance on time and in full each month. Establishing good habits with the QuicksilverOne card will help consumers become eligible for cards with lower APRs and additional benefits, like the Capital One VentureOne Rewards Credit Card.
Our methodology
To determine which credit cards offer the best value, CNBC Select analyzed 234 of the most popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.
CNBC Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.
Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.
While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.
The credit ranges stated are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
