Credit One Cash Back Rewards vs. Capital One QuicksilverOne
Learn all about the Capital One QuicksilverOne Cash Rewards credit card and the Credit One Cash Rewards Visa card. Compare the good and bad features of these two cash-back credit cards for people with “poor" to “fair" credit scores.
The QuicksilverOne card is a solid cash-back rewards card that beats out the Credit One competition
Let's make this easy.
The QuicksilverOne card is a solid choice for anyone with low to fair credit looking for a cash-back rewards card.
Not only does it beat the Credit One Cash Back Rewards Visa, this card can stand tall among many cash-back cards.
You earn 1.5% cash-back on everything with no limits. With the QuicksilverOne card, there are no rotating bonus categories like many other cash-back cards.
So there are no limitations on the purchases you can earn cash-back on.
And the amount of spending you can earn cash-back on is unlimited too.
Plus, the cash-back rate for the Credit One Cash Rewards Visa is only 1%.
Why QuicksilverOne is Better
The QuicksilverOne card is stronger than Credit One card because of its simplicity
Unlike the Credit One, the QuicksilverOne card is easy to use. You don't need to read the fine print to understand how the Capital One QuicksilverOne cash-back rewards program works.
You earn 1.5% cash-back on all purchases.
The annual fee is $39. The variable APR is 19.99-26.99%.
You can qualify if you have an average credit score. That's pretty much it.
The Credit One card is a very confusing credit card. In complete contrast, it's very difficult to understand and use the Credit One card.
There are actually 26 versions of the credit card agreement.
All of them have different monthly fees.
Each one has different APRs.
It all depends on what card you are offered.
People love the QuicksilverOne card because you can earn pretty good cash-back on everything with no limits
It's not complicated. You use the card and you get 1.5% back on what you spent.
You can choose to receive the cash-back as a credit on your statement, as a gift card, or as a check.
The biggest customer complaint about the QuicksilverOne card is the annual fee
Having average credit comes at a cost. The QuicksilverOne card is for people with average credit (for example, folks with "fair" FICO credit scores between 580 and 669).
Since there aren't a lot of options for people who don't have strong credit, they pay a $39 annual fee for the privilege of getting approved for this card.
The Quicksilver (no "One") card has a zero annual fee. You still earn 1.5% on everything.
But you won't get approved if you have a credit score that isn't "good" or better.
If you don't have good enough credit you'll get denied for the Capital One Quicksilver Cash Rewards card.
But then you'll realize you can still get pretty much the same card with the QuicksilverOne card.
You just have to pay a $39 annual fee.
If you have average credit and are willing to pay an annual fee for the chance to earn 1.5% cash-back, go for the QuicksilverOne card.
But if you can qualify for the Quicksilver card, you can avoid the annual feel.
Then again, the Credit One card offers credit to people whose credit scores need some work
Cash rewards for people with bad credit. People with bad credit usually aren't given the chance to earn rewards for borrowing.
In fact, more often they aren't given the chance to borrow at all.
But even people with a "very poor" credit score (between 300-549) can be approved for the Credit One card.
People love the Credit One card because they can get a cash rewards card even with terrible credit
Some credit is better than no credit at all. People are willing to sign up for the Credit
One card because even with bad credit they can get approved and earn 1% cash-back.
Hopefully, they are aware that there are going to be annual fees (up to $99 a year).
And hopefully, they are aware that the APR they are going to get charged is pretty high (up to 24.65% purchase APR).
The biggest customer complaint about the Credit One card is that it's incredibly complicated to simply pay your bill
There are thousands of complaints posted about the Credit One card. Many of them talk about confusing terms and extra fees for paying off their credit card balance.
The rules for the card state that you have to give yourself 5 business days before a payment can get processed.
So if you don't pay five business days in advance, you'll be submitting a late payment and you'll get charged a fee.
If you want to pay quicker you have to pay more. There is an option to choose Express Payment if you're unable to pay five days in advance.
But it costs you: there's a $9.95 fee for this option.
Billing and collection issues are the #1 customer complaint. Needless to say, people aren't happy with the terms they signed up for.
But worse, there are lots of complaints about payments getting screwed up by Credit One even when they followed the rules.
The Credit One Cash Rewards Visa is probably one of the only cards out there that will let someone with bad credit earn cash rewards. But is it worth it? With the high annual fees, the high APR, and confusing payment options with extra fees, we think the 1% you'll earn won't be worthwhile.
About the Companies
Both Capital One and Credit One have strangely similar names and logos
Is Credit One just a knockoff of Capital One? Capital One pays a lot of money to get its brand out there, especially through celebrity advertisements.
Credit One is not very well known at all. But for some reason, its logo still looks very familiar…
It's because Credit One's logo is practically identical to Capital One's logo! It's pretty obvious from the similar names and the similar logos that Credit One is trying to ride on Capital One's brand coattails.
In fact, lots of people complain online that they only got a Credit One credit card because they thought they were applying for a Capital One card!
About Capital One QuicksilverOne Cash Rewards
Capital One gets SNL comedians to do the pitching.
The celebs on its ads include Alec Baldwin, Tina Fey, and Jimmy Fallon – all Saturday Night Live vets.
You're the perfect customer for QuicksilverOne card if you have an average credit score and can keep your balance paid off
But what you pay in interest and fees could cost more than the cash-back. If you are going to carry a balance, it will make it very difficult to make the most of the 1% cash-back.
With 19.99-26.99% variable APR on purchases and $39 a year in fees, you'll have to spend a whole lot to make it worthwhile at 1.5% cash-back.
But if you can keep your balance paid off every month, you'll cover the annual fee by spending an average of $217 a month.
Everything after that earns you 1.5% cash-back.
About the Credit One card
Credit One claims to be the "fastest-growing credit card issuer in the U.S." That might be because people are mistaking it for Capital One.
You're the perfect customer for Credit One card if you have a poor credit rating and are willing to pay fees to use a cash-back card
But please do the math before you sign up for this card. If you have terrible credit and still wish you had the chance to earn 1% on purchases, you could opt for the Credit One card.
But with an annual fee that could be anywhere from $75-$99 you're going to have to spend a lot to make it worth it.
And the more you spend the harder it's going to be to keep your balance paid and avoid the APR.
How the Services Compare
Both cards are meant to give cash-back rewards to people with not-so-hot credit scores
Both of these cards have similar services. Each one is designed for people who don't have ideal credit but who would like to earn cash-back on their purchases.
The good and the bad about QuicksilverOne's services
The cash-back rewards are straightforward and simple. You earn 1.5% on everything with no limits on how much you spend.
Capital One will charge you a $39 fee every year. The variable APR will be 19.99-26.99%.
That's it – the core services and terms are very straightforward and easy to understand.
It's good for rebuilding credit. When you sign-up for the QuicksilverOne credit card you will start off with a low balance (probably well under $1,000).
But if you make your payments on time for the first five months you will be considered for a credit limit increase.
That's great news for people with "fair" credit who want to increase the credit they have available or boost their score.
The good and the bad about the Credit One card's core services
The core service of the Credit One card is to offer 1% cash-back on all purchases.
The credit limits are low, often between $300-$500.
You get your cash-back in the form of a statement credit.
After that, it gets incredibly complicated and confusing. There is no way to know whether you'll be offered a $99 annual fee or a $0 annual fee until you get your card agreement.
The same goes for the APR – you don't know what you're going to get offered.
The core services provided by the QuicksilverOne card are straight up. You know what the annual fee is, you know what the interest rate is, and you know you'll be able to earn 1.5% cash-back on everything.
If you have average credit you could use these services to get the credit you need and even increase your credit score.
You don't know what you're going to get with the Credit One Cash Rewards Visa. Once you get your card agreement you'll learn the terms and there's a good chance you won't like them.
Rewards and Bonuses
You get more cash-back with the QuicksilverOne card
A lot of cash-back cards have different rates for different kinds of expenses. Some make you register for different bonus categories each quarter.
Then there's a cap on what you can earn.
But both of these cards have a single rate for earning cash-back on everything.
And there are no limits.
The good and the bad about the rewards and bonuses with the QuicksilverOne card
1.5% cash-back on absolutely everything. That's a pretty good cash-back rate. And you can spend as much as you want and you'll still earn it.
No chance for bonuses. The only problem with the 1.5% cash-back rate across the board is you can't get the kinds of bonus rates other cards provide.
Some cards let you earn 5% when you shop in certain categories. Not this card.
The good and the bad about Credit One card rewards and bonuses
Get $1 back for every $100 you spend. There are no limits and no categories. You just earn 1% on everything you buy.
No bonuses. There are also no opportunities to earn more cash-back for shopping in specific categories.
So if you want to get rewarded more because you drive a lot or shop at grocery stores a lot you're out of luck.
1.5% is more than 1%. Since both of these cards have standard cash-back rates across all purchases, the decision is simple.
The QuicksilverOne card gives you 50% more cash-back than the Credit One Cash Rewards Visa. If you have a choice it is obvious.
There are more perks for Capital One QuicksilverOne cardholders
Each of these cards has extra benefits that add value. In addition to earning cash-back, there are other features that can come in handy if you choose to use them.
The good and the bad about the QuicksilverOne card benefits
Solid benefits and half-price on Spotify! The permanent benefits provided by the QuicksilverOne card include accident insurance when you're traveling and roadside assistance if your car breaks down.
You also get an Extended Warranty for the items you purchase on the card.
If you find a better price for something you bought on the card within 60 days you can get reimbursed the difference with the Price Protection benefit.
If your card is lost or stolen there is $0 liability with the card's Fraud Coverage.
Up until April 2018, if you use your QuicksilverOne card to sign up for a Spotify Premium streaming music account you get reimbursed 50%.
The good and the bad about the Credit One card benefits
It's a Visa, so there are good benefits. You get zero liability Fraud Protection.
Travel Accident Insurance is included as well as insurance for rental cars.
The credit tracking benefit helps you keep tabs on your credit score.
Auto Account Alerts give you notifications through text or email about your account activity.
The Capital One QuicksilverOne card takes the win when it comes to benefits. With its extended warranty, price guarantee, roadside assistance, and half-price Spotify these benefits are valuable if you use them.
Costs and Fees
It's worth it to pay the annual fee for the QuicksilverOne card
The costs and fees for the QuicksilverOne card are easier to identify than the Credit One card.
They're also much more reasonable when you compare what each card charges.
The good and the bad about QuicksilverOne card costs and fees
There is a $39 annual fee. You're going to pay that every year. It might not seem as expensive if you think of it as $3.25 a month.
No balance transfer fee. There is never a fee to transfer a balance to the QuicksilverOne card.
That's pretty rare.
But we don't recommend you use it as a balance transfer credit card because of the high APR.
Other fees include $10 or 3% (whichever is greater) for a cash advance and $35 for late payments.
There are no foreign transaction fees charged for Capital One credit cards.
The good and the bad about Credit One card costs and fees
It's hard to say. According to the 26 possible cardholder agreements for the Credit One Cash Back Rewards card, the annual fee could be $0.
Or it could be $75. Or it could be $99.
You could get a discounted fee for the first year.
Or maybe not.
You'll have to apply and see what you get offered.
You'll pay for your poor credit. Probably because the people who apply are so desperate to get credit, Credit One charges all sorts of other fees for using this card.
If you want to add another authorized user, it's $19 extra per year.
Foreign transaction fees are 3%. Cash advances are either the greater of $5 or 8%, or of $10 and 3%.
Late payment fees are up to $37. Returned payments cost $37.
If you increase your credit limit you can get charged $49. Request a sales receipt and the company will get you for $6. Replacement cards are $25.
There is no balance transfer fee. But that's only because there are no balance transfers allowed!
After comparing the two cards' fees, Capital One's $39 annual fee doesn't seem so bad after all.
Clearly, Credit One feels justified in gouging its bad-credit cardholders with fees. It's the price they pay to have a cash-back card at all.
Credit One cannot match Capital One's customer service
One is there for its customers, the other not so much. Sometimes the true test of a credit card company is how it treats its customers when issues come up.
The good and the bad about QuicksilverOne card customer service
Its customers approve. Out of 8,000+ reviews on its website, the average score is 4.7 out of 5 stars. 95% of the reviewers said they'd recommend it.
The positive reviews include stories about Capital One customer service reps going above and beyond to help the customer when cards are stolen or lost.
The good and the bad about Credit One card customer service
It gets countless complaints. If you look up the Credit One card on Yelp, Consumer Affairs, and the Better Business Bureau you'll find thousands of complaints. Most of them are about customer service.
They include complaints about spending hours on the phone trying to rectify mistakes the company made in receiving payments. Poor training for phone reps is another common theme.
If you're looking for strong customer service, go with Capital One QuicksilverOne. The customer experience with Credit One sounds pretty horrible.
Key Digital Services
You can sync your QuicksilverOne card to Amazon's Alexa and much more
You can manage your account online or via mobile for both.
Capital One is on the leading edge of digital banking services.
But Credit One also has some convenient digital services.
The good and the bad about the QuicksilverOne digital services
Innovative digital services. Capital One gives its customers the option of managing their accounts with its mobile app.
It also provides the Capital One Wallet which lets you track your account activity in real time.
You can also link your card to the phone payment apps Apple Pay, Masterpass, Samsung Pay, and Android Pay.
Manage using only your voice. The latest digital innovation is the Amazon Alexa. It's a little hub that sits in your office or living space.
All you have to do is ask it to open the Capital One QuicksilverOne Visa app and tell it your password.
Then you can ask it for information or tell it to pay your bill.
The good and the bad about the Credit One card digital services
Stay connected, even on the go. Credit One's Cash Back Rewards Visa has a mobile app that can be used to manage the account from anywhere.
Its online banking portal is also optimized for mobile.
You can use these tools to make payments or review your recent activity.
You can also link the Credit One card to Apple Pay so you can pay using your iPhone.
Capital One is leading the way. The QuicksilverOne card can be linked to every method of phone payment out there. And it syncs with the Amazon Alexa, which takes it to a whole other level of digital convenience.
How to Start Using Their Services
Both cards have very different sign-up processes that you need to consider
If you're interested in signing up for either of these cards here are some tips.
Best way to begin with the QuicksilverOne card
Check what cards you qualify for. You can see if you pre-qualify for the QuicksilverOne card by visiting this page.
It's not an official credit card application so it won't affect your credit score.
It's a good thing that the application tells you all of the cards that you qualify for.
If you can get the Capital One Quicksilver Cash Rewards card you should definitely choose it over the QuicksilverOne card to get the same terms with no annual fee.
How best to begin with the Credit One card
Everyone is pre-approved. If you're an adult and you've got a pulse you can probably get pre-approved for a Credit One card.
The company sends out pre-approvals in the mail. The first option when you visit the Credit One homepage is a link to accept the mail offer.
The second option is to get prequalified by providing your information via the site.
Fortunately, this doesn't affect your credit score.
But remember – you won't actually know what credit card terms you're applying for until it offers you one of the 26 agreements.
How to Cancel
Pay off the balance and then shut the Quicksilver one down to avoid the annual fee
It's not just a matter of cutting up the plastic. You've got to go through a process to cancel each of these cards.
Canceling the Capital One QuicksilverOne Cash Rewards
Capital One recommends calling its Customer Service line to cancel. Call 1-866-750-0873.
Canceling the Credit One card
Online complaints include people who say it was a nightmare trying to cancel their Credit One card.
The company continues to charge people monthly for the annual fee after they pay in full and close the account.
It's advised to pay off the balance in month 10, confirm that the balance is $0 in month 11, and then immediately call in to cancel.
What are the credit limits for these cards?
Since both of these cards are for people with less-than-ideal credit scores, the starting credit limit is low for both.
The lowest possible credit limit for the Capital One QuicksilverOne card is $300.
You can get your limit increased with Capital One if you make your first five payments on time.
For the Credit One Cash Rewards Visa, the limits will be around $300-$500.
Are these cards good for balance transfers?
No. The Credit One Cash Rewards Visa doesn't allow balance transfers.
The Capital One QuicksilverOne has no fees for balance transfers, but the high APR means you likely won't be saving anything if you move a debt from another account.
Should I choose these cards if I want to rebuild my credit score?
Both cards can help you build your credit score.
People recommend signing up for the Credit One card and keeping it paid off to build your score and then cancel it as soon as you can get a different card.
If you have average credit you can improve it by getting the QuicksilverOne card from Capital One. If you stay on top of your payments you can increase your credit limit in five months.
That will increase your score as long as you don't use all the increased credit you have available.
The QuicksilverOne is just better in every category
Rewards cards are usually associated with excellent credit. But these two cards give access to cash-back even to people with average and poor credit ratings.
Besides beating out the Credit One card, the QuicksilverOne card should be complimented for being a solid choice for many consumers.
The QuicksilverOne card is better for every category. It took the wins for customer service, digital features, fees, rewards, and benefits.
Good for bad credit. There's only one reason to choose the Credit One Cash Rewards Visa. If you have poor credit this might be the only cash-back card you can qualify for.
Do you use either the QuicksilverOne card or the Credit One card?
How has it worked out for you?
Any great tips (or nightmares) to share with the rest of us?
Let us know in the comments below.