Looking to improve your credit score? The Capital One QuicksilverOne Cash Rewards Credit Card can help you do that as it is marketed to those with fair/limited credit, while also offering a flat-rate cashback rewards program.

Having a credit card account reporting responsible borrowing and repayment behavior to the credit bureaus is a great way to boost a sagging credit score as long as you make payments on time and don’t max out the card.

The Capital One QuicksilverOne Cash Rewards Credit Card does come with a $39 annual fee, but does not require a security deposit, unlike many cards marketed to those with fair/limited credit scores.

We break down the pros and cons of this card and provide an alternative card to consider: the Discover it^® Secured Credit Card, which is also geared toward consumers with poor/limited credit.

• Credit building opportunity

  The Capital One QuicksilverOne Cash Rewards Credit Card is aimed at applicants with fair/limited credit – with a fair credit score being one that falls in the 580 to 669 range, according to FICO^®.

  Since fair credit is just one step above poor credit, applicants with fair or average credit have a more limited selection of cards for which they could qualify for. Some cards that accept applicants with less-than-stellar credit may have opaque terms and expensive fees, but the Capital One QuicksilverOne Cash Rewards Credit Card has a reasonable $39 annual fee and does not require a security deposit.

• Cash back rewards

  Earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). That’s a solid cashback rate, especially for a card for applicants with fair/limited credit. While there are cards offering 2% cash back or more, they typically require good or excellent credit to qualify.

  Your cash back rewards can be redeemed as as a statement credit, check, to cover a recent purchase or for gift cards.

• Foreign transaction fee: none

  If you’re traveling abroad, don’t worry about paying a foreign transaction fee on each purchase made outside the United States.

• Annual fee

  The Capital One QuicksilverOne Cash Rewards Credit Card charges a modest $39 annual fee. However, you can recoup that much in cash back by spending $2,600 each year on the card.

• High APR

  The APR is 26.99% (variable). However, that’s in line with other cards for fair/limited credit. By paying off your card in full each month, you can avoid interest charges altogether.

• No intro APR for purchases or balance transfers

  The Capital One QuicksilverOne Cash Rewards Credit Card does not come with any 0% introductory offers for purchases or balance transfers.

• No signup bonus

  Many other cashback cards offer a sign-up bonus you can earn after spending a set amount within the first three months of having the card. This one doesn’t – but it’s worth noting that cards for fair/limited credit are less likely to offer sign-up bonuses.

• Low credit limit

  If approved for the Capital One QuicksilverOne Cash Rewards Credit Card, new cardholders will initially be granted a credit line of at least $300, but after six months the issuer will review your account to see if you qualify for a higher credit limit.

Compare it to the Discover it^® Secured Credit Card

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Discover it^® Secured Credit Card

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Rates & Fees

Discover it^® Secured Credit Card

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Intro Purchase APR N/A

Regular Purchase APR 24.49% Variable APR

Annual Fee $0

Rewards Rate 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically… Read More

Highlights

• No credit score required to apply.
• No Annual Fee, earn cash back, and build your credit with responsible use.
• Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
• Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
• NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
• Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
• Click "Apply Now" to see terms and conditions.

Typical Credit Needed

300 659

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Another credit card that’s a great choice for building up your credit score is the Discover it^® Secured Credit Card. A secured credit card requires a deposit that serves as your credit line and protects the issuer in case you default on payments. Generally, minimum deposits for a secured card are around $200.

Though the Discover it^® Secured Credit Card requires a security deposit ranging from $200 to $2,500, you can get your deposit refunded if you pay your card off and close the account, or if Discover graduates you to an unsecured card (one that doesn’t require a deposit).

After you’ve used the card for seven months, Discover begins conducting automatic reviews to see if you quality for a deposit refund. This upgrade isn’t guaranteed, and Discover factors in your behavior across all your credit products (not just those issued by Discover). Despite that, automatic monthly reviews is a great feature.

Which card earns the most cash back depends on how frequently you spend on gas station and restaurant purchases as Discover it^® Secured Credit Card cardholders can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.

The Capital One QuicksilverOne Cash Rewards Credit Card has a higher cashback rate on all other purchases, and doesn’t have a spending limit after which it drops your earnings down to a lower rate. During the first year, though, the Discover it^® Secured Credit Card wins easily due to the cashback match for new cardmembers: Discover will match all the cash back you’ve earned at the end of your first year..

The Capital One QuicksilverOne Cash Rewards Credit Card is a good credit card for applicants with fair/limited credit who are looking to build up their credit score with responsible usage and don’t want to pay a deposit for a secured card.

If approved, you’ll get a credit limit of at least $300, but after six months the issuer will automatically review your account and payment behavior to see if you qualify for a higher credit limit. And after demonstrating responsible payment history, you may eventually be able to request a product change to the $0-annual-fee Capital One Quicksilver Cash Rewards for Good Credit.