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If you’re a student, the Capital One® Quicksilver® Rewards for Students is a good way to start building credit. The highlights include no annual fee, no foreign transaction fees, and unlimited 1.5% cashback rewards. The fee-less foreign transactions are also good if you want to study abroad or travel during your studies.
Quick Review
If you’re shopping for a student credit card, the Capital One® Quicksilver® Rewards for Students is a straight-forward and rewarding choice. This card has minimal fees and decent cashback rewards (with no limits or confusing categories you need to memorize or enroll for).
It comes with:
- Unlimited 1.5% cash back on every purchase
- A $100 cash bonus
- No annual fee
- No foreign transaction fees
Like most student credit cards, this one is suitable for borrowers with limited credit. It isn’t for everyone, though: you could be rejected, for example, if you’ve defaulted on more than one loan in the last 5 years.
However, when you go through the pre-approval for a Capital One card, they’ll also tell you whether you’re eligible for cards other than the one you’ve applied for. So even if you’re not 100% sure you’ll be approved for the Quicksilver® Rewards for Students, you could be approved for another Capital One card.
This means it’s definitely a good idea to apply for the Capital One® Quicksilver® Rewards for Students credit card if you’re studying at a university or college. It’s one of the better student cards out there, so you won’t be disappointed. However, there are other student cards with higher rewards rates, so keep shopping if you’re keen on monitoring cashback categories to score more rewards.
Capital One® Quicksilver® Rewards for Students Important Details
Basic card details
- Annual fee: $0
- Regular APR: 17.99%–27.99% (variable)
- Rewards rate: 1.5%–5%
- Grace period: 25 days
Additional Information
- Credit reporting to all three major credit bureaus
- Cash advances available.
- Unlimited 1.5% cash back on most everyday purchases.
- Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
- Credit limit increases available.
- Authorized users allowed.
- Flexible payment due dates.
- Retain your card with all the same rewards and benefits when you graduate.
- $0 fraud liability if anyone uses your card without your authorization.
- Bonuses available for referring friends.
- Tools to help you manage your credit and finances (e.g., a virtual assistant for managing your account and free credit score monitoring with CreditWise).
- Emergency card replacement and account locking if your card is lost or stolen.
- iPhone and Android apps available for account management.
Capital One® Quicksilver® Rewards for Students Card Feature Breakdown
Let’s see what features are on offer when you sign up for the Capital One® Quicksilver® Rewards for Students.
Fees
- Annual fee: $0
- Foreign transaction fee: None
- Late payment fee: Up to $40
- Cash advance transaction fee: $10 or 3% of the amount of each advance (whichever is greater)
- Balance transfer fee: 3% of the transfer amount when a promotional APR applies; 0% otherwise
Interest Rates
- Regular APR: 17.99%–27.99% (variable)
- Cash advance APR: 26.49%
- Balance transfer APR: 17.99%–27.99% (variable)
If you fail to pay off your statement balance in full each month, you’ll have to pay interest on your Capital One® Quicksilver® Rewards for Students card. The interest you’ll pay on your Capital One card each year is called your “APR” (“annual rate of interest”), with potentially different APRs applying for purchases, cash advances, and balance transfers.
The interest rate you get with Capital One cards depends on your creditworthiness, and this also applies for the Capital One® Quicksilver® Rewards for Students, which has three possible offers for the purchase and balance transfer APRs.
Grace Period
The Capital One® Quicksilver® Rewards for Students gives you a 25-day grace period, which starts on the first day of each new billing cycle. The grace period is a window of time when you can pay your bills in full without racking up any interest charges.
If you settle your statement balance in full by the due date, you won’t have to pay any interest on your purchases from the grace period. However, if you carry a balance from previous billing cycles, interest will be added to charges you make during the grace period.
Rewards
The Capital One® Quicksilver® Rewards for Students offers 1.5% cashback rewards on all purchases. These rewards are not capped (i.e., you get the same rate for unlimited spending), and they don’t ever expire.
You can also book hotels and car rentals through the Capital One Travel portal to get 5% cash back on those purchases.
Redemption
Once you’ve used your Capital One® Quicksilver® Rewards for Students enough to accumulate cashback rewards, you can redeem these rewards in a number of ways, including:
- As checks
- As statement credits (i.e., a credit to your account that gets deducted from your card balance)
- As gift cards
- As payment for recent purchases
- As Paypal credit
- As Amazon.com credit
- To pay for flights, car rental, or hotel stays at Capital One Travel
Other benefits
All Capital One cards come with benefits like:
- Flexible payment due dates
- No foreign transaction fees
- Zero fraud liability
- Access to Capital One portals for dining, entertainment, and travel
However, some Capital One credit cards are Visa® and some are Mastercard® (and some cards even come in two versions—one for each network). The specific benefits you’ll get with each of these networks can vary. But for both Visa® and Mastercard®, there are particularly good benefits for travel.
Visa® and Mastercard® travel benefits include:
- Auto rental collision damage coverage
- Access to pay-per-use roadside assistance services
- Discounts on airport concierge services
- 24-hour assistance for lost or stolen cards
Welcome Bonus
Right now, you can earn a one-time $100 cash bonus if you use your Capital One® Quicksilver® Rewards for Students card to make $100 worth of purchases within the first 3 months you have your account.
Cash Advances
A cash advance is when you use your credit card to withdraw money from an ATM.
Cash advances are allowed on the Capital One® Quicksilver® Rewards for Students credit card. The fee for cash advances is either 3% of the amount of each cash advance or $10—whichever is greater.
Balance Transfers
When you move debt from one credit card to another, it’s known as a balance transfer. This is a common form of debt consolidation.
The Capital One® Quicksilver® Rewards for Students credit card allows balance transfers. The balance transfer APR is normally the same as the purchase APR at 17.99%–27.99% (variable). If you do a balance transfer where the normal APR applies, you won’t be charged any balance transfer fees.
Occasionally, Capital One may offer promotional APRs for balance transfers. If you carry out a transfer at the normal APR, the balance transfer fee will be equivalent to 3% of the amount you transfer.
Foreign Transactions
It’s common for credit cards to have foreign transaction fees. This fee is often 1%–3% of the transaction amount.
The foreign transaction fee on all Capital One cards is 0%, so it’s great for students who want to
travel or study abroad (as well as for online shopping with non-US websites).
Credit Limit
Capital One doesn’t specify what credit limit you’ll get with the Capital One® Quicksilver® Rewards for Students. Most student credit cards don’t give very large credit limits. If you have a Capital One card, you can find out your credit limit by checking your statement, signing into your account, or contacting customer service at (800) 227-4825.
Credit Limit Increases
It’s possible to get credit limit increases with Capital One credit cards. You can apply for these through your app or online account. Capital One may also automatically consider cardholders for credit limit increases from time to time.
Credit Reporting
Credit reporting is important for building credit; your credit report is compiled from the information your lenders pass on to the credit bureaus.
Fortunately, Capital One regularly reports to the credit bureaus, including Experian, Equifax, and TransUnion. This means you can build credit as efficiently as possible across the board.
Credit Building
As the Capital One® Quicksilver® Rewards for Students credit card reports to all three major credit bureaus, it’s perfect for credit building. However, you mustn’t get behind with your monthly payments; otherwise, your credit scores will suffer.
Capital One also gives you access to credit resources such as:
- CreditWise: This tool monitors your TransUnion® or Experian® credit reports for signs of fraud, scans the dark web for misuse of your social security number, and gives you free access to your TransUnion® VantageScore 3.0 credit score and credit report. You can also use CreditWise to learn about how your VantageScore is calculated and what you can do to achieve a better score.
- A virtual assistant: Eno, the Capital One virtual assistant, looks after your accounts at all times, sending alerts when something isn’t right. Additionally, Eno can help with your queries and discuss your account anytime over text.
Credit Score Requirements
Capital One says that you’ll need at least “fair credit” to qualify for its Capital One® Quicksilver® Rewards for Students credit card. They describe fair credit as meaning:
- You’ve had your own credit card—or other types of credit—for less than 3 years.
- You’ve established a credit history but defaulted on a loan in the past 5 years. However, you’ve not done this more than once.
In other words, like most student credit cards, this one is suitable for borrowers with limited credit. But as mentioned, you may also be eligible if you’ve already started establishing your credit history but have defaulted on a loan recently.
It’s not clear whether you’ll be eligible if you have no credit whatsoever. But you can apply for pre-approval online, and you’ll find out whether you’re likely to qualify or if there are other Capital One cards you’ll be potentially eligible for (e.g., secured cards).
Application and Approval
As mentioned, Capital One lets you prequalify online to check whether your Capital One® Quicksilver® Rewards for Students credit card application is likely to succeed. This will give you an idea of whether it’s worthwhile getting a hard inquiry on your credit report when Capital One processes your application (as this type of credit check will usually lower your credit score by a few points).
If your prequalification shows that you’re likely to be approved (or if you’re confident enough to proceed straight to the application), you can apply online for the Capital One® Quicksilver® Rewards for Students credit card.
To be eligible for the Capital One® Quicksilver® Rewards for Students credit card, you must be currently enrolled—or admitted and planning to enroll in the next 3 months—at an accredited university, community college, or other higher education institution.
Customer Service
If you need help with your Capital One credit card account, the phone number for customer service is (877) 383-4802 or (800) 227-4825 (for existing accounts).
For general mail correspondence, you can write to:
Capital One
Attn: General Correspondence
P.O. Box 30285
Salt Lake City, UT 84130-0287
Authorized Users
Capital One credit cards allow you to add authorized users. This means that someone else can use your card—a family member or spouse, for example. However, you’ll still be responsible for paying the bills, so make sure anyone you add to your account is someone you trust.
Credit card issuers often charge you to add authorized users to your credit card account. Fortunately, this feature is free of charge with your Capital One credit card.
Should You Get the Capital One® Quicksilver® Rewards for Students Credit Card?
FinanceJar verdict
The Capital One® Quicksilver® Rewards for Students credit card is a brilliant option for students with limited credit. Not only are the rewards very competitive and easy to understand, but the fees are also low. However, watch out for potentially high APRs if you’re likely to carry a balance or do balance transfers.
Who is this card for?
- Students with limited credit histories: Because the Capital One® Quicksilver® Rewards for Students credit card reports to all three credit bureaus, it’s an efficient way for students to build credit. It also makes budgeting easier by giving you flexible payment due dates. But as with any credit card, it’s important to keep up to date with payments; otherwise, your budding credit history will suffer.
- Students planning to go abroad: Because the Capital One® Quicksilver® Rewards for Students credit card has no foreign transaction fees, it’s a good choice for students who plan to study in or travel to another country.
Comparable Cards
To decide whether the Capital One® Quicksilver® Rewards for Students credit card suits your needs, take a look at how it compares to other similar cards you can apply for.
