Capital One Quicksilver vs. QuicksilverOne: The best option depends on your credit score

If you’re looking for a new card, the Capital One Quicksilver and QuicksilverOne cards may both seem appealing as a basic rewards card. In this breakdown of the Quicksilver vs. QuicksilverOne cards, learn how these cards differ in terms of fees, rates, benefits, and eligibility requirements.

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There’s no annual fee to hold the Capital One Quicksilver card, which is in line with many top cash-back credit cards today.

However, the Capital One QuicksilverOne card does have an annual fee. You’ll have to pay $39 every year just for the privilege of carrying the card.

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The Quicksilver card offers a promotional 0% APR period for both new purchases and balance transfers; you can take advantage of 0% APR for 15 months to pay down existing credit card debt or finance a pricey purchase without interest. After that, the regular variable APR — currently between 19.24% and 29.24% — will apply.

If you do choose to make a balance transfer with this card, be aware that balance transfer fees apply. For the first 15 months after account opening, the fee is 3% of the amount transferred. After that, you’ll pay 4% for any additional balance transfers.

The QuicksilverOne card is geared toward consumers with less-than-perfect credit. As a result, it has no introductory APR and a higher-than-average ongoing variable APR of 29.74%.

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When you open a Capital One Quicksilver card, you can earn a $200 cash bonus after spending $500 within the first three months — that equates to about $167 per month. Compared to other cash-back credit cards with no annual fee, that’s a solid bonus for new cardmembers.

The QuicksilverOne card doesn’t have a welcome offer, so you won’t get a cash bonus after opening.

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While some credit card rewards programs can be complex, requiring users to keep track of multiple spending categories, the Quicksilver and QuicksilverOne cards are a basic, streamlined option. Both cards earn an unlimited 1.5% cash back on every purchase.

This simple rewards program makes the Quicksilver or QuicksilverOne a good option if you’re looking for a new credit card to use for everyday purchases, including gas, groceries, entertainment, and more.

When you’re ready to redeem, you can trade the dollar value of your rewards for statement deposits, purchases on Amazon, online purchases made through PayPal, gift cards, or you can even request a check.

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Cash-back credit cards with no annual fee, like the Capital One Quicksilver, are often sparse on benefits. However, there are a few useful perks you may use. These include extended warranty protection on eligible purchases, travel accident insurance when you use your card to purchase the travel, and access to the Capital One concierge for dining, entertainment, and travel tips.

As a card designed for credit-building, the Capital One QuicksilverOne has less to offer for added perks. However, you can qualify for a credit limit increase, a useful benefit for building your credit with this card. With responsible use — making all of your card payments on time and keeping your balances low — your account will be automatically reviewed by Capital One in as little as six months for a credit line increase.

Both cards also offer similar standard protections like access to your credit score, $0 liability for fraudulent purchases, emergency card replacement, security alerts, and more.

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To qualify for the Capital One Quicksilver card, you’ll need good to excellent credit, which typically means a FICO score of 670 or higher. If your score is below that range, it may be more difficult to get approved.

The QuicksilverOne can be easier to open if you don’t have a strong credit history. For the best chances of qualifying for the QuicksilverOne card, you’ll need fair to good credit, or a FICO score of at least 580.

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If you hate the idea of juggling multiple cards or having to activate quarterly spending categories, the Capital One Quicksilver card could be a good money-saving option.

With no annual fee, there’s no cost to the 1.5% savings you’ll get on every purchase — as long as you don’t carry a balance and avoid paying interest. Plus, you can take advantage of the card’s 0% APR offers on either new purchases or balance transfers, depending on your current financial goals.

There are other cash-back credit cards that could potentially help you save more on your most frequent spending. For example, some flat cash-back cards earn as much as 2% on each purchase, and other cash-back cards earn up to 5% or 6% in specific bonus categories. But as a straighforward way to get money back no matter where you buy, we like the Capital One Quicksilver for most cardholders.

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If you’ve already built some credit history but want to focus on increasing your score, the Capital One QuicksilverOne may be a better option. You can qualify with a lower credit score than the regular Quicksilver. Plus, the ability to score a higher credit limit after six months — an incentive for responsible use — can help bring down your overall credit utilization and improve your credit score.

However, this isn’t the best option for cardholders who don’t require the extra credit help. It has no welcome bonus, no introductory 0% APR offer, and even charges a $39 annual fee. While the QuicksilverOne may help you build credit while you earn 1.5% cash back on every purchase, you should consider other options to make sure you choose the right combination of fees, rewards, and benefits for your long-term goals.

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There’s not much benefit to opening both the Capital One Quicksilver and Capital One QuicksilverOne. With overlapping reward structures and different credit score requirements, opening just one —depending on which you can qualify for — is a better choice.

Those with excellent credit can take advantage of the Quicksilver’s rewards, welcome bonus, and promotional APR without an annual fee. If your credit is in the fair to good range, you’re unlikely to qualify for the Quicksilver card, so the QuicksilverOne card can be a useful alternative, despite its $39 annual fee.

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The Quicksilver and QuicksilverOne are just two of many great cash-back credit cards available today. Here are a few other great options we like:

Why we like it: If you’re looking for a great cash-back rewards card without an annual fee, the could be a good fit. Like the Quicksilver, it earns a flat 1.5% cash back on every purchase, but you’ll also earn more in bonus categories: 5% cash back on travel booked through Chase Travel℠ and 3% on drugstore purchases and dining.

Plus, the card offers a great welcome bonus, introductory 0% APR for new purchases and balance transfers, and additional perks like trip cancellation and interruption insurance and auto rental collision damage waiver protection.

Why we like it: Instead of a flat rewards rate, the offers a tiered rewards structure. You can earn higher cash-back rates on Capital One Entertainment purchases; on hotels and rental cars booked through Capital One Travel; on entertainment, dining, popular streaming services; and at grocery stores (excluding Walmart and Target).

With these boosted rewards, you could potentially earn more in rewards if those are major spending categories for you. Like the Quicksilver card, the Savorcard has no annual fee, a cash welcome bonus, and intro 0% APR offer.

Why we like it: While you may need an established credit history to qualify for either the Quicksilver or QuicksilverOne card, the is a useful tool for building a great score even with no credit or poor credit.

As a secured credit card, it requires a refundable security deposit — you’ll pay either $49, $99, or $200 and start with a credit line of $200. With responsible use, you could get a credit line increase in as little as six months (without the need for an additional security deposit) and eventually qualify to upgrade to an unsecured card and get your security deposit back.

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This article was edited by Kendall Little

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.