Is the Capital One Quicksilver Student Cash Rewards Card worth it?
There are many reasons to get a credit card while in college, the biggest of which is to have the ability to build up credit for later in life. Student credit cards can also help you build positive credit habits, like keeping your balances low and paying your bills on time. Not only that, but many student credit cards offer valuable perks, and some offer cash back or other types of rewards for every dollar spent.
That said, there are almost too many student credit cards to choose from, and it’s hard to know which ones are worth it. This is especially true since most major credit card issuers offer at least one student credit card, and the best cards in this niche offer rewards and perks with no annual fee required.
The Capital One Quicksilver Student Cash Rewards Credit Card is one of the most popular student credit cards, and it’s easy to see why. But is it worth it? Read on to find out where this card shines and when it might make sense to consider other options instead.
When is the Capital One Quicksilver Student Cash Rewards Card worth it?
If you need a credit card to start building your credit as a student, the Quicksilver Student Cash Rewards Card from Capital One can definitely be worth it in the traditional sense. This card charges no annual fee, but you can earn a flat 1.5% cash back on every purchase you make.
New cardholders can also earn a $100 cash bonus after spending at least $100 on purchases within three months of account opening, so signing up for this card and using it for purchases can earn “free money” from the start. Rewards are also flexible, with the ability to redeem them for cash back, statement credits, or gift cards depending on your needs. With these types of options available, you’ll never be in a situation where you’re stuck with rewards you can’t use.
Other notable perks include extended warranties on eligible items, travel accident insurance, and 24-hour travel assistance services. The Quicksilver Student Cash Rewards Card also comes with no foreign transaction fees like all other Capital One credit cards, it is therefore a good credit card for students traveling abroad.
When is the Capital One Quicksilver Student Cash Rewards Card not worth it?
There are a few scenarios where this card might not be worth it, or when you might want to consider other cards instead. First of all, it should be noted that the Capital One Quicksilver Student Cash Rewards Card is intended for people with “fair credit”. According to Capital One, people who can qualify likely have limited credit histories that go back less than three years.
In other words, this credit card is not necessarily available to people with no credit history, which includes many students who have never had a credit card or loan.
Beyond the credit requirements, you should also know that the interest rate on this card is high. In fact, cardholders will pay a variable APR from 16.49% to 26.49% when carrying a balance, and this card does not have any type of introductory APR.
Compare that to Chrome Discover it® Student, which has no annual fee and comes with an introductory APR of 0% for 6 months on purchases and an introductory APR of 10.99% for six months on balance transfers (followed by a variable APR between 14.49% and variable 23.49%).
Should You Get The Capital One Quicksilver Student Cash Rewards Card?
Ultimately, the Capital One Quicksilver Student Cash Rewards Card is ideal for students who want to accumulate credits and earn rewards without ever having a balance. This card is also suitable for students who want to avoid the annual fee, as well as those who have a limited credit history but at least some information on their credit reports.
If you don’t have a credit history, on the other hand, you might want to consider secured credit cards or other types of starter credit cards. If you plan to carry a balance, you’ll want to explore credit cards that offer a 0% introductory APR on purchases, balance transfers, or both for a limited time.
The bottom line
If you still can’t decide on that student credit card, it makes sense to read our Capital One Quicksilver Student Cash Rewards Card review. From there, you can see how this card compares to other student credit cards, including other Capital One student cards.
For example, you can compare the Capital One Quicksilver Student Cash Rewards Card to Capital One’s Journey Student Rewards.
In the meantime, you should think about what you hope to accomplish with your student ID. Maybe you want to earn credit, create rewards, or both. Whatever your goals, you’ll find a credit card that can help you get there.