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Credit Cards

Capital One Quicksilver Student Credit Card review: Simple cash back earnings with no annual fee

The Capital One Quicksilver Student credit card allows students to earn cash back and build credit.

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Capital One recently announced two new student credit cards, the Capital One SavorOne Student Cash Rewards Credit Card and the Capital One Quicksilver Student Cash Rewards Credit Card. The Capital One Quicksilver Student Credit Card is similar to the Capital One Quicksilver Credit Card in its offering, but gives preference to students with less credit history.

Below, Select reviews the Capital One Quicksilver Student Credit Card, looking at the cash back opportunities and associated fees, so you can decide if it's the best card for you.

Capital One Quicksilver Student Credit Card review

Capital One Quicksilver Student Cash Rewards Credit Card

  • Rewards

    1.5% cash back on all purchases, every day.

  • Welcome bonus

    Earn a one-time $100 cash bonus once you spend $100 on purchases within 3 months from account opening

  • Annual fee

    $0

  • Promo APR

    None

  • Regular APR

    16.49% - 26.49% variable APR

  • Balance transfer fee

    3%

  • Foreign transaction fee

    None

  • Credit needed

    Fair

See our methodology, terms apply.

Pros

  • Exclusive access to curated experiences in sports, dining and entertainment
  • Unlimited cash back that doesn't expire for the life of the account
  • No spending categories to track
  • No foreign transaction or annual fees

Cons

    Welcome bonus

    The welcome bonus is a limited time offer: Earn $100 when you spend $100 in the first three months.

    Similarly, there are other student cards with welcome bonuses, including the Discover it® Student Cash Back or the Bank of America® Travel Rewards Credit Card for Students.

    Benefits and perks

    The Capital One Quicksilver Student Credit Card earns 1.5% cash back on purchases. There is no cap on the amount of cash back you can earn, and can either be credited to your statement, deposited directly into your bank account or used to purchase gift cards.

    The card comes with travel accident insurance, extended warranty, complimentary concierge service and access to premium experiences such as sporting events and concerts.

    Select calculated how much cash rewards the average American can earn in a year when using their Capital One Quicksilver Student Credit Card. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.

    The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953).

    With all spending considered, this would give a cardholder $332 in cash back. Over a five year period, cardholders could earn $1,659. Cardholders could earn more (or less) cash back depending on their annual spending habits, and a student's spending will likely vary from that of an older adult.

    Rates and fees

    The card has no annual fee or foreign transaction fees. However, the card has a high interest rate of 16.49% - 26.49% variable APR.

    The balance transfer fee is 3%, and late payments fees can be up to $40.

    This card isn't the greatest for flexible payment options. If you want to avoid interest in the first year, consider a credit card with a 0% introductory APR offer.

    Card comparison

    The Capital One Quicksilver Student Credit Card is one of many student credit cards available. However, these cards are mainly for college student with little-to-no credit history. However, if you have established credit, remember that you are not limited to just student credit cards. You may want to consider applying for a regular travel rewards or cash back credit card

    Capital One Quicksilver Student Credit Card vs. Capital One SavorOne Student Credit Card

    Both cards are similar in their benefit, but have different rewards-earning structures.

    The Capital One SavorOne Student Cash Rewards Credit Card earns up to 3% cash back on specific spending categories including dining, entertainment, popular streaming services and at grocery stores. The Capital One Quicksilver Student Credit Card earns 1.5% unlimited cash back on all purchases.

    If you are torn between the two, it comes down to a matter of spending habits and preference. If you spend regularly in the categories for the SavorOne card, it can net you even more cash back. If your spending is in a variety of different categories, the Quicksilver Student Cash Rewards Credit Card may be the way to go.

    Capital One Quicksilver Student Credit Card vs. Discover it® Student chrome

    The Discover it® Student chrome card has simple spending categories that may prove to earn less than the Quicksilver, but the welcome offer quickly makes the Discover card the favorite during the first year of card membership.

    The Discover it Student chrome offers:

    • 2% cash back, up to $1,000 in combined purchases each quarter at gas stations and restaurants
    • 1% cash back on all other purchases

    The card comes with a welcome offer where all cash back from the first year is matched. So if you earn $300 in cash back throughout the year, Discover will match it to $600.

    The Discover it Student chrome also has an introductory 0% APR for the first six months on purchases (after, 14.49% - 23.49% variable).

    Bottom line

    The Capital One Quicksilver Student credit card is a great option for students wanting to earn cash back on their purchases with its flat rewards structure. Keep in mind that if you are a current college student, you aren't restricted to only student credit cards.

    The best way of finding a credit card that is right for you is to analyze your spending habits, credit score and financial needs, and then pick a card that complements

    FAQs

    What makes a student credit card different from other credit cards?

    A student credit card is designed for young people who are currently enrolled in school, with limited to no credit. In addition, students typically have limited credit lines and benefits, compared to traditional credit cards.

    Is it worth getting a credit card as a student?

    It is a personal decision that involves many factors, but if handled responsibly, having a credit card as a student can be a great decision. It can help build credit history, financial responsibility and help save money on purchases by earning cash back.

    How do I qualify for a student credit card?

    Many students have limited or no credit history, so to qualify, you will likely need proof of income, and in some cases, a co signer.

    Our Methodology

    To determine which credit cards offer the best value, Select analyzed 234 of the most popular credit cards available in the U.S. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.

    CNBC Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.

    Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

    Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.

    While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.

    For rates and fees for the Discover it® Student chrome, click here.

    For rates and fees for the Discover it® Student Cash Back, click here.

    Information about the Capital One SavorOne Student Credit Card, Capital One Quicksilver Student Credit Card, and Bank of America® Travel Rewards Credit Card for Students has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.

    Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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