Review: Capital One Quicksilver

Capital One offers this instant approval/instant decision statement within its credit card Frequently Asked Questions: “If you apply by phone or online, you will often get a response in 60 seconds. However, in some cases we need to collect additional information to make a decision.” So, you very well could be instantly approved. Perhaps the most popular Capital One credit card to get instantly approved for is the Quicksilver Rewards card or the QuicksilverOne Rewards card.

The Quicksilver Rewards credit card is for those with good to excellent credit histories, while the QuicksilverOne Rewards card is for those whose credit is average or even below average. (Go here to see how Capital One defines “excellent” and “average” credit.)

Both of the Capital One Quicksilver cards offer 1.5% cash back on all your purchases, a competitive cash back formula in today’s market.

However, the Quicksilver Rewards card offers much better terms outside of the rebate formula. First off, it has no annual fee. It has an interest rate range of 13.99% to 23.99%, meaning the rate you are approved at could fall anywhere within that range. However, for the first 9 months you have the Quicksilver Rewards card, you’ll actually get a 0% interest rate on your purchases as well as on any balances you transfer to this card from a different credit card. (Note, however, that balance transfers come with a fee of 3% of the amount transferred.)

The QuicksilverOne Rewards card, by comparison, has an annual fee of $39, an interest rate of 24.99%, and no special 0% rate offers. This card is clearly meant from those with worse credit.

So, while instant approval is very possible with either of these cards, the terms on each card are very different. If your credit history is not so good, you need to ask yourself whether you want to pay an annual fee for the QuicksilverOne card or whether you might get a no annual fee card elsewhere. On the other hand, if your credit is good, the Quicksilver Rewards card is a solid cash back credit card choice.