The Capital One Quicksilver Pupil Money Rewards Credit score Card is a strong alternative for college kids however lacks a little bit of firepower to be thought-about a robust all-around card.
An all-rounder bank card for college kids would provide:
- Low rates of interest.
- Debt safety and credit-building instruments.
- Money again rewards.
- One or two perks.
However curiously, the Capital One QuickSilver Pupil Money Rewards Credit score Card skips proper over letters A and B, and as an alternative piles on C and D.
Cardholders looking for a easy incomes construction will like this card, because it affords a beneficiant 1.5% money again on all purchases, with no annual charge to fret about.
Total, all of it relies on what you’re on the lookout for in your first bank card.
Key details
- Greatest for – College students constructing credit score.
- Signup bonus – Earn $50 once you spend $100 on purchases inside 3 months from account opening
- Money again – Limitless 1.5% money again on each buy.
- Intro APR – N/A.
- Common APR – 19.24% – 29.24% (Variable).
- Perks and distinctive options – Prolonged Guarantee, Grasp RoadAssist® Service® with 24-hour dispatch, Complimentary Concierge Service.
(MU30 disclaimer: the knowledge on perks and distinctive options was independently gathered and reviewed by MU30’s editorial workforce.)
In-depth evaluation of the Capital One Quicksilver Pupil Money Rewards Credit score Card
Let’s take a deep dive into the Capital One Quicksilver Pupil Money Rewards Credit score Card.
Rewards
The Capital One Quicksilver Pupil Money Rewards Credit score Card affords 1.5% money again on all purchases, every single day.
That’s it. Clear and easy.
At first, the dearth of rotating spending classes with 5% money again could seem stodgy, however you’ll be hard-pressed to discover a good pupil bank card that provides 5% again on something.
And providing a blanket 1.5% money again on the whole lot has its benefits, too.
- Initially, it implies that as a busy pupil, you received’t need to preserve observe of regularly rotating rewards classes. I’ve personally felt a mixture of frustration and FOMO once I overlook that I might’ve gotten 5% again on an enormous buy if I’d simply remembered to time the acquisition proper.
- Second, bank card firms don’t provide 5% money again out of the goodness of their collective hearts. They’re making an attempt to encourage spending — which isn’t essentially a foul factor, however it is problematic once you’re a pupil who’s making an attempt to stay to a funds, construct credit score, and resist impulsive spending.
That’s why the Capital One Quicksilver Pupil Money Rewards Credit score Card’s 1.5% money again on all purchases is such an excellent match for college kids — it manages to be extremely rewarding with out encouraging non-essential purchases.
Bonuses
For a restricted time, the Capital One Quicksilver Pupil Money Rewards Credit score Card is providing an easy-to-earn signup bonus of $50 once you spend $100 on purchases inside 3 months from account opening.
APR
Relying in your creditworthiness, the Capital One Quicksilver Pupil Money Rewards Credit score Card’s APR might be its greatest downside.
The cardboard costs 19.24% – 29.24% (Variable) APR on all purchases. Now, when you’ve acquired an awesome credit score file and may snag the decrease APR, you’re doing properly. However when you’re simply beginning out in your credit score rating journey, it’s doubtless you’ll be paying the upper APR.
Should you’re new to bank card APR, right here’s the way it works.
Let’s say you place $1,000 price of costs in your card and are unable to pay it again after 30 days (although you wouldn’t try this as a result of you recognize that you must repay your bank card stability in full each month). Right here’s the best way to calculate how a lot curiosity you’ll owe (assuming you’re on the high finish of their variable APR):
- Divide your APR by 365, so 0.2524 / 365 = 0.00069.
- Multiply by your stability, so 0.069 x $1,000 = $0.69.
- Multiply by days in your billing cycle, so $0.74 x 30 = $20.75.
$20.75 could not sound like a lot, however bank card debt can snowball shortly. That’s why you’ll need to watch out with the Capital One Quicksilver Pupil Money Rewards Credit score Card when you’re sitting within the increased APR vary.
Annual charge
The Capital One Quicksilver Pupil Money Rewards Credit score Card costs no annual charge, which is customary amongst student-focused rewards playing cards.
Different charges
Everytime you think about signing up for a bank card, you’ll need to familiarize your self not simply with the perks and bonuses, however the charges as properly. In spite of everything, one large “gotcha” charge can wipe out months of hard-earned money again rewards.
Within the case of the Capital One Quicksilver Pupil Money Rewards Credit score Card, the charges are fairly customary fare.
- Annual charge – $0.
- Stability switch charge – $0 at this Switch APR.
- Stability switch APR – Varies by cardholder.
- Money advance charge – 3% of the quantity of the money advance, however not lower than $3.
- Late cost charge – As much as $40.
Distinctive perks and advantages
Issues enhance considerably with the Capital One Quicksilver Pupil Money Rewards Credit score Card’s perks and advantages.
In a considerably stunning transfer, Capital One has positively loaded up its pupil rewards playing cards with particular options usually reserved for top-tier playing cards with annual charges.
- No overseas transaction charges. Heading to Paris to fulfill with a pal? Don’t fear about getting nickel-and-dimed for each transaction — like many journey rewards playing cards, the Capital One Quicksilver Pupil Money Rewards Credit score Card doesn’t cost transaction charges for purchases made outdoors the U.S.
- Prolonged guarantee. Retailer and producer warranties will routinely be doubled on eligible purchases when you used your Capital One Quicksilver Pupil Money Rewards Credit score Card to pay for these purchases (this perk doesn’t apply to vehicles, sadly!).
- Credit score restrict raised after six months. Offered you make on-time funds, you’ll routinely be thought-about for a increase in your credit score restrict in as little as six months.
- $0 fraud legal responsibility. In case your Capital One Quicksilver Pupil Money Rewards Credit score Card is ever stolen and used to make fraudulent costs, Capital One is not going to maintain you chargeable for them (simply be sure you report your stolen card ASAP!).
- Autopay. Capital One allows you to arrange autopay so that you by no means miss a full (or minimal) cost in your account. Take into account this step to be important!
- Complimentary Concierge Service. In search of recommendations on journey, eating, or leisure? You may name up Capital One and get free steering from their 24/7 concierge service.
- 24-hour Journey Help Providers. Grasp RoadAssist® Service® with 24-hour dispatch assist for towing, gas supply, and extra.
These perks might not be price a lot every day, however on a very unhealthy day, they are often extraordinarily worthwhile.
For instance, in case your $1,000 TV immediately dies out on you three weeks after the producer’s guarantee expires, to not fear, your Capital One Quicksilver Pupil Money Rewards Credit score Card will cowl the alternative, so long as you used the cardboard to make the TV buy.
How a lot are you able to earn with the Capital One Quicksilver Pupil Money Rewards Credit score Card?
Usually, that is the place I’d present you an enormous chart with numerous spending classes, percentages, and calculate how a lot you would earn in money again relying in your life-style. However the Capital One Quicksilver Pupil Money Rewards Credit score Card’s rewards are so simple you possibly can illustrate them with a easy slider.
For instance, when you spend $1,500 month-to-month, you’ll earn again $22.50 in money again per thirty days or $270 per 12 months.
It’s price mentioning that you simply don’t need to redeem your factors for money again. You may also convert them to reward playing cards, use them to recharge your PayPal stability, or apply them to your Amazon purchases at checkout.
