Capital One Quicksilver Student Cash Rewards Credit Card Review

When it comes to choosing a credit card, especially for students, it’s crucial to find one that offers substantial benefits without weighing you down with excessive fees and high interest rates. The Capital One Quicksilver Student Cash Rewards Credit Card is targeted specifically at students who are new to credit and looking to build their credit history while enjoying some fantastic perks. Here’s an in-depth review of this card, including its features, benefits, and potential drawbacks.

Capital One Quicksilver Student Cash Rewards Credit Card Key Takeaways

– Cashback Rewards: 10% Cash Back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024. 1.5% Cash Back on all other purchases.
– Sign-Up Bonus: $50 Cash bonus once you spend $100 on purchases within 3 months from account opening.
– Annual Fee: $0
– APR: 19.99% – 29.99% Variable
– Foreign Transaction Fees: None
– Additional Travel Benefits: Travel Accident Insurance, Complimentary Concierge Service, and 24-hour Travel Assistance Services.

Capital One Quicksilver Student Cash Rewards Credit Card Pros and Cons

Pros:

– No Annual Fee: One of the biggest advantages of this card is that it comes with no annual fee, making it highly suitable for students who may not have a high income.
– High Cashback Rate for Uber Services: The 10% cashback on Uber and Uber Eats purchases is a stellar feature, especially for students who frequently use these services.
– Universal Cashback Rate: The 1.5% cashback on all other purchases ensures you get rewarded for every dollar you spend.
– No Foreign Transaction Fees: This benefit is particularly useful for students studying abroad or traveling.
– Travel and Purchase Protections: Including Travel Accident Insurance and Purchase Protection, which are often not found in student credit cards.
– Easy Qualification: The card is designed for individuals with limited or no credit history, making it easier for students to qualify.

Cons:

– High APR: With an APR range of 19.99% – 29.99% Variable, carrying a balance on this card could become expensive.
– No Introductory APR Offer: Lack of a 0% introductory APR on purchases or balance transfers can be a drawback for those looking to make large purchases upfront.
– Limited High Cashback Categories: The 10% cashback is limited to Uber services, which might not be useful for all students.

Capital One Quicksilver Student Cash Rewards Credit Card Benefits

Cashback Rewards

The most enticing benefit of the Capital One Quicksilver Student Cash Rewards Credit Card is its cashback program. The 10% cashback on Uber and Uber Eats purchases makes it incredibly appealing to students who rely on these services for transportation and food delivery. This high cashback rate is a standout feature that can lead to significant savings over time, particularly for students who frequently use Uber services.
The 1.5% cashback on all other purchases is also competitive. Unlike some cards that offer higher cashback rates only in specific categories, this card offers a straightforward, flat cashback rate on all purchases, making it easier to track and maximize your rewards.

Sign-Up Bonus

Another attractive feature is the sign-up bonus: $50 cash back once you spend $100 on purchases within the first three months of account opening. For students, this is relatively easy to achieve and essentially gives you a 50% return on your first $100 spent.

No Annual Fee

Having no annual fee makes this card highly accessible for students. It eliminates the pressure of having to earn enough cashback to offset the cost of holding the card, allowing students to focus on building their credit history.

No Foreign Transaction Fees

For students who travel abroad or are studying overseas, the absence of foreign transaction fees is a considerable advantage. Many credit cards charge up to 3% on each transaction made outside of the United States, which can add up quickly. This card allows students to make international purchases without worrying about additional costs.

Travel and Purchase Protections

The Capital One Quicksilver Student Cash Rewards Credit Card comes with several protections that are particularly valuable for students:
– Travel Accident Insurance: This provides automatic insurance for a covered loss when you use your credit card to purchase your fare. It’s a reassuring feature for students who travel frequently.
– Complimentary Concierge Service: This service offers personalized assistance in dining, entertainment, and travel, available 24/7. It’s a premium benefit that can enhance the overall experience of using the card.
– 24-hour Travel Assistance Services: If your credit card is lost or stolen, you can get an emergency replacement card and a cash advance, which is a critical feature for students who may find themselves in challenging situations while traveling.

Purchase Protection

Purchase Protection and Extended Warranty Protection are other notable benefits. These features provide coverage for items purchased with your card against damage or theft for a certain period after the purchase and extend the manufacturer’s warranty on eligible items.

Rate and Fee Information

Understanding the rate and fee structure of your credit card is crucial to managing your finances effectively. Here’s a breakdown of the rates and fees associated with the Capital One Quicksilver Student Cash Rewards Credit Card:

Purchase APR

The card has a variable APR range of 19.99% – 29.99%, which is relatively high. This means that carrying a balance month-to-month can become costly, so it’s advisable to pay off your balance in full each month to avoid interest charges.

Introductory APR

There is no introductory APR offer on purchases or balance transfers. This could be seen as a downside for students looking to finance a large purchase upfront.

Balance Transfers APR

The balance transfer APR also falls within the 19.99% – 29.99% range. Additionally, there’s a fee of 4% for the amount of each transferred balance that posts to your account at a promotional APR. There are no fees for balances transferred at the Transfer APR.

Cash Advances APR

The APR for cash advances is set at 29.99% variable, coupled with a fee of 5% of the amount of the cash advance, but not less than $5. Cash advances are generally not advisable due to the high costs involved.

Late Payment Fee

Late payments can incur a fee of up to $40, so it’s essential to make timely payments to avoid these charges.

How to Avoid Paying Interest

Your due date is at least 25 days after the close of each billing cycle. If you pay your previous balance in full by the due date each month, you will not be charged interest on new purchases. However, interest on cash advances and balance transfers starts accruing from the transaction date.

Conclusion

The Capital One Quicksilver Student Cash Rewards Credit Card offers a compelling mix of benefits tailored specifically for students. With no annual fee, a straightforward cashback program, and valuable travel and purchase protections, it stands out as one of the better options for students looking to build their credit history. The high cashback rate on Uber and Uber Eats purchases is particularly appealing for those who frequently use these services.
However, the high variable APR and the lack of an introductory APR offer might be a drawback for some students. It’s crucial to use this card responsibly by paying off the balance in full each month to avoid high-interest charges.
In summary, the Capital One Quicksilver Student Cash Rewards Credit Card is a robust option for students aiming to establish their credit while enjoying some noteworthy perks. Its benefits outweigh the drawbacks, making it a card worth considering for those new to credit but eager to start their financial journey on the right foot.