|Student Rating:||3.3 / 5|
|Interest and Fees||2.6|
|Issuer Customer Experience||4.0|
In a Nutshell:
Offering one of the best flat cash back rates of any student card, the Quicksilver Student should be a solid foundation for student credit builders looking for a streamlined rewards program. But it doesn’t offer the most forgiving APR and fees.
Estimated Yearly Rewards Value ($300 monthly spend)
Capital One Customer Service Ratings
Other Notable Features: Free credit score monitoring with CreditWise, no foreign transaction fee, price protection*, extended warranty*, roadside assistance*, cell phone protection*, concierge services, *Terms, conditions and exclusions apply. Refer to your Guide to Benefits for more details.
If you’re a student searching for a simple cash back card that can help you build credit with responsible use while avoiding an annual fee and security deposit, the new Capital One Quicksilver Student Cash Rewards Credit Card could be a good fit.
One of two new student credit cards offered as part of Capital One’s student card suite, the Quicksilver Student card is available to someone with a limited credit history or a fair or average credit score and gets you a solid 1.5% cash back on every purchase.
But while it carries an impressive flat rewards rate, it’s not necessarily the most lucrative student card option. Read on to learn more about where this card shines and where it may fall short.
Earning cash back
Student credit cards have been upping their game recently and the new Quicksilver Student Cash Rewards Credit Card is no exception. The Quicksilver Student card earns unlimited 1.5% cash back on all qualifying purchases, with no need to track or activate rotating categories each quarter.
While there are plenty of 1.5% cash back credit cards to choose from, this is one of the highest flat cash back rates you can get as a student and it makes for a great no-frills option for college students who want to start their credit-building journey off on the right foot while earning consistent cash back.
To get a sense of how much you stand to earn with the card, let’s say you spent a total of $15,900 per year (estimated annual spend based on data from the U.S. Bureau of Labor Statistics) with the card. Considering the 1.5% flat cash back rate, you’d earn close to $239 in cash back. While this could add up to a nice chunk of cash back on purchases you’d already planned to make, it may fall short of a card like the Discover it® Student Cash Back, which gets you a whopping 5% back in a variety of rotating categories (upon enrollment, on up to $1,500 each quarter, 1% after that) and then 1% on all other purchases.
Redeeming cash back
You can redeem your cash back in a variety of ways, including as a statement credit or for gift cards at merchants like Whole Foods, Lowes, and Walmart among others. And since your rewards won’t expire for the life of your account, you have the flexibility to redeem only when you’re ready.
Card rates and fees
If you decide to apply for the Quicksilver Student card, the annual fee shouldn’t impact your decision since there’s no such charge. These fees can sometimes be pricey, but most student credit cards take this into consideration and offer no annual fee to cardholders that are starting out with a fair credit score or limited credit history. This gives the Quicksilver Student a distinct advantage over non-student credit-building cards, which often carry hefty fees or require you to tie up hundreds in a refundable security deposit.
That said, the Quicksilver Student card’s high APR holds it back when compared to other student cards. While the Quicksilver Student card carries no penalty APR, its ongoing variable APR of 26.99% is steep and could come back to bite you if you’re not able to pay back your balance in full at the end of each month. If that’s a concern, a different student card like the Chase Freedom Student credit card (14.99% variable APR) or the Discover it® Student Cash Back (12.99% – 21.99% variable APR) could be a better fit depending on your spending habits. We never recommend carrying a balance, but if it’s unavoidable, these lower rate options are worth a look. The Quicksilver Student also carries a harsh up to $40 late payment fee, which, unlike the fee on some competing cards, is not waived the first time you pay late.
On the plus side, the Quicksilver Student card carries no foreign transaction fees, making it a good option for travel or study abroad (many cards charge a 3% fee on all purchases made overseas).
The Quicksilver Student card doesn’t boast the most impressive list of perks – especially student-centric perks – but it comes with a handful of extra benefits that could be useful for students. Here are a few standouts:
- Free credit education tools – CreditWise can be helpful as you learn to build your credit and keep tabs on your credit profile.
- Complimentary concierge services – You can take advantage of concierge services any time throughout the day say if you need help setting up a dining reservation or solidifying plans and need to book a flight.
- Cellphone protection – Use your card to pay your cellphone bill and the card’s cellphone insurance can help you get reimbursed for repairs or replacement if your cellphone is damaged or stolen.
- Price protection – Prices rise and fall frequently, and this perk allows you to potentially be reimbursed for the difference if the price of an item you bought with the card drops within 120 days of purchase.
- Earning a higher credit limit in short time – Assuming you use your card responsibly, you’ll be automatically eligible to receive a credit line increase in as little as six months.
- Extended warranty – You’ll automatically double the length of your original manufacturer or store warranty on eligible purchases.
- MasterRental coverage – Enjoy the security of extra coverage for physical damage and theft when you use your card to rent an eligible vehicle.
- Master RoadAssist – Unexpected things may come up on road trips and this 24-hour toll-free dispatch service is offered to help with any towing, fuel delivery and other services (fees apply).
* Terms, conditions and exclusions apply. Refer to your Guide to Benefits for more details.
You also have the option to choose your own monthly due date and can set up automatic payments to ensure your bill is paid on time. There’s also $0 fraud liability if your card is lost or stolen, which offers some extra peace of mind.
How does the QuickSilver Student Cash Rewards Card compare to other student cards?
If you’re starting to build your credit, it’s best to do your research and find a card that works best for your goals and spending habits. Whether that means maximizing rewards or paying off a big purchase while avoiding interest, there should be a card that fits your needs. You can even use the CreditCards.com CardMatch tool to check for cards that fit your credit profile, with no impact to your credit score. Here are a few alternatives to the Quicksilver Student card worth considering:
Discover it® Student Cash Back
Capital One SavorOne Student Cash Rewards Credit Card
Chase Freedom® Student credit card
|Rewards rate||Rewards rate||Rewards rate|
Discover will match all the cash back you earn at the end of your first year
$50 bonus earned after first purchase made within the first 3 months
|Other things to know||Other things to know||Other things to know|
Though the Discover it Student Cash Back Card offers student-friendly benefits and a high cash back rate in rotating bonus categories, it requires some effort on your part to maximize those rewards. You will have to activate these quarterly rotating categories and plan your spending habits accordingly to earn that cash back. However, if you don’t mind tracking these categories and can take advantage of the $20 statement credit offered each year for good grades (up to five years), then this card may be worth it. Keep in mind, too, that Discover will match all the cash back earned at the end of the first year.
The new Capital One SavorOne Student card offers great variety with its bonus cash back categories, as well as a $0 annual fee. Cardholders can earn 3% cash back on dining, entertainment, streaming services (enrollment required) and at grocery stores (excluding Walmart and Target). You’ll also earn 1% cash back on all other purchases and 8% cash back on tickets at Vivid Seats through January 2023, which could be a huge perk if you are an avid music fan. However, keep in mind it carries the same high 26.99% variable APR as the Quicksilver Student card.
A good option for students beginning their credit journey, the Chase Freedom Student credit card offers cardholders a $50 welcome bonus after you make your first purchase within the first three months, plus an additional $20 annual bonus for the first five years if you keep your account in good standing. You can also earn 1% cash back on all purchases and take advantage of the Chase Ultimate Rewards program to redeem your earnings in the form of cash back, statement credits, Apple purchases, travel and more. Many incoming college students lack a car for at least their first year, so it’s a nice perk that Chase Freedom Student also earns 5% cash back on Lyft rides through March 2022. Exploring your college town just got more affordable.
Who should get the Quicksilver Student Cash Rewards Credit Card?
- Students at a 4-year university, community college or other higher education institution looking to continue to build their credit
- Students who want to build credit and earn rewards
- Students who prefer cash back instead of points or travel
How to use the Quicksilver Student Cash Rewards Credit Card:
- Use the card for small purchases to keep credit utilization low and ensure you can pay off your balance each month
- Pay off your credit balance in full every month to avoid a high APR
- Stay on top of your payments to be in good standing for consideration for a credit line increase
- Use the free credit education tool to monitor your credit score and progress with the CreditWise app
Is the Quicksilver Student Cash Rewards Credit Card worth it?
It depends. The Quicksilver Student card’s biggest detractor is its high APR of 26.99% variable, which could pose a risk to students new to credit. First time cardholders are prone to carrying balances and missing payments, and the Quicksilver Student is not as forgiving with these kinds of occurrences as some competitors. And though the card charges no annual fee and offers some student-friendly benefits such as a free credit monitoring and education tools, it may not the most rewarding card overall.
That said, if you’re confident you’ll be able to pay off your balance each month and are looking for a simple way to earn cash back while you build credit as a student, the Quicksilver Student card will get the job done, offering a competitive flat rate at a low cost.
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