Capital One Quicksilver Secured Card Review
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Capital One Quicksilver Secured card review
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Capital One Quicksilver Secured Cash Rewards Credit Card
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Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The Capital One Quicksilver Secured Cash Rewards Credit Card is a great choice if you're new to credit cards and working on building your credit history and score. It's a rare secured credit card that offers decent rewards (1.5% cash back on most purchases), but you'll have to put down a deposit after you're approved to secure your credit line.
Review: Is the Capital One Quicksilver Secured card the best credit card for you?
Getting approved for a credit card when you have a limited credit history can be a tricky proposition, particularly if you're looking for a card that earns rewards. Nearly all of the best credit cards are open to those with good or excellent credit score, and cards geared to those with average or poor credit typically don't earn points, miles, or cash back.
The Capital One Quicksilver Secured Cash Rewards Credit Card is unusual because it earns strong rewards that are comparable to unsecured cards. Cardholders earn 5% cash back on hotels and rental cars booked through Capital One Travel and a very respectable 1.5% cash back on all other purchases with no limits.
To be considered for the Capital One Quicksilver Secured Cash Rewards Credit Card, we recommend you to have at least a fair credit score, which Capital One defines as those with limited credit history (less than three years) including students, people new to the US, or authorized users on someone else's credit card — or those who have defaulted on a loan in the past five years.
While the Capital One Quicksilver Secured Cash Rewards Credit Card doesn't offer a welcome bonus (secured cards generally don't), there's no annual fee and, like other Capital One credit cards, it doesn't add foreign transaction fees.
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Discover it® Secured Credit Card
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Capital One Platinum Secured Credit Card
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Capital One Quicksilver Secured Cash Rewards Credit Card
How the Capital One Quicksilver Secured works
The downside is the Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card, which means you'll have to put down a security deposit equal to the initial credit line you'll be given. Your security deposit effectively acts as collateral — if you default on your payments, Capital One will use that money to pay off your account.
That said, you can get started with a deposit as low as $200 (though you can deposit more than the minimum, up to a certain limit, depending on your creditworthiness). After as little as six months of on-time payments, Capital One will automatically consider you for a higher credit limit.
When you're initially approved, you'll have up to 35 days to fund your account with the initial security deposit. If you can't pay all at once, that's OK — Capital One will allow you to make partial deposits (minimum $20) until you meet the required amount.
And with responsible use over time (making on-time payments), you could have the opportunity to graduate to an unsecured Quicksilver card and get your deposit back. All of your account activity is reported to the three main credit bureaus, so by demonstrating responsible use you can improve your credit score and eventually qualify for other forms of credit.
If your credit score is on the higher end of average, you may be able to get approved for an unsecured Capital one card like the Capital One Quicksilver Cash Rewards Credit Card, which comes with a good welcome bonus offer: One-time $200 cash bonus once you spend $500 on purchases within 3 months of account opening.
And if you're a college student with limited credit history, you should consider the Capital One Quicksilver Student Cash Rewards Credit Card or Capital One SavorOne Student Cash Rewards Credit Card. Both of these cards come with a modest welcome bonus and better benefits.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How to earn rewards from Capital One Quicksilver Cash Rewards Secured credit card
The rewards rate on the Capital One Quicksilver Secured Cash Rewards Credit Card is straightforward, with no complicated bonus categories to track and no limits to what you can earn. Cardholders earn:
- 5% cash back on hotels and rental cars booked through Capital One travel
- 1.5% cash back on all other eligible purchases
As long as your card is open and in good standing, your rewards will never expire.
The Capital One Quicksilver Secured Cash Rewards Credit Card looks exactly like other Capital One Quicksilver cards — it doesn't have the word "secured" emblazoned on it, so when you use it, nobody will know you're working on building or rebuilding your credit.
There's no minimum redemption amount for cash back, and you can receive your rewards in the form of a statement credit or check.
How to use rewards
Capital One makes it very easy to redeem your cash back, with no minimum redemption amount and several ways to redeem rewards. The simplest option is to receive your rewards in the form of a statement credit on your account to offset previous purchases, but you can also cash them out via a check or redeem them for gift cards.
You can also use your cash back toward travel (flights, hotels, and rental cars) booked through the Capital One travel portal. That's not the smartest way to redeem rewards, because you won't earn cash back on the purchase. It's a better idea to use your card to pay for travel (especially if you book a hotel or car rental through Capital One travel, which nets you 5% cash back) and then use your cash-back rewards to erase the purchase from your statement.
Capital One also allows you to set up automatic redemptions, such as when you reach a certain rewards threshold or at a certain time each year. You can easily change your redemption preferences in your Capital One account online.
Capital One Quicksilver Secured card benefits and features
As with most secured credit cards, the Capital One Quicksilver Secured Cash Rewards Credit Card isn't packed with perks. However, there are a few benefits that cardholders will find handy.
No foreign transaction fees
Most credit cards designed for folks with lower credit scores tack on extra fees, including foreign transaction fees of 3% or more when you use the card for international purchases. With the Capital One Quicksilver Secured Cash Rewards Credit Card, you won't have to worry about getting stung with extra charges when you travel abroad — in fact, Capital One cards in general don't add foreign transaction fees.
Automatic consideration for credit limit increases
Capital One will automatically review your account and consider you for a credit limit increase with as little as six months of responsible use (that means paying off your card on time every month). This is good not just because you'll have access to a higher credit line; it can also help you boost your credit score by improving your credit utilization ratio.
Refundable security deposit
Although you'll need to put down at least $200 as a security deposit on the Capital One Quicksilver Secured Cash Rewards Credit Card, you'll have the opportunity to earn it back — and convert to an unsecured card — when you use the card responsibly over time.
If you close your account, as long as your balance is paid in full, you'll receive a refund of your deposit.
Other benefits
The Capital One Quicksilver Secured Cash Rewards Credit Card comes with other perks that are standard across Capital One cards, including:
- Credit monitoring through Capital One Credit Wise
- Account and security alerts
- Virtual card numbers (great for online purchases)
- Free authorized users
- $0 fraud liability (you're not responsible for unauthorized charges if your card is lost or stolen)
- Card lock (for when your card is misplaced, lost, or stolen)
- Emergency card replacement
Capital One Quicksilver Secured Cash Rewards Credit Card
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Capital One Quicksilver Secured fees and costs
The Capital One Quicksilver Secured Cash Rewards Credit Card doesn't charge an annual fee or foreign transaction fees, but there are other costs you should be aware of.
One major caveat with the Capital One Quicksilver Secured Cash Rewards Credit Card is its APR (annual percentage rate). For purchases and transfers, there's a 29.74% Variable APR. That's significantly more than the average credit card interest rate, so if you carry a balance, you'll be on the hook for high interest charges. Be sure to pay off your account in full each month to avoid racking up unmanageable credit card debt.
There are also fees for balance transfers, late payments, and cash advances, like most other credit cards charge.
Compare Capital One Quicksilver Secured vs other Capital One cards for building credit
Capital One Quicksilver Secured Cash Rewards Credit Card | Capital One Platinum Secured Credit Card | Capital One Platinum Credit Card | |
Annual fee | |||
Minimum security deposit | $49, $99, or $200 | ||
Rewards rate | 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases | ||
Card benefits | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit | No foreign transaction fees Automatic consideration for credit line increases Unsecured card — no security deposit required |
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Capital One Quicksilver Secured vs other secured credit cards
Capital One Quicksilver Secured Cash Rewards Credit Card | Discover it® Secured Credit Card | U.S. Bank Cash+® Visa® Secured Card | |
Annual fee | |||
Minimum security deposit | |||
Rewards rate | 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit | 5% cash back in two eligible categories of your choice, on up to $2,000 in combined spending each quarter (then 1%)* 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center 2% cash back at grocery stores, gas stations, EV charging stations, or restaurants 1% cash back on all other eligible purchases |
Card benefits | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit | Refundable security deposit |
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*5% cash back category choices on the U.S. Bank Cash+® Visa® Secured Card are fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing stores
Capital One Quicksilver Secured card frequently asked questions (FAQ)
Whether you've got bad credit or limited credit history, you may still qualify for the Capital One Quicksilver Secured Cash Rewards Credit Card. Capital One says those with their definition of "fair" credit can be eligible — which includes folks new to the US and students, or those who've defaulted on a loan in the past five years.
If your credit score is already good, don't apply for the Capital One Quicksilver Secured Cash Rewards Credit Card — you'll want to look at unsecured cards instead, like the Capital One Quicksilver Cash Rewards Credit Card.
Your credit limit on the Capital One Quicksilver Secured Cash Rewards Credit Card is determined by the amount you put down as a security deposit. The minimum deposit is $200 (which gives you a $200 credit limit), but you can increase your deposit to up to $1,000 to $3,000, depending on your creditworthiness.
Secured credit cards, like the Capital One Quicksilver Secured Cash Rewards Credit Card, can help you raise your credit score in a couple of ways. First, by opening a new line of credit, you'll increase the amount of total credit available to you and improve your credit utilization ratio (the ratio of the amount of credit you're currently using to the total amount of credit available to you). Keeping your utilization ratio low helps boost your credit score.
Second, by using the card responsibly (paying your bills on time and in full — paying more than the minimum payment due also helps your utilization ratio) you'll develop a positive credit history. Your payment history is the most important factor in determining your credit score. On-time payments will have a positive effect, but any missed or late payments will cause your score to drop.
While it's inconvenient to have money tied up as a security deposit on a credit card, it's there for a reason. The card issuer needs to see that you're responsible with your credit card use and trustworthy as a borrower, using your security deposit as collateral.
Once you have a proven track record of managing your credit card responsibly, Capital One may consider you for an upgrade to an unsecured version of the card. At that point, your security deposit will be refunded. You can also get a full refund of your security deposit when you close your account, as long as your bill is paid in full.
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