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Our take: The Capital One Quicksilver Secured Cash Rewards Credit Card can be an excellent secured card for people who are looking to rebuild their credit, offering 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on every purchase. Additionally, the $0 annual fee, automatic credit line increase opportunity and unsecured upgrade option make it great for long-term use.
Capital One Quicksilver Secured Cash Rewards Credit Card
Who is this card good for?
The Capital One Quicksilver Secured card is good for those who are rebuilding from poor or fair credit and want a card that earns rewards with no foreign transaction fee.| Annual fee | $0 |
| APR | 29.99% variable |
| Security deposit | $200–$1,000 to $3,000 (depending on your creditworthiness) |
Pros
- Minimum of 1.5% cash back on every purchase
- Automatic credit line review in as few as six months
- Opportunity to upgrade to an unsecured card
Cons
- Requires a security deposit
- High APR
Highlights
- Welcome Bonus: None
- Annual Fee: $0
- Rewards: 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on every purchase
Overview
The Capital One Quicksilver Secured Card offers an opportunity to build or rebuild your credit with dignity. In addition to not charging an annual fee, the card offers a rewards rate that competes with some of the top cash-back credit cards on the market. It also doesn’t list the word “secured” on your physical credit card.
When you apply, though, you’ll need to make a security deposit equal to your desired credit limit, with a $200 minimum. You can make partial payments as long as you meet the full deposit amount within 35 days of account opening.
If you use the card responsibly, you can potentially qualify for a credit line increase in as little as six months with no additional deposit required. What’s more, Capital One may choose to upgrade your account to an unsecured card and return your deposit. In contrast, many other secured cards require you to close your account to get your deposit back. The only problem is that Capital One doesn’t provide a timeline for unsecured upgrades.
Who is Capital One Quicksilver Secured Cash Rewards Credit Card good for?
The card is worth considering if you’re looking to rebuild a poor credit history. Using the card occasionally, keeping your balance low relative to your credit limit, and paying your balance in full can help you establish a positive payment history and credit utilization rate, both of which are important factors in your credit score.
It can also be worth considering if you’re new to credit, but only if you can’t qualify for unsecured starter credit cards like the Chase Freedom RiseSM or Petal 1 Visa Card.
Who shouldn’t get Capital One Quicksilver Secured Cash Rewards Credit Card?
If you’re new to credit or your credit score is in decent shape, you may be eligible for a credit card that doesn’t require a security deposit.
Additionally, while it’s possible to get the Capital One Quicksilver Secured after bankruptcy, it must be discharged before you apply. You’re also ineligible if you have a past-due balance or you’re over the limit on another Capital One account, or if you’ve had a Capital One card charged off in the past year.
Capital One Quicksilver Secured Cash Rewards Credit Card: How to earn rewards
The Quicksilver Secured credit card offers 5% cash back on hotels and rental cars booked through Capital One Travel and a flat 1.5% cash back on every purchase you make. This simple rewards structure means you don’t need to keep track of different rewards rates; you’ll always know how much you’ll earn with each purchase.
How to redeem Capital One Quicksilver Secured Cash Rewards Credit Card rewards
Capital One allows you to redeem your Quicksilver Secured rewards in a handful of different ways, including a statement credit on your account, a paper check, gift cards and travel reservations through Capital One Travel.
There’s no minimum redemption amount, and your rewards don’t expire as long as your account remains open and in good standing. You can even set up automatic redemptions for when your rewards balance reaches a specific threshold or at a set time each year.
Capital One Quicksilver Secured Cash Rewards Credit Card rates and fees
- Annual fee: $0
- Foreign transaction fee: None
- Purchase APR: 29.99% variable
Additional benefits
- Automatic credit line reviews: Starting at six months, you may be eligible for a credit limit increase without an additional deposit for using your card responsibly.
Refundable deposit and upgrade: If you use your card responsibly, Capital One may refund your deposit in the form of a statement credit and convert your account to an unsecured Capital One Quicksilver Cash Rewards Credit Card. - CreditWise from Capital One: As you work to build your credit, the card issuer’s free credit monitoring service allows you to track your progress with access to your VantageScore credit score. However, you don’t need to be a Capital One customer to register for the service.
Virtual card numbers: When shopping online, you can create virtual card numbers for different websites, allowing you to keep your actual card number safe.
Credit cards similar to Capital One Quicksilver Secured Cash Rewards Credit Card
If you’re not sold on the Capital One Quicksilver Secured Cash Rewards Credit Card, here are a couple of other secured credit card options to consider.
Discover it® Secured Credit Card vs. Capital One Quicksilver Secured Cash Rewards Credit Card
If you want a clearer timeline and guidelines for an upgrade to an unsecured card, the is worth considering. The card offers and . What’s more, Discover will match all the cash back you earn during your first year.
Starting at seven months after you open the account, Discover will review your account each month to determine if you qualify for an upgrade. Once you do, the card issuer will refund your deposit. In particular, you can get an upgrade if you’ve made your payments on time for the last six consecutive billing cycles on all of your Discover accounts and all of your credit accounts, including those with other creditors, are in good status. The card doesn’t charge an annual fee.
Secured Chime® Credit Builder Visa® vs. Capital One Quicksilver Secured Cash Rewards Credit Card
If your credit has taken some significant hits—think bankruptcy, foreclosure, repossession or debt settlement—you may even have a hard time getting approved for a secured credit card.
In that case, the Secured Chime® Credit Builder Visa® Credit Card should be on your radar. The card doesn’t require a credit check when you apply, and there’s also no minimum security deposit requirement, no interest rate and no annual fee. The card works by moving money from a Chime Checking Account to your Credit Builder account. Then, when you make purchases, the Credit Builder balance automatically pays for them. Chime reports these payments to the credit bureaus to help you establish a positive credit history.
Is the Capital One Quicksilver Secured Cash Rewards Credit Card right for you?
If your credit score is in poor shape, whether due to some credit missteps or circ*mstances outside of your control, the Capital One Quicksilver Secured Cash Rewards Credit Card offers the chance to rebuild your credit history while earning top-tier rewards along the way.
The ability to upgrade your account to an unsecured Quicksilver card also makes it a good choice for people who don’t want to build a positive payment history on a secured card only to close it, which can hamper your progress in building your credit score.
However, the card may not be the right choice for you if you’re new to credit or have a limited credit history and can qualify for a card that doesn’t require an upfront security deposit.
Frequently asked questions
What is the credit limit on a secured Capital One card?
Your credit limit will be equal to your security deposit. The minimum requirement for the Quicksilver Secured is $200, but you can go as high as $1,000 to $3,000, depending on your creditworthiness.
What is the difference between the Quicksilver Secured and Platinum Secured?
Both cards offer opportunities for an unsecured credit line increase and upgrade to an unsecured account. But if you’re looking for a smaller deposit, the Capital One Platinum Secured Credit Card allows you to get a $200 credit limit with a deposit of $49, $99 or $200, depending on your creditworthiness. That said, only the Quicksilver Secured offers rewards.
How do I increase my Quicksilver Secured limit?
You can increase your card’s credit limit by making additional deposits beyond the minimum requirement within 35 days of opening your account. Once you’ve reached that deadline, however, you can’t voluntarily increase your credit limit again.
Once your account is open, however, Capital One may increase your limit without requiring an additional deposit based on your payment history and creditworthiness.
Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
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