- Solid cash back rewards rate
- Potential to convert to an unsecured card
- Automatic credit line reviews
- Requires an upfront deposit
- High APR
Capital One Quicksilver Secured Cash Rewards Credit Card
What you need to know about the Capital One Quicksilver Secured Cash Rewards Credit Card
If you’re trying to build or rebuild your credit scores, the Capital One Quicksilver Secured Cash Rewards Credit Card could help. But as with any credit card, it’s important to understand all of the card’s features before you apply.
You’ll earn rewards while you build credit
If you’re using a secured credit card, your top priority may be establishing or rebuilding your credit history. But with the Capital One Quicksilver Secured Cash Rewards Credit Card, you don’t need to wait until your credit scores are in stellar shape to start taking advantage of credit card rewards.
The card’s 1.5% rewards rate makes it one of the top rewards secured credit cards on the market. And the annual fee? None.
Plus, if you like to travel, you can earn 5% cash back when you book hotels and rental cars through Capital One Travel.
Note, however, that the card has an APR of 29.99% on both purchases and balance transfers, so it’s a good idea to pay your balance in full every month to avoid interest charges on your card.
Flexibility with your deposit and credit limit
Someone with a secured card would typically need to close their account to get their security deposit back — and that’s still the case with some cards. But with this card, you could get upgraded to an unsecured card if you’re careful about the way you use the Capital One Quicksilver Secured Cash Rewards Credit Card.
Capital One will start reviewing your account for an automatic credit limit increase in as little as six months. You don’t have to submit an extra deposit to secure any increases to your credit line.
Approval isn’t guaranteed
Considering the credit line is entirely secured by your deposit, you may think this secured card is easy to get. But Capital One has minimum credit and income requirements that you’ll need to meet.
Here are just a few of things that could prevent you from being approved for the card.
- You live outside of the U.S. (though Puerto Rico and military addresses are acceptable).
- You’re incarcerated in a correctional institution.
- Your monthly income doesn’t exceed your rent or mortgage payment by at least $425.
- You’ve applied for a Capital One credit card three or more times in the past 45 days.
- You have a past-due balance or you’ve exceeded your credit limit on another Capital One credit card.
- You’ve had a Capital One credit card balance charged off in the last year.
- You’ve filed for bankruptcy, and it hasn’t been discharged yet.
What else you need to know about the Capital One Quicksilver Secured Cash Rewards Credit Card
As you think about whether this card is the right fit for you, here are some other features to keep in mind.
- Deposit — The minimum deposit is $200 to open the account, but you can deposit more funds before you activate the card to increase your limit.
- Credit limit — Your maximum credit limit may be anywhere between $1,000 and $3,000, depending on the strength of your credit.
- Fees — The card doesn’t charge foreign transaction fees, authorized user fees or replacement card fees.
- Preapproval option — You can find out if you’ve been preapproved for the card with just a soft credit inquiry, which won’t affect your credit scores.
- Rewards redemption — You can use your cash back rewards to get a paper check or a statement credit, cover specific purchases or buy gift cards.
- Shop securely — Capital One allows you to create virtual card numbers that you can use when shopping online to protect your main account number.
Who the Capital One Quicksilver Secured Cash Rewards Credit Card is good for
The Capital One Quicksilver Secured Cash Rewards Credit Card may be worth considering if you’re working on building or rebuilding your credit and you want to earn rewards.
This card allows you to earn a good rewards rate and offers the potential for an upgrade to an unsecured card. The rewards rate isn’t the best out there, but it’s still solid for everyday purchases.
Remember, though, that you’ll still need to give up at least $200 to secure the credit line. If you don’t have that kind of cash lying around, take a look at some of the top unsecured credit cards for bad credit.
Finally, this card is for someone who plans to pay their bill in full every month. Not only will this ensure that you avoid interest charges, but it can also help keep your credit utilization rate down, which is an important factor in your credit scores.
Not sure this is the card for you? Consider these alternatives.
Even if you’re sure the Capital One Quicksilver Secured Cash Rewards Credit Card is a good fit for you, it’s always a good idea to shop around and compare multiple cards before you apply for one. Here are some potential alternatives to consider.
- Discover it® Secured Credit Card: This card could be a good option for consumers who tend to spend a lot at gas stations and restaurants. It’s also a strong card for building credit.
- Capital One Platinum Secured Credit Card: Consider this option if you want to put down less cash for a security deposit.
- Petal® 1 Visa® Credit Card: This card may be a fit if you want to build your credit from scratch but don’t want a secured card.