Capital One Quicksilver Secured Credit Card Review
Overview of Capital One Quicksilver Secured
The Capital One Quicksilver Secured Cash Rewards credit card is a solid choice for people with poor or limited credit. While most secured card options are aimed at building credit rather than earning rewards, the Quicksilver Secured is a unique combination of the two — offering a 1.5% rewards rate on all purchases. There are no annual fees and no foreign transaction fees (see prices and fees), this type of card opens many doors for people who want access to credit. Card Rating*: ⭐⭐⭐½
*Card Ranking Based on the opinions of TPG editors and not influenced by card issuers.
Just for you credit score Being unpopular doesn’t mean you’re completely banned from applying for a credit card. Secured credit cards is a great alternative to help you build or repair your credit through a slightly different approach.
Instead of a traditional line of credit, you’ll be required to make a fully refundable cash deposit to determine your credit limit. From there, a secured credit card will function just like a traditional credit card — but with a much easier approval process.
The Capital One Quicksilver Secured is one of the best — if not the best — secured card options on the market. No annual fee and requires a minimum cash deposit of $200 (see prices and fees). But perhaps the best part of this card is the ability to earn 1.5% cash back on every purchase, which is a great cash back rate even when compared to traditional credit cards.
Let’s look at all the details.
Pros and Cons of Capital One Quicksilver Secured
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Guaranteed Capital One Quicksilver Welcome Offer
Unfortunately, this card does not come with a welcome offer.
Capital One Quicksilver Security Benefits
While secured cards typically have few benefits, Quicksilver is protected comes with some significant perks:
- No foreign transaction fees: When you travel abroad and pay with Quicksilver Secured, you won’t incur any foreign transaction fee.
- Automatic credit limit assessment: Based on your payment history and creditworthiness, you may automatically receive a credit limit increase without having to make an additional deposit.
- Credit Score Tracking: Using Capital One’s CreditWise feature, you can check your credit score for free without affecting your credit score.
- Access to digital features: You can use flexible payment dates and AutoPay to ensure timely statement payments.
- No annual fee: All these great benefits come with no annual fee.
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Remember that you will need to make a minimum deposit of $200 (this amount also determines your credit limit), so the more you deposit, the more credit you will be given.
If you need a larger credit limit, you can make an additional deposit within 35 days of approval and card activation. You can raise your initial credit limit up to your maximum limit—which is specified when the card is approved—and can range from $1,000 to $3,000, depending on your creditworthiness.
Eventually, you can “graduate” to the Capital One Quicksilver Cash Rewards Credit Card—the unsecured version—by using the card responsibly. That means you’ll get your deposit refunded, but all of the card’s other terms and features will remain the same.
Earn Rewards with Capital One Quicksilver Secured
With this card, you will get 1.5% cash back directly on every purchase, with no limit on how much you can earn.
This is a decent income, although you won’t be entitled to any bonuses.
Redeem Rewards with Capital One Quicksilver Secured
You can redeem your rewards through statement credits, gift card purchases, or cash back on purchases.
You won’t earn Capital One miles, so you won’t be able to use Capital One’s money transfer partners, but you will have some flexibility with your cash back rewards.
What cards can compete with the Capital One Quicksilver Secured?
If you’re looking to build your credibility, you have a few options; one of these may be more suitable. Capital One Quicksilver Guaranteed.
- If you want to earn bonus rewards while building credit:The Discover It Secured credit card earns 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases per quarter) and unlimited 1% cash back on all other purchases.
- If you already have good credit: The Citi Double Cash® Card (see prices and fees) earns unlimited 2% cash back on all purchases (1% when you buy and 1% when you pay). Its simplicity makes it one of our favorite starter rewards cards. For more details, check out full review of Citi Double Cash.
The information about the Discover It Secured Credit Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
For more options, check out our list. best secured credit card and best starter credit cards.
Related: How to Earn Points and Miles with Average to Poor Credit
Is Capital One Quicksilver Secured worth buying?
The Capital One Quicksilver Guaranteed provide a the path to financial success by paying your bill on time and complete. After regular use, you can upgrade to a non-secure Quicksilver card.
Last line
While there’s no welcome bonus (which isn’t uncommon for secured cards to begin with), the 1.5% rewards rate, no foreign transaction fees, and no annual fee are factors that make this card a viable option for those needing a complete change or needing a place to start.
This is a great secure credit card that can help you rebuild your credit.
Find out more: Capital One Quicksilver Guaranteed
