Capital One Quicksilver Secured Cash Rewards Credit Card: Review
Is Capital One Quicksilver Secured Cash Rewards Credit Card worth it?
Yes, Quicksilver Secured is worth it, especially if a low credit score stops you from qualifying for an unsecured card. As your card activity is reported to the three major credit bureaus, every balance due is an opportunity to build up your credit.
You also get 1.5% back on every purchase with no annual fee, which is a huge perk. Since this is a Capital One card, you’ll get unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Ideally, this credit-building card should be used as a stepping stone to being approved for an unsecured Quicksilver card.
What we like
Credit monitoring features
The Quicksilver Secured card helps build your credit profile by reporting to the three major credit bureaus and allows you to monitor your credit score for free. With Capital One CreditWise, you can check your VantageScore for free either through the CreditWise app or your Capital One account.
No annual fee
As a no-annual-fee card, you don’t have to worry about earning rewards and benefits to offset the cost of having this card in your wallet.
Credit limit increase
After six months of responsible use, cardholders will automatically be considered for a higher credit limit without needing to make an additional deposit.
Graduation opportunity
If you use your Quicksilver Secured card responsibly, you can eventually upgrade (or graduate) to the unsecured version, the Capital One Quicksilver Cash Rewards Credit Card. Once you’ve made that step up, you’ll get your security deposit back. You won’t be eligible to earn the regular Quicksilver’s welcome bonus, however.
What we don’t like
Security deposit
Although the Quicksilver Secured card has no annual fee, the $200 security deposit required to open the card may be a little steep if your budget is already tight. Other secured cards offer similar credit limits with down payments as low as $49 for qualifying applicants.
High APR
Credit cards for bad credit typically have higher APRs, so unsurprisingly, the Quicksilver Secured card has a variable APR of 29.99%. With that in mind, it’s essential to be prepared to pay off the card balance every month to avoid extra charges.
Limited rewards categories
The Quicksilver Secured does well to offer 5% back on hotels and rental cars booked through Capital One Travel. However, with no bonus categories, there’s little room to earn high rewards, especially if you spend a lot in specific categories like restaurants and dining each month. But you likely won’t qualify for one of those higher-tier cards until your credit score is in the good to excellent range.
No welcome bonus
Understandably, Capital One might not want to entice someone with a rocky credit history to hit a spending threshold in the first three months just to qualify for a bonus. However, it would be nice if Capital One allowed you to earn back part of the $200 security deposit on this card in the form of a welcome bonus.
Who is Capital One Quicksilver Secured Cash Rewards Credit Card best for?
The Quicksilver Secured is designed for individuals with less than good credit who want to earn rewards. Whether you’ve had some financial misfortunes or simply haven’t built up your credit, this secured credit card can help you boost your credit while still earning cash back at a rate that’s competitive with standard credit cards.
Overall, this card could fit anyone who can’t qualify for an unsecured credit card. Good stewardship of this card could be a gateway to getting approved for the best credit cards with bigger perks related to travel, dining and other reward categories.
Capital One Quicksilver Secured Cash Rewards Credit Card: Rewards
As a credit card for fair credit, the Capital One Quicksilver Secured card doesn’t offer much in the way of rewards. However, it does provide more than you might think for such a basic product.
Earning rewards
Earning rewards with this card couldn’t be more straightforward:
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All purchases: Unlimited 1.5% cash back on every purchase.
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Travel: Unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Redeeming rewards
Capital One Quicksilver Secured cardholders get to redeem their rewards using many of the same options available to unsecured Capital One cardholders.
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Redeem for cash: You can request a check totaling the value of your rewards.
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Statement credit: Your rewards can be applied to your balance.
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Cover purchases: Use rewards to cover all or part of a recent purchase.
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Gift cards: You can redeem your rewards for gift cards from a wide range of popular retailers, restaurants, and brands.
Welcome offer
The Quicksilver Secured credit card does not offer a welcome bonus or special offer, which is in line with most other secured cards.
Capital One Quicksilver Secured Cash Rewards Credit Card: Benefits
While the Quicksilver Secured is simplistic by design, the card still offers solid benefits and easy account management:
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Access to Capital One Travel: Redeem rewards for travel while accessing thousands of trip options via CapitalOneTravel.com.
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$0 fraud liability: If your card is stolen or compromised, you won’t be liable for fraudulent charges.
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Automatic credit line reviews: You’ll be automatically considered for a higher credit line in six months based on your repayment history with this card.
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Personalized payment: You can pick your own monthly due date and payment method (check, online or in person at a branch) to ensure that you’re in a position to succeed with this card.
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Refundable deposits and upgrades: With responsible usage, you can earn your deposit back as a statement credit that can be used toward getting an unsecured Quicksilver card.
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Free authorized users: Add an authorized user for no extra fee. Capital One also makes it easy to track spending by user with the Quicksilver Secured credit card.
Capital One Quicksilver Secured Cash Rewards Credit Card: The fine print
While this secured card’s APR is slightly higher, fees are generally comparable to unsecured cards.
Fees
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Annual fee: $0
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Foreign transaction fee: $0
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Late payment fee: Up to $40
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Cash advance fee: The greater of $5 or 5% of the amount of each cash advance
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Transfer fee: 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer
Interest rates
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Regular APR: 29.99% variable
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Cash advance APR: The greater of $5 or 5% of the amount of each cash advance
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Intro APR offer: N/A
Credit limit
The initial credit limit with the Capital One Quicksilver Secured Cash Rewards Credit Card is always the $200 security deposit that you provide. As you build a positive repayment history, your credit limit may be raised up to $1,000 to $3,000, depending on your credit score and history.
How Capital One Quicksilver Secured Cash Rewards Credit Card compares
While secured cards are harder to come by than traditional rewards cards, there’s more than one option to choose from when making your credit score restoration plan. Here’s how the Capital One Quicksilver Secured card stacks up against other secured credit cards.
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Capital One Platinum Secured Credit Card
Like the Quicksilver Secured card, the Capital One Platinum Secured Credit Card offers a $0 annual fee, a 29.99% variable APR, and the ability to enjoy a refundable deposit with your upgrade to an unsecured Capital One Platinum Credit Card. However, the big downside to the Platinum Secured is that you don’t get any cash back on your purchases.
However, there’s still one feature that could make it a better fit for you over Quicksilver Secured. The Capital One Platinum Secured Credit Card opens up accessibility a bit more by extending a $200 line of credit for qualifying applicants who put down just $49 to $99.
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Chime Credit Builder Secured Visa® Credit Card
The Chime Credit Builder Secured Visa® Credit Card works differently than the Quicksilver Secured. It doesn’t earn any rewards but provides a safer way to build credit. There’s no minimum deposit requirement (unlike the Quicksilver Secured’s $200 minimum), and you can deposit up to $10,000.
With Chime, you won’t have to worry about an annual fee or interest, and you can qualify without a credit check. Here’s the catch though— you can only spend as much as you currently have available in your Chime Checking account. You can’t carry a balance.
Here’s how Chime works:
- Open a Chime Checking Account
- Receive at least one qualifying direct deposit from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT)
- Fund your Credit Builder Account by transferring funds from your Chime Checking Account to your Credit Builder Card. The amount you transfer becomes your spending limit.
- You can only spend up to the amount on your account but can deposit additional funds at any time.
Quicksilver is subject to accruing interest and late fees since you can carry a balance, but since you can’t do that on Chime, you don’t have to worry about interest charges. However, if you’re looking to earn rewards, the Quicksilver Secured is still one of our top choices.
Should you get a Capital One Quicksilver Secured Cash Rewards Credit Card?
The Quicksilver Secured credit card offers a good way to build or repair your credit while earning 1.5% back on everything you buy. For frequent travelers, 5% back on travel booked through Capital One Travel is a great perk. While the initial $200 credit limit won’t put you in the territory of booking an elaborate vacation on this card, even using it to book a cheap flight can help you start earning from the jump.
You should consider the Capital One Quicksilver Secured card if you’re someone with fair or nonexistent credit who would eventually like to move up to an unsecured Capital One card. If you’re committed to responsibly using the card and paying your balance in full, you can use Quicksilver Secured as a stepping stone to a stronger future for your credit score.
