Capital One Quicksilver Secured Cash Rewards Credit Card Review
Capital One Quicksilver Secured Cash Rewards Credit Card promises to help you on this journey while offering a generous cash-back program. But does it live up to the hype? In this detailed review, we’ll explore everything you need to know about this card, from its benefits and drawbacks to its unique features and comparison with other secured cards.
What Makes the Capital One Quicksilver Secured Cash Rewards Credit Card Stand Out?
Pros
- Minimum of 1.5% cash back on every purchase: Enjoy a straightforward and rewarding cash-back program without the need to track different spending categories.
- Automatic credit line review in as few as six months: Your credit limit could increase without requiring additional deposits if you use the card responsibly.
- Opportunity to upgrade to an unsecured card: With responsible use, you could transition to an unsecured card and get your security deposit back.
Cons
- Requires a security deposit: To open an account, you’ll need to deposit a minimum of $200, which could be a barrier for some.
- High APR: The card has a high variable APR of 29.99%, so carrying a balance can become expensive.
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 Cash Rewards Credit Card is designed to help individuals build or rebuild their credit. Unlike many other secured cards, it offers competitive rewards without an annual fee, and it doesn’t display “secured” on the card, allowing you to use it with confidence.
When applying for the card, you’ll need to make a security deposit equal to your desired credit limit, with a minimum of $200. You can make partial payments as long as you meet the full deposit amount within 35 days of account opening.
Automatic Credit Line Increase: If you use the card responsibly, you may qualify for a credit line increase in as little as six months without needing to provide an additional deposit. Capital One may also upgrade your account to an unsecured card and return your deposit, although there’s no specified timeline for this upgrade.
Who Should Consider This Card?
Ideal For:
- Individuals with poor credit history: If you’re looking to rebuild your credit, using this card responsibly can help you establish a positive payment history and improve your credit utilization rate.
- New to credit: If you can’t qualify for unsecured starter cards like the Chase Freedom RiseSM or Petal 1 Visa Card, this secured card offers a way to start building credit.
Not Ideal For:
- Those with decent credit scores: If your credit score is in good shape, you might be eligible for cards that don’t require a security deposit.
- Applicants with recent bankruptcies: While you can get this card after bankruptcy, it must be discharged before you apply. You’re also ineligible if you have a past-due balance, are over the limit on another Capital One account, or have had a Capital One card charged off in the past year.
Rewards and Redemption
How to Earn Rewards:
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 1.5% cash back on every purchase
This simple rewards structure ensures you always know how much you’ll earn with each purchase, eliminating the need to track different rewards rates.
How to Redeem Rewards:
Capital One offers several ways to redeem your Quicksilver Secured rewards:
- Statement credit: Apply your rewards to your account balance.
- Paper check: Receive a check in the mail.
- Gift cards and travel reservations: Redeem 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 when your rewards balance reaches a specific threshold or at a set time each year.
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: Responsible use can lead to a refund of your deposit in the form of a statement credit and an upgrade to an unsecured Capital One Quicksilver Cash Rewards Credit Card.
- CreditWise from Capital One: Track your credit progress with this free monitoring service, available even if you’re not a Capital One customer.
- Virtual Card Numbers: Create virtual card numbers for different websites to keep your actual card number safe when shopping online.
Comparisons with Similar Cards
Discover it® Secured Credit Card
Pros:
- Cash Back Match: Discover matches all the cash back you earn during your first year.
- Upgrade Timeline: Discover reviews your account monthly, starting at seven months, to determine if you qualify for an upgrade.
Cons:
- Higher APR: Similar high APR as the Capital One card.
Secured Chime® Credit Builder Visa®
Pros:
- No Credit Check: No credit check is required when you apply.
- No Minimum Deposit or Interest: There’s no minimum security deposit requirement, no interest rate, and no annual fee.
Cons:
- Requires Chime Checking Account: You need a Chime Checking Account to use the card.
Is This Card Right for You?
The Capital One Quicksilver Secured Cash Rewards Credit Card can be an excellent choice if you’re looking to rebuild your credit while earning rewards. Its unique features, such as the opportunity to upgrade to an unsecured card and the lack of an annual fee, make it a compelling option.
However, if you’re new to credit or have a limited credit history and can qualify for an unsecured card that doesn’t require a security deposit, you might want to explore other options.
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. However, the Capital One Platinum Secured Credit Card allows for a smaller deposit with a $49, $99, or $200 minimum, depending on your creditworthiness. The Quicksilver Secured offers rewards, while the Platinum Secured does not.
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. After that deadline, you can’t voluntarily increase your credit limit again. However, Capital One may increase your limit without requiring an additional deposit based on your payment history and creditworthiness.
Tables and Graphics
Comparison Table
| Feature | Capital One Quicksilver Secured | Discover it® Secured | Secured Chime® Credit Builder Visa® |
|---|---|---|---|
| Annual Fee | $0 | $0 | $0 |
| APR | 29.99% variable | 27.74% variable | None |
| Minimum Deposit | $200 | $200 | None |
| Cash Back | 1.5% on all purchases | 2% at gas stations and restaurants (up to $1,000 in combined purchases each quarter); 1% on all other purchases | None |
| Upgrade Timeline | No specific timeline | Starts at 7 months | None |
| Additional Benefits | CreditWise, virtual card numbers | Cashback Match, free FICO score | No credit check |
By understanding the features, benefits, and drawbacks of the Capital One Quicksilver Secured Cash Rewards Credit Card, you can make an informed decision about whether this card is the right tool for rebuilding your credit.
