We give the Capital One Quicksilver Secured Cash Rewards Credit Card 5 out of 5 Stars for offering a way to build your credit and earn rewards, with favorable terms all around.
Our Rating: 5 Out of 5 Stars
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Why We Like It
- 1.5% cash back for every purchase
- No foreign transaction fee
- No annual fee
- Chance to get a higher credit line with no extra deposit
- Chance to get your deposit back and upgrade to an unsecured card
Why It Could Be Better
- We’ve got nothing bad to say about it
If you’ve got poor credit and have had a hard time qualifying for credit cards, a secured card might be what you need.
The Quicksilver Secured is very much like a rewards card, but it requires a security deposit to fund the credit line. This makes it more accessible if your credit isn’t in the best shape.
It’s pretty bare-bones, but there are some built-in incentives to encourage responsible use — crucial if you want to improve your credit and move on to bigger and better cards. Eventually, if you manage your card and credit well, you may graduate to an unsecured Quicksilver card, like the Capital One QuicksilverOne Cash Rewards Credit Card.
Insider Advice: Getting the Most Out of Your Card
- Make your security deposit on time: You have 35 days after card approval to make your deposit, online or by phone. You can make partial deposits, but your full required deposit must be received within 35 days of being approved.
- Make a large enough deposit: Your credit limit will be equal to your security deposit. You can make a minimum deposit of $200, with a maximum of $1,000 to $3,000, based on your creditworthiness. We recommend making a relatively large deposit, at least $1,000 if possible, to give yourself more spending power and to help keep your credit utilization lower.
- Be aware of your card balance: Try to avoid maxing the card out, and consider making partial payments throughout the month to reduce your card balance if you get close to your limit. This will reduce your credit utilization, which is better for your credit scores.
- Get rewarded for paying on time, every time: The Quicksilver Secured features two perks for being a responsible cardholder (beyond the normal benefits of improved credit, showing lenders you’re trustworthy, etc.). You 1: may be considered for a higher credit line within six months, without having to make another deposit; and 2: may eventually get your deposit returned and an upgrade to an unsecured Quicksilver card. Pay your monthly bill on time consistently (with this and every other debt you have) to maximize your chances in each case.
- Profit: Oh yeah, you’ll even earn some cash back as you work to improve your credit scores. We recommend redeeming for statement credits. But, as mentioned above, there are some other secured cards with bonus categories that are even more rewarding.
- A nice travel companion: All Capital One credit cards have no foreign transaction fees, making them fine options for international trips if you don’t have a dedicated travel credit card.
The Bottom Line
With no annual fee and respectable rewards, the Capital One Quicksilver Secured Cash Rewards Credit Card makes a great choice if you’re in the market for a secured card.
There are really no downsides here, and although there are other secured cards with bigger and better rewards, there are few with offers for higher credit lines and upgrades to unsecured cards. Getting a few more percentage points of cashback is nice, but having a bigger credit limit is nice too. And the path to an unsecured card gives you a way to get your deposit back without closing the card account, a valuable feature because the length of credit history accounts for 15% of a FICO score.
You can get the Quicksilver Secured knowing that you can keep it for the long haul. Even after you add more rewarding cash back cards to your arsenal, it might be handy to have a flat-rate card with no foreign transaction fees in your sock drawer.
How Do I Apply for the Quicksilver Secured Cash Rewards Card?
Apply with Capital One, who will usually get back to you instantly with a decision. In some cases, you may need to wait a bit or provide more information.
What Credit Scores Do I Need to Qualify for the Quicksilver Secured Cash Rewards Card?
The Quicksilver Secured is designed for people with poor or limited credit, so there are relatively few barriers to entry. You won’t need any particular credit scores to qualify.
Capital One does lay out some criteria that will disqualify you, however. If you could say yes to any of the following (among other situations), you won’t qualify:
- My monthly income (my disclosed total annual income divided by 12) doesn’t exceed my monthly rent/mortgage payment by at least $425. Or, Capital One otherwise determines that I am unable to make my monthly payments.
- I do not have a checking or savings account.
- I have applied for a Capital One credit card 3 or more times in the last 45 days.
- I have a past-due Capital One credit card account.
- I am over my credit line on a Capital One credit card.
- I have had a Capital One credit card that charged off within the past year.
- I have a non-discharged bankruptcy (one that is still unresolved).
Frequently Asked Questions
What’s the required security deposit for the Quicksilver Secured card?
The Quicksilver Secured Cash Rewards requires a minimum security deposit of $200, with a maximum deposit of $1,000 to $3,000. The maximum amount you can deposit will depend on your creditworthiness. Your credit limit will be equal to the amount you deposit.
Does the Quicksilver Secured card have an annual fee?
No, the Quicksilver Secured card comes with no annual fee (and no foreign transaction fee, either).
There is a Quicksilver card with an annual fee, however. The Capital One QuicksilverOne Cash Rewards Credit Card has an annual fee of $39.
Does the Quicksilver Secured card build credit?
The Quicksilver Secured card has the potential to help you build your credit, as long as you use it responsibly. If you manage this card and your other credit accounts well, you should see your credit scores rise over time, all other things being equal.
Every situation is different, and the time it takes to improve your credit scores will depend on your unique credit and financial history. But there are simple ways to climb the credit ladder, no matter where you may stand right now.
What do you think of the Capital One Quicksilver Cash Rewards Secured card? What’s your favorite card for building credit?