Looking to build or repair your credit while earning rewards? You’re in the right place.
One of the most effective ways to improve your credit is to use a secured credit card. Secured cards let you “secure” a small line of credit by putting down a deposit with the bank. Then, as you make on-time payments, the bank will report your responsible activity to the credit bureaus. When your credit builds enough, you can qualify for an unsecured card and you’ll get your deposit back. Bingo, bango!
It’s exceedingly rare for a secured card to come with cash back rewards, but the Capital One Quicksilver Secured Cash Rewards Credit Card is a glorious exception.
Capital One Quicksilver Secured Cash Rewards Credit Card
Information about the Capital One Quicksilver Secured Cash Rewards Credit Card has been collected independently by Money Under 30. Please confirm terms on the card issuer's website. Offer details verified on Apr. 29, 2024.
Welcome Offer
No welcome offer or sign-up bonus offered.
Rewards
Earn an unlimited 1.5% cash back on every purchase; 5% back on hotels and car rentals booked through Capital One Travel.
Annual Fee
$0 annual fee.
Our Thoughts
A secured credit card that earns cash back and allows cardholders to potentially graduate to the unsecured Quicksilver card (while returning the initial deposit back) with responsible card use. This is an ideal pick for those with poor credit looking for a solid credit building tool.
Key Facts/Overview
- Best for – Earning rewards while building credit.
- Intro offer – None.
- Cash back – 1.5% on all purchases.
- Annual fee – $0.
Pros & Cons
Pros
- Earn cash back while you build credit — 1.5% cash back on all purchases is simply unheard of for a secured credit card.
- No annual fee — Not all secured cards waive the annual fee, but this one does.
- Generous suite of rewards card perks — You’ll get all the protections of a regular Capital One rewards card, like $0 Fraud Liability, CreditWise, and more.
- Automatic credit line reviews — You can automatically be considered for a higher credit line within six months with no additional deposit.
- Friendly nods to credit builders — Little things like a soft pull during pre-approval and a card without “Secured” emblazoned on it make life a little easier for credit builders.
Cons
- High APR — Interest charges will add up if you make only the minimum payment on your balance rather than paying it off in full.
- May be a while before you get your deposit back — Your deposit is refundable, but only when your account is deemed eligible for unsecuring. Therefore, having your deposit withheld until *shrug* is a drawback.
In-Depth Analysis
Deposit and Line of Credit
The Capital One Quicksilver Secured Cash Rewards Credit Card requires a minimum security deposit of $200 to get an initial $200 credit line.
Capital One will perform an automatic credit line review after just six months, at which point you can be granted a higher credit line without an additional deposit.
Rewards
I’m thrilled to finally include a rewards section in a review of a secured credit card because I’ve long felt that anyone rebuilding their credit the right way deserves cash back like everyone else.
The Capital One Quicksilver Secured Cash Rewards Credit Card includes 1.5% cash back on all purchases, just like an excellent-credit rewards card. For example, for every $1,000 spent, you’ll get $15 cash back.
Perks
Capital One treats secured cardholders like their regular cardholders from day one. You’ll get the full suite of Capital One cardholder perks, such as:
- 24/7 Customer Service
- $0 Fraud Liability
- CreditWise for monitoring your credit
- Emergency Card Replacement
Rates and fees
As expected, the Capital One Quicksilver Secured Cash Rewards Credit Card has a pretty high APR right out of the gate with no intro APR period on purchases or for balance transfers. There’s, at least, a subtle “grace period” of sorts — your payment due date is 25 days after your billing cycle ends (but pretend you didn’t read that and set up Autopay!).
The Capital One Quicksilver Secured Cash Rewards Credit Card charges no annual fee, which isn’t always the case with secured cards. The other miscellaneous fees are pretty typical for a credit card. Looking at them, and considering the high APR, you’ll definitely want to set up Autopay.
Other Unique Benefits
The cherry on top of this secured card sundae is how Capital One hasn’t put the word “Secured” anywhere on it. This is a kind gesture to anyone who doesn’t want to broadcast to the dinner table that they’re building (or rebuilding) their credit. They’ll also pre-approve you with a soft pull, which should bring a sigh of relief!
Capital One Quicksilver Secured Cash Rewards Credit Card Compare
| Capital One Quicksilver Secured Cash Rewards Credit Card | Capital One Platinum Secured Credit Card | OpenSky® Secured Visa® Credit Card | |
|---|---|---|---|
| Best for | Secured card with rewards | Rebuilding credit | No credit |
| Credit required | Limited | 500+ | None |
| Minimum deposit | $200 | $49 | $200 |
| Annual fee | $0 | $0 | $35 |
| Rewards | 1.5% cash back on all purchases | None | None |
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is clearly designed to help folks with poor credit get back on track to rebuilding their credit with responsible use.
First, it charges no annual fee — uncommon among secured cards — and second, you can secure an initial line of credit of $200 for a deposit as small as $49. All things considered, this is an excellent all-rounder for repairing credit.
OpenSky® Secured Visa® Credit Card
Maybe your issue isn’t that you have poor credit, but no credit. As an immigrant or a student you simply don’t have enough credit history for a rewards card and need a starter card to prove you’re financially responsibility.
If so, the OpenSky® Secured Visa® Credit Card may be the perfect fit! The card may charge a small annual fee, but it makes up for it with low APR, a wide range of deposit options, and no credit requirement at all.
Should You Get the Capital One Quicksilver Secured Cash Rewards Credit Card?
The Capital One Quicksilver Secured Cash Rewards Credit Card is a perfect fit if you’re looking to bump up your credit score while earning cash back, and you’re confident that you’ll be able to pay off your balance in full and on time.
It’s not an ideal card if you’re seeking low interest, or if you’re prone to missing payments on your balance.
How to Apply for the Capital One Quicksilver Secured Cash Rewards Credit Card?
Head to the page for the Capital One Quicksilver Secured Cash Rewards Credit Card and fill out the form (personal info, contact info, financial info) to see if you’ll be pre-approved for the Capital One Quicksilver Secured Cash Rewards Credit Card. Since pre-approval is a soft pull there’s no harm in it — but before you click “Apply Now”, be sure you fully understand the card’s terms and conditions.
After filling out the app and getting approved, you’ll submit a deposit — make sure you won’t need that money anytime soon, since you’ll need to cancel your account or qualify for being unsecured to get it back.
Finally, don’t forget to set up Autopay!
Summary
If you’re looking improve your credit score, and wouldn’t mind earning some nice cash back while you do it, the Capital One Quicksilver Secured Cash Rewards Credit Card is an easy choice.