Capital One Quicksilver Secured Review: A Credit-Building Rewards Card
The Bottom Line
4.9
You’ll get comprehensive credit reporting, the chance to upgrade to an unsecured product and the ability to earn rewards — all of which make the card stand out as a great option for those seeking to build or rebuild their credit.
Rates, fees and offers
Annual fee
$0
Rewards rate
1.5%-5%
Bonus offer
None
Intro APR
N/A
Ongoing APR
APR: 29.74% Variable APR
Cash Advance APR: 29.74%, Variable
Balance transfer fee
Balance Transfer Fee applies to balances transferred at a promotional rate
Foreign transaction fee
0%
More details from Capital One
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
Pros and Cons
Pros
Qualify with limited/bad credit
Reports to the three major credit bureaus
Earns rewards
No minimum redemption amount
Rewards don't expire
No annual fee
Cons
High APR
No new cardholder bonus offer
No bonus categories
Detailed Review
The Capital One Quicksilver Secured Cash Rewards Credit Card — the secured version of the Capital One Quicksilver Cash Rewards Credit Card — is a competitive and rewarding option for those with poor or limited credit.
The $0-annual-fee card (see rates and fees) requires a refundable security deposit of at least $200 and earns strong rewards that make it stand out from other secured credit cards. And because the card reports to all three major credit bureaus and offers a chance to graduate to an unsecured product, it can act as a steppingstone to a regular credit card.
Capital One Quicksilver Secured Cash Rewards Credit Card: Basics
Card type: Secured.
Annual fee: $0.
Security deposit: A minimum refundable deposit of $200 is required. How much you deposit before activating your card will determine your credit limit. According to Capital One's website for this card, the maximum deposit can range from $1,000 to $3,000, depending on approval. Also:
You can automatically be considered for a higher credit line in as little as six months with no additional deposit needed.
You may be able to earn back your security deposit as a statement credit "when you use your card responsibly, like making payments on time," the issuer says.
Sign-up bonus: None.
Rewards:
1.5% cash back on most purchases.
5% can back on hotel and rental car purchases through Capital One Travel. Terms apply.
Interest rate: The ongoing APR is 29.74% Variable APR.
Foreign transaction fees: None.
Other benefits:
Payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian (according to the issuer's website).
Capital One offers a free credit monitoring tool called CreditWise that can help account holders keep track of their credit scores.
Compare to Other Cards
Benefits and Perks
Rewards
With the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll earn 1.5% cash back on most purchases, plus 5% cash back on hotel and rental car purchases through Capital One Travel. A rewards program this generous is rare among secured cards. Although rewards are not paramount when it comes to building credit with a secured card — using your card responsibly should be your main focus — the ability to earn cash back while also building credit is appealing.
Upgrade options
With responsible cardholding habits, such as consistent on-time payments, holders of the Capital One Quicksilver Secured Cash Rewards Credit Card may get their deposit returned to them as a statement credit, effectively turning their secured card into a regular unsecured one. Even before that, cardholders can be considered for an automatic credit line increase after at least six months of having the card. A higher credit line can potentially positively impact your credit score by lowering your credit utilization ratio, or how much of your available credit you're using. It’s generally advised that for a strong credit score, you keep utilization below 30%.
Deposit flexibility
Coming up with $200 or more for a security deposit all at once can be a tall order for some people who are building credit. According to Capital One's website for this card, you can fund your deposit in multiple installments within 35 days of being approved. All such payments must be at least $20 and must be made by electronic funds transfer from a bank account.
Fewer fees
The card doesn’t charge annual or monthly fees to carry it, which isn't always the case with cards for building credit. Not having to pay an annual fee can make it easier to focus on making payments on time and building up your credit. The card doesn't charge a foreign transaction fee either, which means it can be a good option to take abroad.
Drawbacks and Considerations
More accessible options exist
The card’s $200 minimum deposit is on par with what most secured cards require. But pulling together that much may prove difficult for some, even with the flexibility discussed above. There are secured cards that offer even more wiggle room.
For example, with the $0-annual-fee Capital One Platinum Secured Credit Card — another option from the same issuer — you may be able to put down a lower initial deposit of $49 or $99 for a $200 credit line (see rates and fees), according to Capital One's website for that card. This makes the card accessible to those who may be unable to pay a large sum upfront. However, that card doesn't earn rewards like the Capital One Quicksilver Secured Cash Rewards Credit Card does.
With both Capital One credit cards, you'll need a bank account to pay your bill. If this is a problem, the OpenSky® Secured Visa® Credit Card allows you to pay your bill with a money order or Western Union payment. The OpenSky® Secured Visa® Credit Card does require a security deposit and has a $35 annual fee, but it's otherwise light on fees and doesn't require a credit check.
A high APR
Like most secured cards, the Capital One Quicksilver Secured Cash Rewards Credit Card charges a high interest rate. The ongoing APR is 29.74% Variable APR (see rates and fees). However, it’s important to note that on just about any credit card, you won’t be charged any interest if you make your card payments on time and pay in full every billing cycle.
For more card options, see our list of best credit cards.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
How To Decide If It's Right For You
If you have limited credit, this card is a good deal. It comes with key features for secured cards — complete credit reporting, an upgrade path and an automatic credit limit review. Plus, you can earn rewards with the card while building up your credit, which is not a usual benefit among other secured products.
However, if the $200 minimum required deposit poses a challenge, there are alternative and more flexible card options that may be more accessible.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
