Whether you’re just starting out or trying to rebuild your credit, a secured credit card can be a useful tool for boosting your credit score — and in some cases, you can even earn cash back when using one.
You can apply for the Capital One Quicksilver Secured Cash Rewards Credit Card with a $200 security deposit and start earning 1.5% unlimited cash back towards your purchases. But be aware that the 30.74% APR means holding a month-to-month balance can become costly.
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Annual fee: $0
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Welcome offer: N/A
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Rewards: 1.5% cash back on every purchase, every day
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Security deposit: $200 (refundable)
Annual fee
The Quicksilver Secured Cash Rewards card has no annual fee, but there is a $200 refundable security deposit. It’s a one-time deposit, and if you keep your account in good standing you’re eligible for a refund. This can happen one of two ways;
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You close your account in good standing and they will refund your initial deposit.
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You upgrade to an unsecured line and you are reimbursed through a statement credit.
APR
If the APR seems a bit steep at 30.74%, you’re not wrong. However, with many of its competitors’ APRs ranging from 29% to a max of 30.74%, the Quicksilver Secured Cash Rewards card is on the high end but not out of the ballpark.
Welcome offer
The Quicksilver Secured Cash Rewards card has no welcome offer for new cardmembers.
Intro offer
Capital One Quicksilver Secured Cash Rewards does not offer a 0% APR introductory period. The 30.74% variable APR will become active on your first billing cycle.
Rewards rate
The Capital One Quicksilver Secured Cash Rewards credit card offers 1.5% cash back unlimited on all of your eligible purchases and 5% cash back on car rentals and hotels (only if they’re booked through Capital One Travel).
How to earn rewards
Rewards are automatically earned as you spend. With some credit cards, you may see terms like “rotating categories, ” meaning that different purchases earn different rewards. For example, earning 3% cash back on groceries and 2% on gas. There are no activations and no rotating categories needed for the Quicksilver Secured Cash Rewards card as there might be with rewards cards that have rotating categories.
Upon approval, cardholders are automatically given the blanket 1.5% cash back on eligible purchases and 5% on hotel and rental car expenses. But you have to book through Capital One Travel using the rewards account — otherwise, it’s the standard 1.5% rate.
How to redeem rewards
Capital One offers several ways to redeem your rewards, including as a statement credit or a check upon request. You can set up automatic redemptions annually or when you reach a specific earnings threshold by visiting capitalone.com.
Also, you can use your rewards for credits on past purchases, gift cards, and other options, although rates for these may vary. Keep in mind that accounts not in good standing (late payments, overdue balances, etc.) may have limited redemption options or could lose any unredeemed rewards.
Redeeming rewards for travel reservations
You can also redeem your rewards for travel through the Capital One travel portal. You can book flights, car rentals, and hotels using your cash-back rewards. The total cost, including taxes, surcharges, and fees, will be calculated to determine the amount of rewards needed for redemption.
Additional perks
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Potential credit limit increase: After at least six months, you may be eligible for an automatic credit line increase, ranging from $1,000 to $3,000, based on payment history and creditworthiness. This can positively affect your credit score by lowering your credit utilization ratio.
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Upgrade opportunity: Demonstrating responsible use of this card can lead to an upgrade to an unsecured Quicksilver card, like the Capital One Quicksilver Cash Rewards Credit Card. Upon upgrading, you receive your initial deposit back in a statement credit, while retaining all other card features.
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No foreign transaction fees: The card doesn’t charge foreign transaction fees, making it a cost-effective option for international use.
Secured credit cards typically do a great job acting as credit-building cards, for those looking to establish or improve their credit, and the Capital One Quicksilver Secured Cash Rewards Credit Card is no different.
The Quicksilver Secured Cash Rewards card is ideal for individuals with limited credit history or those working to rebuild their credit score. Also, it would be a great match for those committed to making on-time payments and managing their credit utilization effectively.
If you’re looking at long-term value, this card also offers an upgrade path with responsible use.
Quicksilver Secured Cash Rewards pros
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No annual fee: Cost-effective with no yearly charge.
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Qualification for limited/bad credit: Accessible even to those with limited or poor credit history.
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Reports to major credit bureaus: Regular reporting to the three major credit bureaus helps build your credit score.
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No foreign transaction fees: No need to worry about additional transaction costs when traveling.
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Rewards earning: Accumulate rewards on everyday purchases.
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No minimum redemption: Redeem rewards at any amount, without minimum thresholds.
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Rewards never expire: Earned rewards remain valid indefinitely.
Quicksilver Secured Cash Rewards cons
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High APR: The card comes with a relatively high annual percentage rate.
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Requires a security deposit: There’s no way around the $200 deposit; having $200 tied up indefinitely may be an issue for some.
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No new cardholder bonus: Lacks a welcome bonus offer or introductory APR for new cardholders
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Not a great option for balance transfers or cash advances: While you have the ability, a balance transfer fee is 4% of the transferred balance, and no 0% intro APR means you’re stuck paying a high interest rate. Same with cash advance — the amount you take out will incur a fee (5% or $5 whichever is more) and a 30.74% interest.
How to make a Quicksilver Secured Cash Rewards payment
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Online bill pay: Log into your credit card account online and enter your bank account details to make a payment.
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ACH transfer: Use Automated Clearing House (ACH) payments for direct fund transfers from one account to another. This can be done online via your bank’s app or website, in person, or by phone using the number on your credit card. You will need your credit card account, bank account, and routing numbers.
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Cash payments: If your credit card issuer has a local branch, you can make payments in person using cash.
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Paying by check: You can pay with a check either by dropping it off in person at the issuer’s location or mailing it as instructed on your credit card statement. Ensure you mail it early enough to arrive before the due date.
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Mobile bill pay: Some issuers have a mobile app that allows you to pay your bill directly from your smartphone. Have your payment account details ready.
Quicksilver Secured Cash Rewards Card customer service info
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24/7 general credit card customer service (automated): 1-800-CAPITAL (227-4825)
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Secured credit card support to make the initial deposit: 1-800-219-7931
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General credit card online support: 1-866-750-0873
Alternative cards to consider
When looking for alternatives to the Capital One Quicksilver Secured Cash Rewards Credit Card, consider these options — each offers unique benefits that cater to different needs and financial situations.
Capital One Platinum Secured Credit Card
Why we like it: The Capital One Platinum Secured Credit Card is a budget-friendly option for those looking to build credit, featuring no annual or hidden fees and only requiring a minimum of $49 as a security deposit. Its design encourages credit building, where responsible usage can result in credit line increases and the possibility of earning back the security deposit as a statement credit. Cardholders benefit from $0 fraud liability, complimentary credit monitoring via CreditWise, and round-the-clock account access through online banking and a mobile app.
Capital One Quicksilver Student Cash Rewards
Why we like it: The Capital One Quicksilver Student Cash Rewards card is highly regarded for its rewarding cash-back program, offering unlimited 1.5% cash back on all purchases, along with a $50 bonus for spending $100 within the first three months. It enhances the deal with special benefits such as 10% cash back on Uber & Uber Eats and a free Uber One membership until 11/14/2024. It also ensures $0 fraud liability and waives both annual and foreign transaction fees. Additional features include a card lock option within the mobile app and the opportunity to earn up to $500 annually through referrals, making it a standout student credit card option.
OpenSky® Secured Visa® Credit Card
Why we like it: The OpenSky Secured Visa Credit Card is favored for its accessibility, welcoming a broad spectrum of applicants by eliminating the need for a credit check and a bank account, thus streamlining the application process. With a $200 deposit required to open an account and a variable APR of 25.64%, it presents a practical choice for individuals embarking on their credit journey.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.