Capital One Quicksilver Secured Cash Rewards Credit Card Review: Is It a Good Card?

The Capital One Quicksilver Secured Cash Rewards Credit Card is definitely worth considering if you want to build your credit history while also earning rewards. You will need a deposit of $200 to open the card, but you’ll pay a $0 annual fee and get elevated cash back on every purchase.

Another worthwhile perk is Capital One’s automatic reviews of your account (starting at six months) to see if you qualify for a higher credit line.

• Annual fee: $0
• Sign-up bonus: N/A
• Rewards: Earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
• Regular purchase APR: 29.74% (Variable)
• Security deposit: Starts at $200
• Foreign transaction fee: None
• Other benefits: Automatic credit line reviews, free credit score access
• Recommended credit: Limited / Poor

• Recommended for limited / poor credit

  Secured cards may be easier to get if you have limited / poor credit, and the Capital One Quicksilver Secured Cash Rewards Credit Card is no exception.

• Builds credit just like an unsecured card

  Besides the fact that it requires a deposit up front, the Capital One Quicksilver Secured Cash Rewards Credit Card works just like an unsecured card. You can make charges to it and pay them off at a later date, and Capital One will report your account activity to all three credit bureaus. By paying your bill on time each month, you may boost your credit score over time. Capital One even offers a free credit monitoring service, so you can track your credit score’s progress.
  → Learn more: What Is a Secured Credit Card and How Does It Work?

• Cash back on every purchase

  The Capital One Quicksilver Secured Cash Rewards Credit Card offers a great opportunity to earn a solid cash back rate on every purchase — which is rare for a secured card. You’ll earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).

• Opportunity to increase your line of credit

  While credit lines for this card start at $200, you can get a larger credit line by depositing more into your account (up to the maximum limit) prior to activating your card.

  Plus, Capital One will automatically begin reviewing your account at six months to see if you qualify for a higher credit line with no additional deposit.

  Tip: Having a larger credit limit can lower your credit utilization ratio, which measures how much of your credit you’ve used compared to your total credit line. You can boost your credit score faster by keeping this ratio low.

  → Learn more: How is Your Credit Score Calculated?

• Limited fees

  Cards for limited or bad credit sometimes come with many obscure fees, which can quickly add up to more than $100 per year. They can include setup fees, monthly maintenance fees, annual fees and authorized user fees.

  The Capital One Quicksilver Secured Cash Rewards Credit Card doesn’t charge any of those fees. There are also no card replacement fees or foreign transaction fees (see rates & fees).

• Security deposit required

  To open an account, you’ll need to make a deposit of $200 to secure a $200 line of credit. Note, though, that if you have limited / poor credit, paying the deposit up front for a secured card with a $0 annual fee may be your best bet (see rates & fees). Unsecured cards targeted to applicants with low credit scores often come with hidden fees that can add up quickly. Over time, you may end up paying more in fees with an unsecured card — and those fees are nonrefundable.

  On the other hand, with responsible use you can get your security deposit back with the Capital One Quicksilver Secured Cash Rewards Credit Card if you upgrade to an unsecured credit card or close your account — as long as your account is in good standing and your balance is paid in full.

  If your credit has improved from using a secured credit card and you’re considering applying for an unsecured card, you can check your chances of being approved by getting prequalified.

  → Learn more: How to Build Credit With a Credit Card

• No guaranteed timeline to upgrade

  Many other secured credit cards offer a guaranteed date where they’ll review your account and graduate you to an unsecured credit card. With the Capital One Quicksilver Secured Cash Rewards Credit Card, that’s not necessarily promised — though you can contact Capital One after exhibiting responsible usage (after at least six months) and ask if upgrading is a possibility.

  Some Capital One cardholders have reported on Reddit that it took them an extended amount of time for them to graduate to an unsecured card — some claim as long as three years. Generally, people have reported more positive experiences upgrading with Discover’s secured credit cards.

• Very limited bonus rewards categories

  It’s a major plus that this card offers rewards on every purchase, since many cards geared for low credit scores don’t offer any rewards at all. However, the card has a flat rewards rate on purchases outside of hotels and rental cars, which means you won’t be rewarded more for specific categories like groceries or dining. If you prefer simple rewards, this could actually be a plus. But if you’d rather earn elevated rewards in certain categories, you can find other secured cards that offer this, like the U.S. Bank Altitude Go Visa Secured Card.

• High APR

  If you carry a balance from month to month on the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll have to pay a high 29.74% (Variable) APR (see rates & fees).

  Cards designed for individuals with limited / poor credit typically come with high interest rates. However, you can find a few secured cards with lower interest rates. The Amazon Secured Card is a great option with an APR of only 10.00% non-variable.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Discover it^® Secured Credit Card

If you prefer a secured card that offers a slightly higher cash back rate in popular spending categories and a clearer path to graduating to an unsecured card, the Discover it^® Secured Credit Card is a great alternative. Like the Capital One Quicksilver Secured Cash Rewards Credit Card (see rates & fees), it doesn’t charge an annual fee. You’ll earn a solid rewards rate of 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.

Plus, starting at seven months, Discover will automatically review your account each month to possibly graduate you to an unsecured card and have your deposit refunded.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card is a good option if you want the opportunity to get a higher credit line than your initial deposit. You can put down a refundable security deposit starting at just $49 to get a $200 initial credit line. Just know that you’re not guaranteed to qualify for this lower deposit amount, and you won’t know your minimum deposit amount until after you’ve been approved.

The Capital One Platinum Secured Credit Card has many of the same features as the Capital One Quicksilver Secured Cash Rewards Credit Card, but it doesn’t offer rewards. For that reason, the Capital One Quicksilver Secured Cash Rewards Credit Card is likely the better option for you.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. OpenSky^® Secured Visa^® Credit Card

If you’re worried that your credit is too bad to be approved for a traditional credit card — or even a secured card — the OpenSky^® Secured Visa^® Credit Card could be a good fit. That’s because the card doesn’t require a credit check or bank account for approval. It has a $35 annual fee, but requires a $25 minimum monthly payment and a $300 minimum security deposit.

The downside is that it doesn’t offer rewards. Still, you’ll get a card with easier approval and, possibly, even a higher credit line over time. Based on your payment performance and history with OpenSky, you can be considered for credit line increases in as little as six months — and potentially every three months thereafter.

The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid option for those looking to build or establish credit history with the help of a secured credit card. Along with offering a flat cash back rate on every purchase, you’ll also get the opportunity to increase your line of credit. Plus, after demonstrating responsible card usage, you can potentially earn your deposit back and upgrade to an unsecured Capital One credit card.

But if you want the opportunity to earn a higher cash back rate in popular spending categories, the Discover it^® Secured Credit Card could be a better fit. Or, if you’d prefer to potentially put down a lower initial security deposit for a higher line of credit, the Capital One Platinum Secured Credit Card is a good alternative.

And if you still don’t want your credit checked when you apply, you should look at the OpenSky^® Secured Visa^® Credit Card.

We devote a large part of the score for credit-building cards to features that help build credit — we want to help you locate cards that don’t cost a lot to own and get help you upgrade to better card offers.

• Annual savings (50% of rating): We calculate how much the average cardholder can save with the card on a yearly basis. If it is a rewards card, we use U.S. Bureau of Labor data and $300 in monthly spend (the typical starting credit limit for an introductory card) to calculate how much the average cardholder can earn in rewards. We then subtract fees — including annual fees and maintenance fees — from this amount.
• Credit building features (50% of rating): We give points for features that help build credit, including reports to all three credit bureaus, regular account reviews for card upgrades and free credit score access. We detract points for features that can be costly to cardholders trying to build credit, such as security deposits, penalty APRs and late payment fees.

Note, that our ratings are a starting point for comparing and choosing the best credit card for building credit. However, your needs may be different from the average cardholder. You should consider the amount you’re likely to spend in a card’s bonus categories and which benefits you value to choose the best card for you.