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For those with less-than-great credit scores, secured credit is a great way to get access to a line of credit with relatively favorable terms. With this special type of credit card, you’re required to put down a security deposit, which is usually equal to the credit limit that you receive. Then, each time you make a purchase on your credit card, this security deposit will act as collateral. Through responsible use of a secured credit card, you can boost your credit score and eventually qualify for a better credit card. Plus, some secured credit cards even allow you to earn rewards while you’re building credit. 

Capital One currently only offers two secured credit cards: the Capital One Platinum Secured Credit Card and the Capital One Quicksilver Secured Rewards Credit Card. Now, while the Quicksilver Secured card is definitely the better card out of the two if you can get your hands on it, the Platinum Secured card is more accessible for those who have bad credit or who want to put down a smaller security deposit. 

There are three major differences between these two cards. The Quicksilver Secured card offers 1.5% cash back rewards on all purchases whereas the Platinum Secured card offers no rewards. The Platinum Secured card allows you to put down a security deposit as low as $49 whereas the Quicksilver Secured requires a minimum security deposit of $200. Finally, the two cards have different credit requirements and different maximum credit limits. 

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

In this article, we’re going to cover all of the different features of both the Platinum Secured card and the Quicksilver Secured card. Again, if you’re able to qualify for the Quicksilver Secured card and afford the minimum security deposit, then you should definitely go with the Quicksilver Secured card over the Platinum Secured card. However, some consumers may not be able to qualify for the Quicksilver Secured card due to their credit history or may not be able to afford the Quicksilver Secured card’s minimum security deposit. 

How Your Credit Affects Your Card Choice

According to Capital One’s website, the Platinum Secured card is available to those with lower credit whereas the Quicksilver Secured card requires slightly better credit. 

Explore cards that could help you build credit with responsible use

While Capital One doesn’t give an explicit numerical range of what they consider a qualifying score for either card, it does have a list of “Credit Level Guidelines” that help explain how your credit might affect your card choice. 

Credit Level Guidelines

If you think that your credit is on the lower side, then it’s probably better not to apply for the Quicksilver Secured card, since submitting an application for a credit card requires a hard inquiry. When a hard inquiry is performed on your credit history, it causes your credit score to temporarily drop for around one or two years. For this reason, you should try to avoid applying for credit cards that you might not get approved for.

It’s also worth noting that, despite having low credit score requirements, it’s still possible to get denied for the Capital One Platinum Secured Card. Some reasons why you may get denied include a recent bankruptcy filing, filling out the application incorrectly, having insufficient income, having high outstanding debt, having too many inquiries on your credit report or being too young to apply.

Security Deposits

All secured credit cards require a security deposit, including the Platinum Secured card and the Quicksilver Secured card. With most secured credit cards, the amount of your security deposit is equal to your line of credit. 

However, while the Quicksilver Secured card fits the model outlined above, the Platinum Secured card is a notable exception in that it allows you to start with a credit line higher than your security deposit. 

With the Platinum Secured card, your minimum required security deposit varies based on your creditworthiness. However, your initial line of credit will be the same regardless of your minimum required security deposit. This is a great option for those who are especially strapped for cash and still want to start building their credit. With the Quicksilver Secured card, on the other hand, your credit line will always be the same as your minimum required security deposit. 

Whether you have the Platinum Secured card or the Quicksilver Secured card, you have the option to pay your minimum required security deposit within 35 days after being approved for your card. There is generally a minimum dollar amount you must deposit. So, if you’re approved for one of these cards, you have 35 days to pay your required minimum security deposit, or you won’t receive your card. 

With both cards, you can increase your credit limit by contributing more to your security deposit. With the Quicksilver Secured card, your maximum credit limit can vary based on your creditworthiness. With the Platinum Secured card, your maximum credit limit will be a set amount, regardless of your credit. With both cards, you can also occasionally have your credit limit increased for routinely making your payments on time. 

If you use your card responsibly and make all of your payments in full and on time, Capital One may even return your security deposit and upgrade you from your secured card to the unsecured version of your card. This decision is made exclusively at Capital One’s discretion, but the process usually takes between six and 18 months for those who practice good credit habits. 

Side-By-Side Comparison

There are many similarities between the Platinum Secured card and the Quicksilver Secured card. However, there are also some notable differences between these two cards to be aware of. To make comparing these two cards easier, here’s a side-by-side comparison of the Platinum Secured card and the Quicksilver Secured card: 

Capital One Platinum Secured Credit CardCapital One Quicksilver Secured Rewards Credit Card
Annual fee$0$0
Minimum security deposit$49, $99 or $200 (based on creditworthiness)$200
Maximum credit limitVaries; set by card issuerVaries; based on creditworthiness
Rewards earningsNoneYes
Other notable benefits• $0 fraud liability protection
• No foreign transaction fees
• Option to add an authorized user
• Be automatically considered for a higher line of credit in as little as six months
• Reporting to all three major credit bureaus
• $0 fraud liability protection
• No foreign transaction fees
• Option to add an authorized user
• Be automatically considered for a higher line of credit in as little as six months
• Reporting to all three major credit bureaus

The differences between these two cards are in their minimum security deposits, their required credit scores, their maximum credit limits and whether or not they earn rewards. Of course, since the Quicksilver Secured card earns rewards whereas the Platinum Secured card does not, the Quicksilver Secured card is obviously the better option of these two if you can get approved for it and afford the minimum security deposit. 

Additionally, the Quicksilver Secured card has the potential for a higher maximum credit limit whereas the Platinum Secured card’s credit limit will have a set maximum. 

However, the Platinum Secured card may be your only option if you’ve defaulted on multiple loans or you’ve been declined for a credit card in the last three months. Before you apply for any credit card, it’s always a good idea to check your credit score and see where you lie. 

Also, if paying a minimum security deposit, such as the one required by the Quicksilver Secured card, you may be able to open a line of credit with a lower required deposit with the Platinum Secured card. And, with either of these two cards, you have 35 days after approval to pay your deposit in full. 

Platinum Secured and Quicksilver Secured Benefits

Despite some differences, the Platinum Secured card and the Quicksilver Secured cards share many of the same benefits. We’ll break down how each of these benefits works below. 

$0 Fraud Liability Protection

All Capital One cards come with $0 fraud liability protection. This feature ensures that you’ll never be responsible for paying for unauthorized purchases in the event that your card is lost or stolen. 

If any suspicious activity is detected on your account, Capital One will notify you via text and email. Then, you can either confirm that you made the charge or you can report it as fraudulent. If they’re able to confirm the case of fraud, they’ll reimburse you for the full amount of the charge. Alternatively, you can report suspected fraud to Capital One online or over the phone. 

No Foreign Transaction Fees

No Foreign Transaction Fees

Another feature of all Capital One cards is that they don’t charge foreign transaction fees. This means that you can use your card in any country in the world without incurring any additional fees.

While the lack of foreign transaction fees may not seem like a very big deal, there are some credit cards out there that charge foreign transaction fees as high as 3%. That could add up to a lot of money if you travel outside of the country frequently. 

Similar to other credit card companies, though, you should notify Capital One before leaving the country or else they may flag your foreign charges as fraudulent and may even freeze your account.

Authorized User

Both the Quicksilver Secured card and the Platinum Secured card give you the option to add an authorized user at no additional cost and with no additional credit check or application. 

Authorized users can get their own card on your account, log in to Capital One with their own credentials, and spend and earn rewards on your account. However, as the primary cardholder, you’re ultimately responsible for paying off the balance. Make sure to practice caution with who you add as an authorized user on your account as you are ultimately the one responsible for their debt. 

Conversely, if you add someone as an authorized user on your card, your credit habits will have an effect on that user’s credit history. In some cases, this can help a friend or family member build credit. However, if you don’t use your card responsibly, it could end up hurting your authorized user’s credit score.

Automatic Consideration for Higher Credit Line

When you’re approved for either the Quicksilver Secured card or Platinum Secured card, you’ll be automatically considered for a higher line of credit (without having to put down a larger security deposit) in as little as six months. Of course, you can also raise your credit limit by putting down a larger security deposit. 

One of the biggest advantages of raising your credit limit is that, if you keep your spending level the same, your credit utilization ratio will decrease. Maintaining a low credit utilization ratio is one of the most important factors in determining your credit score. By raising your credit limit and keeping your spending at the same level, you’ll be improving your credit score and getting closer to qualifying for a better credit card. 

Reporting to Major Credit Bureaus

Capital One reports your credit activity to all three major credit bureaus: Experian, Equifax and TransUnion. In order for you to raise your credit score, it’s imperative that all three of these bureaus receive your credit history. So, if you use your Capital One card responsibly, your responsible use will be reported to all three major credit bureaus and your credit score should improve. 

cashback card

Other Cards to Consider

If you’re looking for a secured credit card, the Platinum Secured card and Quicksilver Secured card are both worth consideration as they each have their comparative advantages. However, there are many other secured credit cards from many other issuers that are worthy of consideration. 

So, before you sign up for either the Platinum Secured card or the Quicksilver Secured card, it’s worth looking into the other options available to you. To get you started, here are some other secured credit cards that we’d recommend:

Bank of America® Customized Cash Rewards Secured Credit Card

Depending on your spending habits, the Bank of America® Customized Cash Rewards Secured Credit Card may very well beat out the Quicksilver Secured card in terms of the rewards it offers. With the Bank of America® Customized Cash Secured card, you’ll earn 3% cash back in a category of your choice (including gas, online shopping, dining, travel, drugstores or home improvement/furnishings) and 2% cash back at grocery stores and wholesale clubs on up to $2,500 in combined spending per quarter. After you’ve passed $2,500 in combined spending per quarter in your 3% cash back category and 2% cash back category, you’ll still earn 1% cash back on those categories. You’ll also earn 1% cash back on all purchases outside of those categories. 

So, unless you’re planning on spending significantly more than $2,500 on your card per quarter, the Bank of America® Customized Cash Secured card will probably earn you more cash back than the Quicksilver Secured card. 

Additionally, the Bank of America® Customized Cash Secured card has a higher credit limit than the Quicksilver Secured card. However, they both have a minimum security deposit. 

The Customized Cash Secured card charges a 3% foreign transaction fee whereas the Quicksilver Secured card doesn’t charge any foreign transaction fees. Neither card charges an annual fee. 

U.S. Bank Cash+® Secured Visa® Card

Another secured credit card that may earn you more cash back than the Quicksilver Secured card is the U.S. Bank Cash+® Secured Visa® Card. This card offers 5% cash back on your first $2,000 in spending per quarter in two categories of your choice, unlimited 2% cash back on one everyday category of your choice and unlimited 1% cash back on everything else. After you spend more than $5,000 combined in your two 5% cash back categories, you’ll still earn 1% cash back in those categories.

The 5% cash back categories that you can choose from are the following (remember: you get to choose two of them per quarter): 

  • Fast food
  • Home utilities
  • TV, internet and streaming
  • Department stores
  • Cell phone providers
  • Electronic stores
  • Sporting goods stores
  • Furniture stores
  • Movie theaters
  • Ground transportation
  • Gyms/fitness centers
  • Select clothing stores

The 2% cash back categories that you can choose from are the following (you only get to choose one of these): 

  • Grocery stores and grocery delivery
  • Restaurants 
  • Gas stations and EV charging stations

In terms of potential cash back earnings, the U.S. Bank Cash+® Secured Visa® Card is probably the best secured credit card on the market. The Cash+ Secured card also doesn’t charge an annual fee. 

However, this card has a slightly higher minimum required security deposit than the other secured cards mentioned in this article. But, this card may come with a higher maximum credit limit. As a nice perk, it allows you to choose your own payment date, which means that you can align your payments with whenever you get paid. 

If you can afford the minimum deposit, the U.S. Bank Cash+® Secured Visa® Card is probably the best secured card you can get. 

The Bottom Line

For people with limited credit or poor credit scores, a secured credit card is a great way to get approved for a line of credit and start raising your credit score through responsible use. These cards require you to put down a security deposit, which acts as collateral against your line of credit. If you use your secured credit card responsibly, you can eventually be approved for an unsecured version of your card and have your deposit returned to you. 

Between the two secured cards issued by Capital One, the Platinum Secured card and the Quicksilver Secured card, the Quicksilver Secured card is the better choice if you can afford its higher minimum required security deposit due to the fact that it offers cash back rewards and the Platinum Secured card doesn’t. If you’ve defaulted on more than one loan in your life or you’ve been declined for a credit card in the last three months, you may not be approved for the Quicksilver Secured card, but you could potentially still be approved for the Platinum Secured card. 

The Quicksilver Secured card has a set minimum required security deposit, while the Platinum Secured card has a minimum deposit that varies based on your creditworthiness. However, the initial credit limit for both cards is the same. So, with the Platinum Secured card, you can actually get a line of credit that’s higher than the minimum deposit, which is pretty unique among secured credit cards. 

Still, the opportunity to earn rewards makes the Quicksilver Secured card the better of the two. That said, even the unlimited 1.5% cash back on all purchases offered by the Quicksilver Secured card can’t stack up to the rewards offered by some other secured cards out there. 

Specifically, the U.S. Bank Cash+® Secured Visa® Card offers 5% cash back on up to $5,000 per quarter in combined spending in two categories of your choice, unlimited 2% cash back on one everyday category of your choice and unlimited 1% cash back on all other purchases. Unfortunately, the Cash+ Secured card has a pretty high minimum required security deposit. If you can afford it, the rewards offered by this card are better than those offered by the Quicksilver Secured card for most consumers.

Regardless of which secured credit card you go with, it’s important to use your card responsibly by paying off your balances in full and in a timely manner. Secured credit cards can be great tools for boosting your credit score. But, if you use them irresponsibly, they can have the exact opposite effect.