Capital One Quicksilver Secured Cash Rewards Credit Card Review

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Whether you’ve never had a credit card before or you’ve let your credit score slip, a secured credit card can be a wonderful way to get yourself on the right track and eventually qualify for better rates and better cards. 

The idea of a secured credit card is that you put down a security deposit that acts as collateral against the money that the bank loans to you. Then, after paying your bill consistently for as few as three months (or as many as 18 months) and proving that you’re a responsible credit user, you can qualify for an unsecured credit card and get that security deposit back. 

However, not all secured credit cards are the same, and depending on your financial situation, some credit cards may be better for you than others. 

The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid option for those who can put down a refundable security deposit and who want an easy-to-understand cashback rewards system. 

With this card, you’ll be required to put down a security deposit of at least $200. However, once you do so, you’ll have access to a credit line of $200, and you’ll also earn unlimited 1.5% cash back on every purchase. On top of that, you can earn unlimited 5% cash back for booking hotels and rental cars through Capital One Travel. Those are pretty great rewards for a card that’s available to consumers with poor credit. 

If you have more cash available to put down on a security deposit, you can also increase your maximum credit limit on the Quicksilver Secured card to between $1,000 and $3,000, depending on your creditworthiness. If you don’t want to make an additional deposit, Capital One may increase your credit limit over time if you routinely make your payments on time. 

Increasing your credit limit can help you decrease your credit utilization ratio, and having a low credit utilization ratio is a major contributing factor to a good credit score. 

All in all, the Quicksilver Secured Card from Capital One is a great option for people with bad credit who want to improve their credit score and eventually qualify for a better credit card. However, before you go signing up, you may want to consider some of the other secured credit cards on the market. There are some other cards that might offer even better cashback rewards, depending on your particular spending patterns.

Pros	Cons
$0 annual fee	High APR
Available with poor credit	Minimum deposit required
Option to pay deposit in installments
No foreign transaction fees
Unlimited 1.5% cash back

Capital One Quicksilver Secured Cash Rewards Credit Card Spending Bonuses

One of the best features of the Quicksilver Secured from Capital One is that it offers cash back rewards on every purchase every day. Other secured cards offer cashback rewards, but there are also many secured cards that don’t. Here are the spending bonuses offer by the Quicksilver Secured Card: 

• 5% cash back on hotel and rental car purchases through Capital One Travel
• 1.5% cash back on all other purchases

The great advantage of earning a flat cashback rate of 1.5% on all purchases is that you never have to worry about which spending categories earn more than others. If you’re willing to pay attention to your spending categories, there are other secured credit cards that can earn you more cash back. But, if you don’t want to bother with that, the Quicksilver Secured Card is a great way to earn solid cash back rewards without worrying about where you’re spending your money. 

The ability to earn 5% cash back on hotel and rental car purchases through Capital One Travel can also be valuable, particularly if you travel often. If your job requires you to stay in hotels frequently, then you can delight in knowing that you’ll essentially get a 5% discount every time you book a hotel through Capital One Travel. 

All of the cash back that you earn with your Quicksilver Secured Card will go into your Capital One account automatically, and you can redeem it at any time in any amount. In terms of how you’ll receive the money, you can either request a check, apply your cash back as a statement credit or put it toward gift cards from certain retailers. 

Capital One also allows you to turn on its auto-redemption feature, which will automatically apply your cash back rewards as a statement credit when they reach a certain threshold (either $25, $50, $100 or $200). For instance, if you set your threshold to $100, each time that your cash back balance reaches $100, it’ll be automatically applied as a statement credit to your Quicksilver Secured Card. 

Capital One Quicksilver Secured Cash Rewards Credit Card Benefits

Aside from earning cashback rewards, the Quicksilver Secured Card from Capital One also comes with several other notable benefits. If you plan on signing up for this card, it’s worth being familiar with all of these benefits so that you can take full advantage of them. 

No Annual Fee

Some unsecured cards (meaning they don’t require a security deposit) are available to people with poor credit. However, these cards typically charge an annual fee as well as several other high fees. The Quicksilver Secured Card, on the other hand, doesn’t charge an annual fee or any other hidden fees, but it does require a minimum deposit of $200. The Quicksilver Secured Card also has a maximum late fee of $40. 

In general, for people with poor credit, it’s usually a better option to go with a no-annual-fee secured card than an unsecured card. That’s because unsecured cards with annual fees will usually cost you more money in the long run.

When you pay a security deposit on a secured card like the Capital One Quicksilver Secured Card, you can get that deposit back in full after several months of responsible use. With an annual fee, you’ll never get that money back even if you use your card responsibly. 

So, while it can be difficult to pay a security deposit all at once, it’ll usually save you money in the long run to do so rather than getting an unsecured card with an annual fee.    

No Foreign Transaction Fees

One benefit that comes standard on all Capital One cards is the fact that you’ll never be charged a foreign transaction fee for using your card outside of your home country. Some cards charge foreign transaction fees as high as 3%, so this benefit could save you a lot of money if you travel abroad often. 

Capital One markets its cards toward people who travel often. So, if you travel frequently to visit family, for work or for leisure, you can rest assured that you’ll never be charged an additional fee for using your card abroad. 

$0 Fraud Liability

Another feature that’s standard across all Capital One cards is $0 fraud liability protection, which protects you in the event that your card is lost or stolen and fraudulent charges are made to your account without your consent. 

If Capital One notices any suspicious activity on your account, the issuer will automatically notify you via text, phone and email. Then, if you claim that you didn’t authorize the transaction and Capital One is able to verify the transaction as fraudulent, you’ll be reimbursed for the full amount. 

Available for Applicants with Poor Credit

If your credit score is considered “poor” (usually around 580 and below), it can be hard to get access to lines of credit. However, secured credit cards, such as the Quicksilver Secured Card, are great tools for people with poor credit to get access to credit, learn how to manage credit responsibly and raise their credit scores. 

While the Capital One Quicksilver Secured Card doesn’t come with the valuable benefits that higher-tier cards have, it’s a great card for people who have poor credit to use to improve their credit history and eventually qualify for a better card. 

Pay Your Deposit in Installments

Many secured credit cards require you to pay your minimum security deposit all at once. However, the Quicksilver Secured Card gives you the option to pay your minimum security deposit in installments, provided that you pay it off completely within 35 days after approval. Once you have made the full $200 minimum deposit, you can have your card sent to you or you can continue to pay a higher deposit to increase your credit limit. 

After you’re approved for the Quicksilver Secured Card, Capital One will issue you a unique customer identifier number. You’ll need to include this number whenever you’re making payments toward your security deposit online or over the phone. 

All payments toward your security deposit must be funded through an electronic funds transfer through a bank. You can’t use checks, cash or other money transfers for these payments. That means that if you don’t have a bank account, you won’t be able to get the Quicksilver Secured Card from Capital One. 

If you don’t pay off the minimum security deposit of $200 within 35 days of being approved for the Quicksilver Secured Card, your account won’t be opened and you’ll receive a refund on any partial payments that you made. 

The fact that you have 35 days to pay your minimum security deposit is fairly unique and can be helpful for people on fixed incomes. For example, if you receive disability benefits from Social Security monthly and you can’t afford to put aside more than $100 per month toward a security deposit, then you can pay $100 toward your security deposit the first month and then contribute the other $100 when you receive your disability check the next month. 

Capital One Quicksilver Secured Cash Rewards Credit Card Drawbacks

The Quicksilver Secured Card from Capital One is one of the best options for people who have poor credit and are looking for a card that has no annual fee and still earns rewards. However, this card also has several drawbacks that you should consider before signing up. 

High APR

If you use your Quicksilver Secured Card responsibly, it can be a great way to build credit cheaply and eventually raise your credit score. However, if you have trouble paying your balance off month to month, the Quicksilver Secured can be expensive. That’s because this card has a rather high ongoing variable APR, which means you’re going to incur some high interest charges if you fail to pay off your balance in full every month. 

Of course, if you routinely pay off your balance in full every month, then the Quicksilver Secured Card’s high APR won’t affect you whatsoever. Having said that, if you’re questioning whether you’ll be able to pay off your balance, it’s probably better to seek out a card with a lower interest rate. 

Minimum Deposit Required

As previously mentioned, the Quicksilver Secured Card from Capital One has a minimum required security deposit of $200. You can pay this deposit in multiple payments so long as you pay the full $200 within 35 days after being approved. If you’re unable to pay the full deposit, you won’t receive your card and your account won’t be opened. 

For some people, paying a security deposit is difficult because they can’t afford to have their cash withheld. In that case, there are cards that don’t require a security deposit and are available to people with bad credit. However, these cards usually have annual fees and charge other high fees that can add up quickly. 

In general, you’re better off going with a secured card like the Quicksilver Secured if you have poor credit because it’ll usually save you money in the long run. But, if paying a security deposit isn’t an option for you, you may want to look for an unsecured card. 

Other Cards to Consider

While the Quicksilver Secured Card is definitely one of the best credit card options for people with bad credit, it’s still worth shopping around and looking at the other cards that are available to you in your credit range. There are other secured cards for bad credit that might offer better rewards for your spending patterns. 

Bank of America Customized Cash Rewards Secured Credit Card

While the Quicksilver Secured Card offers a flat cashback rate of 1.5% on all spending, it’s possible to earn even more cash back with the Bank of America Customized Cash Rewards Secured Credit Card if you’re willing to pay attention to spending categories. 

This card offers 3% cash back on up to $2,500 per quarter in the category of your choice: gas, online shopping, dining, travel, drug stores or home improvement’/furnishings. Of course, if you find that your spending patterns shift from quarter to quarter, you can always adjust which category is earning 3% cash back. 

On top of that, the Bank of America Customized Cash Secured card also earns 2% cash back on up to $2,500 per quarter at grocery stores and wholesale clubs, and unlimited 1% cash back on all other spending. Altogether, those are pretty outstanding cash back rewards for a card available to people with poor credit.

Just like the Quicksilver Secured Card, the Bank of America Customized Cash Card requires a minimum security deposit. So, if you have the $200 to open one of these two cards, you’re probably better off going with the Bank of America card. 

Discover it Secured

Another card that’s available for those with poor credit, doesn’t charge an annual fee and offers solid cashback rewards is the Discover it Secured credit card. This card offers 2% cash back at gas stations and restaurants on up to $1,000 in spending per quarter and unlimited 1% cash back on everything else. 

One of the main selling points for this card is the fact that Discover will match your cashback earnings for the first year. For example, if you earned $200 in cash back during your first cardmember year, Discover will reward you with another $200. So, essentially, you’ll earn 4% cash back at gas stations and restaurants on up to $1,000 in spending and unlimited 2% cash back on everything else for the first year.

If you’re planning on using a secured card for only one or two years, then the Discover it Secured card might be your best option. You can use this card for a year or two while building your credit, earn the first-year cashback bonus and then, hopefully, your credit will have improved enough to qualify for an even better card. 

The Discover Secured card also has a minimum required security deposit of $200. But, after just seven months of remaining in good standing with Discover, you’ll be considered to switch over to an unsecured version of the card, at which point you’ll receive your security deposit back in full. 

The Bottom Line

In terms of credit cards that are available to people with poor credit, most people are better off going with a secured credit card over an unsecured one. That’s because unsecured cards for bad credit usually charge annual fees and other hidden fees that can add up quickly. 

However, just because you get a secured credit card doesn’t mean that you can’t earn rewards. The Quicksilver Secured Card from Capital One offers the opportunity to earn unlimited 1.5% cash back on every purchase every day. Plus, you can earn 5% cash back on hotel and rental car purchases made through Capital One Travel. Those are pretty great rewards for a card that’s available to consumers with poor credit. 

To get this card, you’ll have to put down a security deposit of at least $200, which can be difficult for some people. Luckily, Capital One allows you to pay your minimum security deposit in installments, granted that you pay off the full $200 within 35 days after approval. This option can be really helpful for those who rely on a fixed income, such as disability benefits from Social Security. 

If you can afford to pay a $200 security deposit all at once, though, you should consider other cards before you sign up for the Quicksilver Secured. The Bank of America Customized Cash Rewards Secured Credit Card offers 3% cash back on up to $2,500 per quarter in a spending category of your choice, 2% cash back on up to $2,500 per quarter at grocery stores and wholesale clubs, and unlimited 1% cash back on everything else. 

The Discover it Secured card is also definitely worth considering. This card offers great cashback rewards, especially when you consider that they’ll match your cashback balance at the end of your first cardmember year.