Capital One Quicksilver Secured Card Review

Capital One Quicksilver Secured Card Review Summary

The Capital One Quicksilver Secured Cash Rewards Credit Card is a good credit card for earning rewards while you build credit. It has a $0 annual fee, reports to all three major credit bureaus each month, and gives 1.5% cash back on all purchases, so it’s definitely worth considering.

Some people may not be eager to put down the security deposit needed to get a secured credit card, but this offer isn’t as taxing as some. Capital One Quicksilver Secured requires a refundable deposit of just $200, and the amount of the deposit will become your spending limit. Besides, if you have bad credit, you probably won’t be able to get approved for a card with rewards and low fees without a deposit.

The bottom line is that if you apply for Capital One Quicksilver Secured, get approved and manage your account responsibly, you’ll save money and put yourself in a position to qualify for higher-tier credit cards.

Capital One Quicksilver Secured Card Highlights

1.5 - 5% cash back

Capital One Quicksilver Secured rewards cardholders with unlimited 1.5% cash back on all purchases. Plus, cardholders earn 5% back on hotels and rental cars booked through Capital One Travel. That is a well-above-average earning rate for a cash back credit card, and it’s a simple enough rewards program not to distract you from your main objective: building a good credit score.

The average cash back credit card gives 1.12% back on purchases. Among secured cards only, rewards are even less attractive on average.

$0 annual fee

A $0 annual fee is one of the main things you should look for in a credit card if you have bad credit or limited credit history. Perks worth paying extra for typically aren’t available until you have a good credit score. Not having to pay an annual fee to own the Capital One Quicksilver Secured Card will also save you $22 per year compared to the average credit card offer.

Security deposit of $200

The Capital One Quicksilver Secured security deposit requirement is $200, to be placed when you open an account. The deposit amount then becomes your account’s credit limit. You can get the money back when you close the account and bring the balance to $0.

It’s also worth noting that Capital One may eventually give you a statement credit equal to your deposit as a reward for responsible account management. That would effectively unsecure the account.

Capital One Quicksilver Secured Card Lowlights

Not good for financing

Carrying a balance from month to month with a secured card like Capital One Quicksilver Secured is a bad idea for two reasons. First of all, expensive interest charges will apply. Furthermore, you can’t really borrow money with a secured card, as your spending limit usually matches the amount of your deposit.

Other Things to Consider About the Capital One Quicksilver Secured Card

No minimum credit score

The Capital One Quicksilver Secured accepts people with bad credit or limited credit. Approval is not guaranteed, however. The biggest things that could prevent you from being approved are having an open bankruptcy case on your credit report and not having enough income to afford both a security deposit and monthly bill payments.

No foreign transaction fee

If you happen to travel abroad or make purchases through international merchants, you won’t have to pay extra if you use Capital One Quicksilver Secured. In fact, no Capital One credit cards charge foreign fees.

The average foreign fee among new credit card offers is currently 1.52%.

Capital One Quicksilver Secured Card vs. Popular Competitors