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Capital One has added a new secured card to its lineup of Quicksilver products. The Capital One Quicksilver Secured Cash Rewards Credit Card, which began accepting applicants on Oct. 19, 2021, is aimed at helping consumers build or establish credit.
The $0-annual-fee card comes with many of the same benefits as the existing unsecured version, the Capital One Quicksilver Cash Rewards Credit Card, which is available to consumers with good to excellent credit scores (FICO scores of 690 or higher). However, the secured version doesn't come with a sign-up bonus, nor does it have an introductory APR period.
Here’s a closer look at what the card offers.
Capital One Quicksilver Secured Cash Rewards Credit Card: Key details
Applicants who have poor credit scores (FICO scores of 629 or lower) are eligible for the card, which features the following:
A $0 annual fee.
An unlimited 1.5% cash back on all purchases.
A minimum deposit of $200 required.
No foreign transaction fees.
Rewards earned with the Capital One Quicksilver Secured Cash Rewards Credit Card can be redeemed — in any amount and at any time — for statement credit, reimbursement for purchases, payments via PayPal, Amazon purchases and gift cards.
Approved applicants must pay a deposit of at least $200, with a deposit limit of up to $1,000 to $3,000, depending on your credit scores. As with most secured cards, your deposit will determine your credit limit. Cardholders will automatically be considered for a credit line increase after six months from account opening.
In addition to reporting credit information to all three major credit bureaus — Equifax, Experian and TransUnion — the card features a clear upgrade path to a Quicksilver card. This means that with responsible cardholding habits that positively impact your credit scores, you’ll be able to graduate to a regular rewards-earning Quicksilver card from the issuer. You’ll also get your deposit back at that time.
Is it a good deal?
For those with bad credit, yes. The Capital One Quicksilver Secured Cash Rewards Credit Card offers many key features for that audience, including comprehensive credit reporting, an automatic credit limit review, an upgrade path to an unsecured product, and a reasonable minimum deposit amount.
But this card goes a bit further, offering a 1.5% rewards rate that's on par with many cards that require good to excellent credit. The ability to both build credit and earn rewards is a winning combination for many cardholders.
The issuer does offer another secured credit card, the $0-annual-fee Capital One Platinum Secured Credit Card. Although the Platinum card doesn’t earn rewards like the new Quicksilver card does, it offers flexibility in terms of how much cardholders are required to put down for a deposit. With the card, you may be able to get a $200 credit line by putting down an initial refundable deposit of $49, $99 or $200, depending on your creditworthiness — which means that your credit limit does not have to be equal to your deposit. This makes the card more accessible for those who may have difficulty pulling together a deposit as high as $200.