Capital One Introduces New Quicksilver Secured Card

Funto Omojola
By Funto Omojola 
Published
Edited by Erin Hurd

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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.

Capital One Quicksilver Secured Cash Rewards Credit Card
NerdWallet rating 

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.

Capital One Cards from our Partners
Capital One Venture Rewards Credit Card

on Capital One's website

Capital One Venture Rewards Credit Card
4.7
NerdWallet Rating
Rewards rate

2x-5x

Earn unlimited 2X miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options.

Miles

Intro offer

75,000

Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel.

Miles
Capital One® SavorOneSM Cash Rewards Credit Card

on Capital One's website

Capital One SavorOne Cash Rewards Credit Card
5.0
NerdWallet Rating
Rewards rate

1%-10%

Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases. Earn 8% cash back on Capital One Entertainment purchases. Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024. Terms apply.

Cashback

Intro offer

$200

Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.

Capital One Venture X Rewards Credit Card

on Capital One's website

Capital One Venture X Rewards Credit Card
4.9
NerdWallet Rating
Rewards rate

2x-10x

Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel, Earn unlimited 2X miles on all other purchases.

Miles

Intro offer

75,000

Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

Miles
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