Capital One Quicksilver Secured Review: A Credit-Building Rewards Card

Rewards

With the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll earn 1.5% cash back on most purchases, plus 5% cash back on hotel and rental car purchases through Capital One Travel. A rewards program this generous is rare among secured cards. Although rewards are not paramount when it comes to building credit with a secured card — using your card responsibly should be your main focus — the ability to earn cash back while also building credit is appealing.

Upgrade options

With responsible cardholding habits, such as consistent on-time payments, holders of the Capital One Quicksilver Secured Cash Rewards Credit Card may get their deposit returned to them as a statement credit, effectively turning their secured card into a regular unsecured one. Even before that, cardholders can be considered for an automatic credit line increase after at least six months of having the card. A higher credit line can potentially positively impact your credit score by lowering your credit utilization ratio, or how much of your available credit you're using. It’s generally advised that for a strong credit score, you keep utilization below 30%.

Deposit flexibility

Coming up with $200 or more for a security deposit all at once can be a tall order for some people who are building credit. According to Capital One's website for this card, you can fund your deposit in multiple installments within 35 days of being approved. All such payments must be at least $20 and must be made by electronic funds transfer from a bank account.

Fewer fees

The card doesn’t charge annual or monthly fees to carry it, which isn't always the case with cards for building credit. Not having to pay an annual fee can make it easier to focus on making payments on time and building up your credit. The card doesn't charge a foreign transaction fee either, which means it can be a good option to take abroad.

More accessible options exist

The card’s $200 minimum deposit is on par with what most secured cards require. But pulling together that much may prove difficult for some, even with the flexibility discussed above. There are secured cards that offer even more wiggle room.

For example, with the $0-annual-fee Capital One Platinum Secured Credit Card — another option from the same issuer — you may be able to put down a lower initial deposit of $49 or $99 for a $200 credit line (see rates and fees), according to Capital One's website for that card. This makes the card accessible to those who may be unable to pay a large sum upfront. However, that card doesn't earn rewards like the Capital One Quicksilver Secured Cash Rewards Credit Card does.

With both Capital One credit cards, you'll need a bank account to pay your bill. If this is a problem, the OpenSky® Secured Visa® Credit Card allows you to pay your bill with a money order or Western Union payment. The OpenSky® Secured Visa® Credit Card does require a security deposit and has a $35 annual fee, but it's otherwise light on fees and doesn't require a credit check.

» SEE: These credit cards don’t run credit checks

A high APR

Like most secured cards, the Capital One Quicksilver Secured Cash Rewards Credit Card charges a high interest rate. The ongoing APR is 29.74% Variable APR (see rates and fees). However, it’s important to note that on just about any credit card, you won’t be charged any interest if you make your card payments on time and pay in full every billing cycle.

For more card options, see our list of best credit cards.