You’ll get comprehensive credit reporting, the chance to upgrade to an unsecured product and the ability to earn rewards — all of which make the card stand out as a great option for those seeking to build or rebuild their credit.
Qualify with limited/bad credit
Reports to the three major credit bureaus
No minimum redemption amount
Rewards don't expire
No annual fee
No new cardholder bonus offer
No bonus categories
Compare to Other Cards
30.74% Variable APR
28.24% Variable APR
10.99% intro APR on Balance Transfers for 6 months
Recommended Credit Score
Recommended Credit Score
Detailed review: Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Quicksilver Secured Cash Rewards Credit Card — the secured version of the Capital One Quicksilver Cash Rewards Credit Card — is a competitive and rewarding option for those with poor or limited credit.
The $0-annual-fee card requires a refundable security deposit of at least $200 and earns rewards — the latter of which makes it stand out from other secured credit cards (see rates and fees). And because the card reports to all three major credit bureaus and offers a chance to graduate to an unsecured product, it can act as a steppingstone to a regular credit card.
Capital One Quicksilver Secured Cash Rewards Credit Card: Basics
Card type: Secured.
Annual fee: $0.
Security deposit: A minimum refundable deposit of $200 is required. Your deposit will determine your credit line. Cardholders can deposit more to increase their credit line — up to a range of $1,000 to $3,000, within 35 days of being approved and before card activation.
Sign-up bonus: None.
Rewards: Unlimited 1.5% cash back on most purchases, plus 5% back on hotel and rental car purchases through Capital One Travel.
Interest rate: The ongoing APR is 30.74% Variable APR.
Balance transfer fee: None. (3% for any promotional APRs offered.)
Foreign transaction fee: None.
Payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian.
Capital One offers a free credit monitoring tool called CreditWise that can help account holders keep track of their credit scores.
Benefits and perks
With the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll earn 5% cash back on hotel and rental car purchases through Capital One Travel and an unlimited 1.5% cash back on all other purchases, which is a rarity among other secured credit cards. A rewards program is not paramount when it comes to building credit with a secured card — using your card responsibly should be your main focus. But the ability to earn rewards while also building up your credit is an appealing offer.
Cash back earned with the card can be redeemed, at any time and at any amount, for a variety of options including reimbursement for purchases, statement credit, payments through PayPal, Amazon purchases and gift cards.
An opportunity to upgrade
With responsible cardholding habits that positively impact your credit score, such as consistent on-time payments, holders of the Capital One Quicksilver Secured Cash Rewards Credit Card can graduate to an unsecured rewards-earning Quicksilver card from the issuer like the Capital One Quicksilver Cash Rewards Credit Card. Once you’ve upgraded to a regular card, you’ll get your initial deposit back and all other card features will remain the same.
A potential credit limit increase
Holders of the Capital One Quicksilver Secured Cash Rewards Credit Card will be considered for an automatic credit line increase after at least six months of having the card. A credit line increase will be determined by your payment history as well as your creditworthiness. There’s a maximum credit limit range of $1,000 to $3,000, which will also be based on your credit score and history.
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 use. It’s advisable that you do not use more than 30% of your available credit.
The card doesn’t charge a yearly fee to carry it, which isn't always the case with secured credit cards. 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.
Drawbacks and considerations
More accessible options exist
The card’s $200 minimum deposit is on par with what most secured cards require. But pulling together the cash for an upfront deposit that high may prove difficult for some. There are secured cards that offer more flexible deposit options.
For example, with the $0-annual-fee Capital One Platinum Secured Credit Card — another secured card from the 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). This makes the card accessible to those who may be unable to pay a large sum upfront. However, the 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, 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.
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 30.74% Variable APR (see rates and fees).
However, it’s important to note that you won’t be charged any interest if you make your card payments on time and pay in full every billing cycle.
The $0-annual-fee card doesn't require an upfront security deposit nor does it always rely solely on credit scores when determining eligibility. It can use a non-traditional underwriting model that evaluates things like income, expenses, savings and debts. Plus, it earns up to 1.5% cash back on all purchases.
How to decide if it's right for you
If you have limited credit, this card is a good deal. It comes with key features for secured cards — complete credit reporting, an upgrade path and an automatic credit limit review. Plus, you can earn rewards with the card while building up your credit, which is not a usual benefit among other secured products.
However, if the $200 minimum required deposit poses a challenge, there are alternative and more flexible card options that may be more accessible.
For more card options, see our list of best credit cards.