Capital One Quicksilver Secured Cash Rewards

Rewards Rate

Welcome Bonus

APR

Pro & Cons

• Low refundable opening deposit
• Can help build credit
• No annual fee
• Earn unlimited cash back on everyday purchases

• Maximum credit limit is $1,000 to $3,000, depending on creditworthiness
• Difficulty increasing your credit limit after opening an account
• High variable annual percentage rate (APR)

Capital One Quicksilver Secured Cash Rewards

The Capital One Quicksilver Secured Cash Rewards Credit Card is an everyday credit card for people who want to build credit while earning rewards. It requires a refundable minimum deposit of $200, but it doesn’t have any hidden fees. It also offers unlimited 1.5% cash back on regular purchases. With good card management habits, users can even upgrade this secured card into a Quicksilver unsecured credit card in as few as 6 months.

Rewards Redemption

When you earn cash back rewards from the Quicksilver Secured Credit Card from Capital One, redemption is easy. You can either request a physical check, a statement credit, or a gift card. Alternatively, you can ask for points to be applied to a prior purchase, or use them when booking travel through travel.capitalone.com.
If you’d prefer a less hands-on approach, you can set up automatic redemption. This can occur once your points reach a certain amount, or on specific dates during the year.
To do this, simply access your account online or via the mobile app and follow the instructions for points redemption. Or call Capital One and ask them to redeem your points.

Terms, Rates and Fees

This secured credit card requires a minimum refundable deposit of $200. However, you may be able to deposit up to $3,000. Your deposit amount serves as your credit limit, and is based on your credit score and income.
Although this card requires fair credit or higher, it comes with 30.49% APR (variable rate), regardless of credit score. It has no annual fee, but it does have a few other fees. This includes a $40 late payment fee, a 3% balance transfer fee, and either a 3% or $3 cash advance fee (whichever is greater).

Each month, you’re required to make a minimum payment based on the card’s balance. If the balance is less than $25, the minimum payment will be equal to your current balance. If it’s $25 or higher, then your minimum payment will be either $25 or 1% of the current balance plus any late payments and interest charges.
If you use this credit card strategically to earn cash back and build credit, it could be a good choice for day-to-day use. However, the high APR can make it more expensive than it’s worth for those who don’t pay off the balance in full each month.

Maximize Benefits and Avoid Fees

• Make payments on time. For the greatest ongoing value, make every payment on time to build positive payment history and improve your credit score. This can also set you up to increase your credit limit after 6 months.
• Put forth a higher security deposit. The maximum credit limit is $3,000, depending on your deposit amount and creditworthiness. If you pay off the balance in full each month and buy items that benefit from cash back rewards, you can get the maximum benefit with the fewest possible fees.
• Take advantage of the cash back rewards. Most purchases come with 1.5% cash back. As an example, every $1,000 you spend on eligible purchases equates to $15 in cash back. However, if you book hotels and rental cars through Capital One Travel, you can earn 5% cash back.
• Upgrade the card. With good financial habits, you can request an unsecured credit card with a potentially higher limit.

How to Apply

Here’s how to apply for the Capital One Quicksilver Secured Cash Rewards Credit Card:

• Navigate to Capital One’s main website. However over “Credit Cards” and select “Credit Building.”
• Then, select “Quicksilver Secured.” This will take you to this card’s information page.
• Review the card information before selecting “Apply Now” to begin the online application process. Be prepared to provide some personal, contact, and financial information. This includes your full name, date of birth, U.S. citizenship status, SSN or ITID, address, phone/email, employment status, education status, annual income, and bank account information. You’ll also need to answer whether you plan to use the card for cash advances and if you want to go paperless for communication.
• Verify your SSN, review the credit card’s important disclosures, and continue to the application review. If everything looks good, submit the application.

Qualification Requirements

What Makes This Card Appealing?

The major appeal of the Capital One Quicksilver Secured Cash Rewards Credit Card is twofold. For one, it can help people with fair credit build credit as Capital One reports payment history to all three major credit bureaus. For another, this card offers cash back rewards for everyday and travel-related purchases.