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Earn 1.5% on all purchases and build credit: Capital One Quicksilver Secured credit card review

Oct. 19, 2021
6 min read
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This page includes information about the Discover it Secured Credit Card that is not currently available on The Points Guy and may be out of date.

Capital One Quicksilver Secured overview

The Capital One Quicksilver Secured Cash Rewards Credit Card is a brand new option out there for those with poor or limited credit. While most secured card options are intended to build credit and not earn rewards, the Quicksilver Secured is a unique blend of both — offering a 1.5% rewards rate on all purchases. With no annual fee and no foreign transaction fees, this card opens many doors for those who want access to credit. Card rating*: ⭐⭐⭐½

*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Just because your credit score isn't outstanding doesn't mean you're banned from applying for credit cards altogether. Secured credit cards are a great alternative that helps you build or repair your credit through a slightly different approach.

Rather than a traditional credit line, you'll have to put down a fully refundable cash deposit that determines your credit limit. From there, a secured credit card will act just like a traditional credit card — but with a much easier approval process.

The all-new Capital One Quicksilver Secured is one of the best — if not the best — secured card options on the market. There's no annual fee and a minimum of a $200 cash security deposit required. But perhaps the best part of this card is the ability to earn 1.5% cash back on all purchases, which is a fantastic earning rate even when considering traditional credit cards.

Let's take a further look at all of the details.

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Who is this card for?

(Photo by John Gribben for The Points Guy)

The Capital One Quicksilver Secured is best for those having a hard time seeking approval from other rewards credit cards. Whether you have a limited credit history or a less-than-ideal credit score, Capital One makes it easier than ever to check your approval odds for the Quicksilver Secured with its flagship pre-approval tool that you can find here. The pre-approval process will not impact your credit score as it's a soft inquiry (rather than a hard inquiry) on your credit.

Furthermore, this card is a great option for those who feel like they're missing out on earning rewards. The 1.5% rewards rate on all purchases is terrific and straightforward.

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Main benefits and perks

While secured cards are generally light on benefits, the Quicksilver Secured comes with a decent number of perks worth mentioning:

  • Unlimited 1.5% earning rate: There's no limit to how much cash back you can earn.
  • Redeem rewards: Receive a statement credit, pay via PayPal, shop and pay for Amazon purchases, buy gift cards or reimburse yourself for purchases.
  • No foreign transaction fees: When traveling abroad and paying with your Quicksilver Secured, you won't incur any foreign transaction fees.
  • Automatic credit line reviews: Based on your payment history and creditworthiness, you may automatically receive a credit line bump — without putting more down as a security deposit.
  • Monitor credit score: Using Capital One's CreditWise feature, you can check your credit score for free and without hurting your score.
  • Access to digital features: You can implement a flexible payment date and AutoPay to ensure that you pay your statement on time.
  • No annual fee: All of these great benefits for no annual fee.

Remember that you'll have to put down a minimum of $200 as your security deposit (which also determines your credit line), so the more you put down, the more credit you'll have access to.

If you need a larger credit line, you can put down an additional deposit within 35 days of being approved and activating your card. You can raise your initial credit line up to your maximum limit — which is assigned upon card approval — and may range from $1,000 to $3,000, depending on your creditworthiness.

Finally, you may be able to "graduate" to the Capital One Quicksilver Cash Rewards Credit Card — the unsecured version — by using the card responsibly. That means you'll get your security deposit back, but all other card terms and features will stay the same.

Which cards compete with the Capital One Quicksilver Secured?

Before you commit to one card, it's always best practice to monitor the landscape.

The first card that competes with the Capital One Quicksilver Secured is the OpenSky® Secured Visa® Credit Card. Another secured card option on the market, you'll also need to put a minimum of $200 down or a maximum of $3,000 as your security deposit (and as your credit limit). There's no credit check required, making the approval odds some of the easiest out there.

(Photo by John Gribben for The Points Guy)

There's also no sign-up bonus on this card. In addition, there's no ability to earn rewards with this card — so it's intended for building credit only. Finally, the OpenSky Secured comes with a $35 annual fee. While not an exorbitant amount of money, the Capital One Quicksilver Secured beats this card out in virtually every category.

Another option is the Discover it® Secured Credit Card, which comes with no annual fee and a pre-approval tool to maximize your chances of approval.

The information for the Discover it Secured has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

The refundable security deposit also starts at $200, and you can also be converted to a standard card after eight months of on-time payments.

You'll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter when you enroll and 1% on all other eligible purchases. In place of a traditional sign-up bonus, there's an unlimited dollar-for-dollar match for all of the cash back you've earned at the end of your first year automatically.

Depending on the type of spender you are, the Discover it Secured Credit Card's earning rate may appeal to you more. But for the utmost simplicity, the Capital One Quicksilver Secured is the better way to go.

Bottom line

In sum, the Capital One Quicksilver Secured provides a clear pathway to financial success by paying your bills on time and in full, offering the ability to upgrade to the unsecured Quicksilver card after consistent use. Although there's no sign-up bonus (uncommon for secured cards in the first place), the 1.5% rewards rate, no foreign transaction fees, and no annual fee are what makes this card a viable option for those who need a clean break or someplace to start.

Official application link: Capital One Quicksilver Secured.

Featured image by (Photo by John Gribben for The Points Guy)
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG featured card

Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

2 - 10X points
10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day

Intro offer

75,000 bonus miles
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

Annual Fee

$395

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • 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
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • 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
  • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023
Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day
  • Intro Offer
    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

    75,000 bonus miles
  • Annual Fee

    $395
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • 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
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • 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
  • Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023