Earn 1.5% on all purchases and build credit: Capital One Quicksilver Secured credit card review
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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.
Who is this card for?
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.
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.
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.
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 photo by John Gribben for The Points Guy.
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Earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new card in the first three months of card membership. Plus, earn up to $100 back in statement credits for eligible purchases at U.S. restaurants in the first three months of card membership.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Earn 50,000 Bonus Miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $2,000 in purchases on your new Card in your first 3 months.
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- Terms Apply.
- See Rates & Fees