Capital One Quicksilver Secured Card Review

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The Capital One Quicksilver Secured Cash Rewards Credit Card is a good selection should you’re new to bank cards and dealing on constructing your credit score historical past and rating. It’s a uncommon secured bank card that provides first rate rewards (1.5% money again on most purchases), however you may should put down a deposit after you are permitted to safe your credit score line.

Review: Is the Capital One Quicksilver Secured card the perfect bank card for you?

Getting permitted for a bank card when you’ve gotten a restricted credit score historical past generally is a difficult proposition, significantly should you’re on the lookout for a card that earns rewards. Nearly the entire best credit cards are open to these with good or excellent credit score, and cards geared to those with average or poor credit sometimes do not earn factors, miles, or money again.

The Capital One Quicksilver Secured Cash Rewards Credit Card is uncommon as a result of it earns sturdy rewards which can be corresponding to unsecured playing cards. Cardholders earn 5% money again on motels and rental vehicles booked via Capital One Travel and a really respectable 1.5% money again on all different purchases with no limits.

To be thought-about for the Capital One Quicksilver Secured Cash Rewards Credit Card, we advocate you to have a minimum of a good credit score rating, which Capital One defines as these with restricted credit score historical past (lower than three years) together with college students, folks new to the US, or approved customers on another person’s bank card — or those that have defaulted on a mortgage previously 5 years.

While the Capital One Quicksilver Secured Cash Rewards Credit Card does not supply a welcome bonus (secured playing cards typically do not), there is no annual charge and, like different Capital One bank cards, it does not add overseas transaction charges.

How the Capital One Quicksilver Secured works

The draw back is the Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card, which implies you may should put down a safety deposit equal to the preliminary credit score line you may be given. Your safety deposit successfully acts as collateral — should you default in your funds, Capital One will use that cash to repay your account.

That stated, you will get began with a deposit as little as $200 (although you’ll be able to deposit greater than the minimal, as much as a sure restrict, relying in your creditworthiness). After as little as six months of on-time funds, Capital One will robotically think about you for the next credit score restrict. 

When you are initially permitted, you may have as much as 35 days to fund your account with the preliminary safety deposit. If you’ll be able to’t pay , that is OK — Capital One will assist you to make partial deposits (minimal $20) till you meet the required quantity. 

And with accountable use over time (making on-time funds), you can have the chance to graduate to an unsecured Quicksilver card and get your deposit again. All of your account exercise is reported to the three main credit bureaus, so by demonstrating accountable use you’ll be able to improve your credit score and finally qualify for different types of credit score.

We’re centered right here on the rewards and perks that include every card. These playing cards will not be price it should you’re paying curiosity or late charges. When utilizing a bank card, it is vital to pay your steadiness in full every month, make funds on time, and solely spend what you’ll be able to afford to pay.

How to earn rewards from Capital One Quicksilver Cash Rewards Secured bank card

The rewards fee on the Capital One Quicksilver Secured Cash Rewards Credit Card is easy, with no sophisticated bonus classes to trace and no limits to what you’ll be able to earn. Cardholders earn:

• 5% money again on motels and rental vehicles booked via Capital One journey
• 1.5% money again on all different eligible purchases

As lengthy as your card is open and in good standing, your rewards won’t ever expire.

There’s no minimal redemption quantity for money again, and you may obtain your rewards within the type of an announcement credit score or verify.

How to make use of rewards 

Capital One makes it very straightforward to redeem your money again, with no minimal redemption quantity and a number of other methods to redeem rewards. The easiest choice is to obtain your rewards within the type of an announcement credit score in your account to offset earlier purchases, however it’s also possible to money them out by way of a verify or redeem them for present playing cards.

You can even use your money again towards journey (flights, motels, and rental vehicles) booked via the Capital One journey portal. That’s not the neatest solution to redeem rewards, since you will not earn money again on the acquisition. It’s a greater thought to make use of your card to pay for journey (particularly should you guide a resort or automobile rental via Capital One journey, which nets you 5% money again) after which use your cash-back rewards to erase the acquisition out of your assertion.

Capital One additionally means that you can arrange automated redemptions, equivalent to whenever you attain a sure rewards threshold or at a sure time annually. You can simply change your redemption preferences in your Capital One account on-line.

Capital One Quicksilver Secured card advantages and options

As with most secured bank cards, the Capital One Quicksilver Secured Cash Rewards Credit Card is not full of perks. However, there are just a few advantages that cardholders will discover useful.

No overseas transaction charges

Most bank cards designed for people with decrease credit score scores tack on additional charges, together with overseas transaction charges of three% or extra whenever you use the cardboard for worldwide purchases. With the Capital One Quicksilver Secured Cash Rewards Credit Card, you will not have to fret about getting stung with additional expenses whenever you journey overseas — the truth is, Capital One playing cards typically don’t add foreign transaction fees.

Automatic consideration for credit score restrict will increase

Capital One will robotically evaluation your account and think about you for a credit score restrict improve with as little as six months of accountable use (meaning paying off your card on time each month). This is nice not simply since you’ll have entry to the next credit score line; it may additionally enable you to increase your credit score rating by enhancing your credit utilization ratio.

Refundable safety deposit

Although you may must put down a minimum of $200 as a safety deposit on the Capital One Quicksilver Secured Cash Rewards Credit Card, you may have the chance to earn it again — and convert to an unsecured card — whenever you use the cardboard responsibly over time.

If you shut your account, so long as your steadiness is paid in full, you may obtain a refund of your deposit.

Other advantages

The Capital One Quicksilver Secured Cash Rewards Credit Card comes with different perks which can be commonplace throughout Capital One playing cards, together with:

• Credit monitoring via Capital One Credit Wise
• Account and safety alerts
• Virtual card numbers (nice for on-line purchases)
• Free approved customers
• $0 fraud legal responsibility (you are not answerable for unauthorized expenses in case your card is misplaced or stolen)
• Card lock (for when your card is misplaced, misplaced, or stolen)
• Emergency card alternative

Capital One Quicksilver Secured charges and prices

The Capital One Quicksilver Secured Cash Rewards Credit Card does not cost an annual charge or overseas transaction charges, however there are different prices you need to be conscious of. 

One main caveat with the Capital One Quicksilver Secured Cash Rewards Credit Card is its APR (annual share fee). For purchases and transfers, there is a 29.74% Variable APR. That’s considerably greater than the average credit card interest rate, so should you carry a steadiness, you may be on the hook for top curiosity expenses. Be positive to repay your account in full every month to keep away from racking up unmanageable bank card debt.

There are additionally charges for steadiness transfers, late funds, and money advances, like most different bank cards cost.

Compare Capital One Quicksilver Secured vs different Capital One playing cards for constructing credit score

Capital One Quicksilver Secured vs different secured bank cards

*5% money again class decisions on the U.S. Bank Cash+® Visa® Secured Card are quick meals, house utilities, TV, web, and streaming providers, department shops, digital shops, mobile phone suppliers, sporting items shops, furnishings shops, film theaters, gyms and health facilities, floor transportation, and choose clothes shops

Capital One Quicksilver Secured card regularly requested questions (FAQ)