Capital One Quicksilver Secured Cash Rewards Credit Card review

Establishing a good credit score is key to reaching many financial milestones, like getting a mortgage, buying a car and making other big purchases that require financing. A strong credit history will not only make the approval process easier, but also ensure better terms, saving you money.

Building credit with a credit card is a great place to start, and secured cards are usually the lowest cost, most flexible way forward. The Quicksilver Secured Cash Rewards card from Capital One goes above and beyond, offering a relatively generous rewards program – uncommon for secured cards – and tools to help you build your credit.

You probably don’t want to stick with a secured card forever, but if earning rewards and avoiding an annual fee (See Rates and Fees) while building your credit is important to you, the card could be the right fit. However, if you tend to miss payments or can’t afford to put down a big deposit, it’s worth looking into other options.

Why you might want the Capital One Quicksilver Secured card

Compared to the best credit cards, the Quicksilver Secured card may not offer the most enticing rewards program, but the fact that it even has one is a big plus considering how rare rewards programs are among secured cards. The card also stands out for charging no annual fee and no foreign transaction fee (See Rates and Fees) and offering a chance to earn back your initial security deposit with responsible use.

Earn unlimited cash back on every purchase

If you have a limited credit history, you may not even have earning rewards as one of your goals, but the Quicksilver Secured card’s unlimited 5% cash back on hotel and rental car bookings through Capital One Travel and 1.5% cash back on every purchase is hard to pass up, especially considering the majority of secured cards offer limited or no rewards.

Not only does this card’s consistent rewards rate give you a chance to earn back some of the money you would have already been spending, but its base cash back rate also matches the 1.5% cash back rate you’ll find on most flat-rate cash back cards.

There’s also no need to track any rotating categories or worry about limits on how much cash back you can earn with the Quicksilver Secured card. With every eligible purchase you make, anywhere, you can at least 1.5% cash back, which you can redeem for a statement credit.

See related: How to redeem cash back

No annual or hidden fees

The Quicksilver Secured charges no annual fee, unlike many other secured cards. If you’re still working on building healthy credit habits, this card’s lack of hidden fees should be a big help. That said, if you do happen to miss a payment – a common mistake among credit newbies – you’ll be charged an up to $40 late payment fee (See Rates and Fees).

Great credit-building features

The Quicksilver Secured Cash Rewards helps you monitor your credit for free with CreditWise from Capital One. You can also check if you’re preapproved for the card via a soft pull, which does not hurt your score. This is important because when you submit a formal application for a card, you must face a hard pull or hard inquiry, which will temporarily drop your credit score. Preapproval can help give you a better sense of your chances before you put your score at risk.

The Quicksilver Secured card does require you to put down a refundable deposit of $200 to get an initial credit line of $200 to start building your credit – a potential roadblock if you don’t have much cash to put down – but the card also gives you a chance to earn back your deposit as a statement credit by using your card responsibly, such as making your monthly payments on time. Essentially, the card graduates to an unsecured card, where a deposit doesn’t bind you to the card.

Plus, with responsible card usage and on-time monthly payments, you could be considered for a higher credit line in as little as six months – with no additional deposit required. A higher credit limit will make it easier to maintain a low credit utilization ratio, which is a key factor in your credit score. The lower your credit utilization ratio, the better. A low credit utilization ratio signals to credit bureaus you are not under financial stress and borrowing more than you can afford to pay off.

Why you might want a different card

Though the new Quicksilver Secured Cash Rewards is a top competitor in the secured credit cards space, there are some downsides to this card, including its potentially costly APR and a large deposit requirement that could be hard to come by. The card also offers a few of the extra perks you’ll find on the best credit cards, such as a generous sign-up bonus or more flexible rewards points.

High variable APR

A big downside to the Quicksilver Secured Cash Rewards is its costly 29.99% (Variable) APR (See Rates and Fees). While carrying a balance with this type of card doesn’t make much sense (considering you’d essentially be paying interest on money you lent yourself), it sometimes happens.

Few noteworthy perks

Unfortunately, since the Quicksilver Secured Cash Rewards is primarily intended to help you build credit, it puts less emphasis on the extra card benefits you may see with other credit cards. However, Capital One does offer a few minor benefits with the Quicksilver Secured Cash Rewards, including:

• No foreign transaction fee: If you travel overseas, you won’t be charged an extra fee for transactions (See Rates and Fees).
• Fraud Coverage and ID theft protection: You’ll get some peace of mind with $0 fraud liability for unauthorized charges if your card is ever lost or stolen.
• Emergency Card Services: You can get an emergency card replacement and cash advance (subject to available credit) if you lose your card or it gets stolen.

How does the Quicksilver Secured card compare to other credit-building cards?

The Quicksilver Secured Cash Rewards is a good choice for someone just starting their credit journey or looking to build a stronger history. But a few other credit-building cards stand out as alternatives. Here are a few of our favorites:

Capital One Platinum Secured Credit Card	Discover it® Secured Credit Card	Petal® 1 "No Annual Fee" Visa® Credit Card
Rewards rate None	Rewards rate 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter, then 1%) 1% cash back on all other purchases	Rewards rate None
Credit limit See terms	Credit limit See terms	Credit limit $300-$5,000
Annual fee $0 (See Rates and Fees)	Annual fee $0	Annual fee $0
Other things to know $49-$200 deposit requirement (depending on creditworthiness) ($200-$1,000 initial credit limit, depending on your deposit)	Other things to know 28.24% Variable APR Automatic reviews starting at 7 months to see if you can transition to an unsecured line of credit and return your deposit No penalty APR, no foreign transaction fees	Other things to know No foreign transaction fee and no security deposit required Issuer considers alternative credit data (like income and bill payment history) when evaluating applications, not just credit score Includes money-management tools and free credit reporting

Quicksilver Secured card vs. Capital One Platinum Secured Credit Card

If you’d rather not put up the large deposit required by the Quicksilver Secured Cash Rewards, Capital One offers a card with a lower initial deposit requirement. With the Capital One Platinum Secured card, you can put down as little as $49 and still get a starting credit limit of $200, all while paying no annual fee (See Rates and Fees). The downside is you won’t be earning any rewards.

Quicksilver Secured card vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card earns 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases per quarter, 1% thereafter) and 1% on all other purchases, making it a great fit if you spend more in those categories. Plus, Discover will match all your cash back at the end of your first year, which is a nice reward to look forward to and could easily give the card an edge over the Quicksilver Secured at the end of your first year.

Quicksilver Secured card vs. Petal 1 card

The Petal 1 card is a terrific option for credit-builders, charges no annual fee, does not require a security deposit and offers a minimum starting credit limit of $300 (up to $5,000). The card is also notable for its flexible approvals process: The issuer can consider more than just your credit score when you apply and may take into account other financial data like your bill payment history. This will be a big help if you’ve had some credit missteps in the past but are otherwise on solid financial ground.

How to use the Quicksilver Secured Cash Rewards Credit Card

• Make your monthly payments on time and stay on top of payment due dates.
• Keep your credit utilization ratio low to build your credit.
• Avoid carrying a balance on your card to also avoid any costly interest charges.
• Take advantage of Capital One’s CreditWise service to keep tabs on your credit score.

Is the Quicksilver Secured card right for you?

If you can afford to put down the required $200 deposit, the Quicksilver Secured card could definitely be a great fit. Secured cards rarely offer a rewards program and the card’s unlimited 1.5% cash back is a nice incentive as you work on building your credit and financial habits, without worrying about annual fees (See Rates and Fees) and other charges.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.