Capital One Quicksilver Secured credit card review

The Capital One Quicksilver Secured Cash Rewards Credit Card is a stable possibility on the market for these with poor or restricted credit score. Whereas most secured card choices are meant to construct credit score and never earn rewards, the Quicksilver Secured is a singular mix of each — providing a 1.5% rewards fee on all purchases. With no annual payment and no international transaction charges (see rates and fees), this card opens many doorways for many who need entry to credit score. Card score*: ⭐⭐⭐½

*Card rating relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.

Simply because your credit score is not excellent does not imply you are banned from making use of for bank cards altogether. Secured credit cards are an incredible various that helps you build or repair your credit via a barely totally different strategy.

Reasonably than a conventional credit score line, you may must put down a completely refundable money deposit that determines your credit score restrict. From there, a secured bank card will act similar to a conventional bank card — however with a a lot simpler approval course of.

The Capital One Quicksilver Secured is without doubt one of the greatest — if not one of the best — secured card choices in the marketplace. There’s no annual fee and a minimal of a $200 money safety deposit required (see rates and fees). However maybe one of the best a part of this card is the flexibility to earn 1.5% money again on all purchases, which is a improbable incomes fee even when contemplating conventional bank cards.

Let’s check out all the particulars.

Whereas secured playing cards are usually mild on advantages, the Quicksilver Secured comes with a good variety of perks value mentioning:

• No international transaction charges: When touring overseas and paying along with your Quicksilver Secured, you will not incur any foreign transaction fees.
• Automated credit score line evaluations: Primarily based in your cost historical past and creditworthiness, you could robotically obtain a credit score line bump — with out placing extra down as a safety deposit.
• Monitor credit score rating: Utilizing Capital One’s CreditWise characteristic, you’ll be able to test your credit score rating totally free and with out hurting your rating.
• Entry to digital options: You may implement a versatile cost date and AutoPay to make sure that you pay your assertion on time.
• No annual payment: All of those nice advantages for no annual payment.

Day by day Publication

Reward your inbox with the TPG Day by day publication

Be part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s specialists

Bear in mind that you will have to place down a minimal of $200 as your safety deposit (which additionally determines your credit score line), so the extra you set down, the extra credit score you may have entry to.

In the event you want a bigger credit score line, you’ll be able to put down a further deposit inside 35 days of being authorized and activating your card. You may elevate your preliminary credit score line as much as your most restrict — which is assigned upon card approval — and should vary from $1,000 to $3,000, relying in your creditworthiness.

Lastly, you might be able to “graduate” to the Capital One Quicksilver Money Rewards Credit score Card — the unsecured model — through the use of the cardboard responsibly. Meaning you may get your safety deposit again, however all different card phrases and options will keep the identical.

Redeeming rewards with the Capital One Quicksilver Secured

You may redeem your rewards by way of an announcement credit score, purchase present playing cards or reimburse your self for purchases.

You will not be incomes Capital One miles, so you will not be capable of make the most of Capital One’s journey switch companions, however you’ll have a little bit of flexibility along with your cash-back rewards.

In the event you’re trying to construct your credit score, you could have a number of choices; one in all these could be a greater match than the Capital One Quicksilver Secured.

• If you wish to earn bonus rewards whereas constructing credit score: The Uncover It Secured Credit score Card earns 2% money again at fuel stations and eating places (as much as $1,000 in mixed purchases every quarter) and limitless 1% money again on all different purchases.
• If you have already got a great credit score rating: The Citi Double Cash® Card (see rates and fees) earns limitless 2% money again on all purchases (1% whenever you purchase, and 1% as you pay). Its simplicity makes it one in all our favourite starter reward playing cards. For extra particulars, see our full review of the Citi Double Cash.

The knowledge for the Uncover It Secured Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.

For extra choices, try our lists of the best secured credit cards and the best starter credit cards.

Associated: How to earn points and miles with fair to poor credit

The Capital One Quicksilver Secured offers a pathway to financial success by paying your payments on time and in full. After constant use, you’ll be able to improve to the unsecured Quicksilver card.

Study extra: Capital One Quicksilver Secured