Credit
The Capital One Quicksilver Secured Cash Rewards Credit Card has unlimited 1,5% cash back and no annual fee, but some restrictions remain to consider.
I’m done playing the game. My reviews have no affiliate links, and no cozying up to credit card companies. Just personal honesty. Every review, insight, and piece of advice comes from a place of integrity. I’m here to empower you, not pad my pockets by spreading lies. Like some other review sites.
Whether you’re just starting out or trying to rebuild your credit, a secured credit card can be a useful tool for boosting your credit score — and in some cases, you can even earn cash back when using one.You can apply for the Capital One Quicksilver Secured Cash Rewards Credit Card with a $200 security deposit and start earning 1.5% unlimited cash back towards your purchases. But be aware that the 30.74% APR means holding a month-to-month balance can become costly.
Join Salt & Pepper Finance
We’re Done Playing The Game. Companies can’t buy our reviews. We’re people first. Let us prove it.
No spam. Unsubscribe anytime.
Capital One Quicksilver Secured Cash Rewards Credit Card reviewAnnual fee: $0Welcome offer: N/ARewards: 1.5% cash back on every purchase, every daySecurity deposit: $200 (refundable)Annual feeThe Quicksilver Secured Cash Rewards card has no annual fee, but there is a $200 refundable security deposit. It’s a one-time deposit, and if you keep your account in good standing you’re eligible for a refund. This can happen one of two ways:You close your account in good standing and they will refund your initial deposit.You upgrade to an unsecured line and you are reimbursed through a statement credit.APRIf the APR seems a bit steep at 30.74%, you’re not wrong. However, with many of its competitors’ APRs ranging from 29% to a max of 30.74%, the Quicksilver Secured Cash Rewards card is on the high end but not out of the ballpark.Welcome offerThe Quicksilver Secured Cash Rewards card has no welcome offer for new cardmembers.Intro offerCapital One Quicksilver Secured Cash Rewards does not offer a 0% APR introductory period. The 30.74% variable APR will become active on your first billing cycle.Rewards rateThe Capital One Quicksilver Secured Cash Rewards credit card offers 1.5% cash back unlimited on all of your eligible purchases and 5% cash back on car rentals and hotels (only if they’re booked through Capital One Travel).How to earn rewardsRewards are automatically earned as you spend. With some credit cards, you may see terms like “rotating categories,” meaning that different purchases earn different rewards. For example, earning 3% cash back on groceries and 2% on gas. There are no activations and no rotating categories needed for the Quicksilver Secured Cash Rewards card as there might be with rewards cards that have rotating categories.Upon approval, cardholders are automatically given the blanket 1.5% cash back on eligible purchases and 5% on hotel and rental car expenses. But you have to book through Capital One Travel using the rewards account — otherwise, it’s the standard 1.5% rate.Most Credit Card Review Sites Are MisleadingI’ve spent the better half of a decade working for these personal finance sites. Most of them are dangerously misleading.How to redeem rewardsCapital One offers several ways to redeem your rewards, including as a statement credit or a check upon request. You can set up automatic redemptions annually or when you reach a specific earnings threshold by visiting capitalone.com.Also, you can use your rewards for credits on past purchases, gift cards, and other options, although rates for these may vary. Keep in mind that accounts not in good standing (late payments, overdue balances, etc.) may have limited redemption options or could lose any unredeemed rewards.Redeeming rewards for travel reservationsYou can also redeem your rewards for travel through the Capital One travel portal. You can book flights, car rentals, and hotels using your cash-back rewards. The total cost, including taxes, surcharges, and fees, will be calculated to determine the amount of rewards needed for redemption.Additional perksPotential credit limit increase: After at least six months, you may be eligible for an automatic credit line increase, ranging from $1,000 to $3,000, based on payment history and creditworthiness. This can positively affect your credit score by lowering your credit utilization ratio.Upgrade opportunity: Demonstrating responsible use of this card can lead to an upgrade to an unsecured Quicksilver card, like the Capital One Quicksilver Cash Rewards Credit Card. Upon upgrading, you receive your initial deposit back in a statement credit, while retaining all other card features.No foreign transaction fees: The card doesn’t charge foreign transaction fees, making it a cost-effective option for international use.Best Credit Cards for Groceries April 2024 (Reviewed)I have been reviewing credit cards for years, these are the best credit cards for groceries right now.Who is the Quicksilver Secured Cash Rewards Credit Card best for?Secured credit cards typically do a great job acting as credit-building cards for those looking to establish or improve their credit, and the Capital One Quicksilver Secured Cash Rewards Credit Card is no different.The Quicksilver Secured Cash Rewards card is ideal for individuals with limited credit history or those working to rebuild their credit score. Also, it would be a great match for those committed to making on-time payments and managing their credit utilization effectively.If you’re looking at long-term value, this card also offers an upgrade path with responsible use.Quicksilver Secured Cash Rewards prosNo annual fee: Cost-effective with no yearly charge.Qualification for limited/bad credit: Accessible even to those with limited or poor credit history.Reports to major credit bureaus: Regular reporting to the three major credit bureaus helps build your credit score.No foreign transaction fees: No need to worry about additional transaction costs when traveling.Rewards earning: Accumulate rewards on everyday purchases.No minimum redemption: Redeem rewards at any amount, without minimum thresholds.Rewards never expire: Earned rewards remain valid indefinitely.Quicksilver Secured Cash Rewards consHigh APR: The card comes with a relatively high annual percentage rate.Requires a security deposit: There’s no way around the $200 deposit; having $200 tied up indefinitely may be an issue for some.No new cardholder bonus: Lacks a welcome bonus offer or introductory APR for new cardholders.Not a great option for balance transfers or cash advances: While you have the ability, a balance transfer fee is 4% of the transferred balance, and no 0% intro APR means you’re stuck paying a high interest rate. Same with cash advance — the amount you take out will incur a fee (5% or $5 whichever is more) and a 30.74% interest.Top Secrets Credit Card Companies Don’t Want You to KnowCredit card expert provides insight on the top 10 secrets credit card companies don’t want you to know.How to make a Quicksilver Secured Cash Rewards paymentOnline bill pay: Log into your credit card account online and enter your bank account details to make a payment.ACH transfer: Use Automated Clearing House (ACH) payments for direct fund transfers from one account to another. This can be done online via your bank’s app or website, in person, or by phone using the number on your credit card. You will need your credit card account, bank account, and routing numbers.Cash payments: If your credit card issuer has a local branch, you can make payments in person using cash.Paying by check: You can pay with a check either by dropping it off in person at the issuer’s location or mailing it as instructed on your credit card statement. Ensure you mail it early enough to arrive before the due date.Mobile bill pay: Some issuers have a mobile app that allows you to pay your bill directly from your smartphone. Have your payment account details ready.Quicksilver Secured Cash Rewards Card customer service info24/7 general credit card customer service (automated): 1-800-CAPITAL (227-4825)Secured credit card support to make the initial deposit: 1-800-219-7931General credit card online support: 1-866-750-0873
This review is an opinion based on my experience, I’m not providing financial advice. None of the content in this article has been influenced or endorsed by any advertiser or card issuer. Information regarding financial products, such as card rates and fees, was verified as of the publication date. While I’m pretty good at updating, I’m not a machine so I do not guarantee the accuracy of product or service listings. Visit the issuing bank’s website for up-to-date details.
