The Capital One Quicksilver Secured Cash Rewards Credit Card stands out as a solid choice for individuals looking to establish or rebuild their credit.
This detailed review covers all aspects of the card, from its rewards system to features that facilitate credit building.
$0
1.5%-5%
N/A
300-629 (Poor)
CreditFinder’s Rating: 4.2/5
Introduction to the Card The Quicksilver Secured is a secured version of the popular Capital One Quicksilver Cash Rewards Credit Card. Offering 1.5% cash back on all eligible purchases and an impressive 5% on hotels and rental cars booked through Capital One Travel, this card differentiates itself in the secured card market.
Fees and Costs The annual percentage rate (APR) is a variable 29.99%, which is on the higher end for secured credit cards. The card charges no annual fee, which is beneficial for those keeping a close eye on expenses. However, there is a 4% balance transfer fee and a cash advance fee which is the greater of $5 or 5% of each cash advance.
Building Credit The Quicksilver Secured is designed to aid in building credit. It offers the possibility of credit limit increases within just six months of responsible use, and it reports to the three major credit bureaus.
Pros and Cons Among the benefits, the ability to earn rewards on every purchase and the absence of an annual fee stand out. However, the required minimum security deposit of $200 might be a barrier for some, and the high APR could pose an issue if you tend to carry a balance from month to month.
When to Choose Another Card Although the Quicksilver Secured offers great features, its high APR and the requirement for a security deposit may not suit everyone. If you are concerned about high fees or want more flexibility with your initial credit limit, it may be worthwhile to consider other options in the market.
Comparison with Other Cards Compared to the Discover it® Secured Credit Card, for instance, the Quicksilver Secured does not offer a welcome bonus but maintains a consistent rewards program, which might be more beneficial in the long run. The Discover card may also forgive the first late payment fee, a feature not available with the Quicksilver Secured.
Ideal Candidates for the Quicksilver Secured This card is best suited for those beginning to build credit or those in the process of rebuilding. Its features encourage responsible use, while the rewards offer an incentive for regular use.
Conclusion The Capital One Quicksilver Secured Cash Rewards Credit Card is an excellent choice for anyone seeking a secured card with generous rewards and helpful credit-building features. While the high APR and initial deposit might be deterrents, the long-term benefits can outweigh these initial costs for many users.
