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If you want to build your credit history while also earning rewards, the Capital One Quicksilver Secured Cash Rewards Credit Card is definitely worth considering.
The card comes with a $0 annual fee and accelerated cash back on every purchase, but it does require you to make a minimum deposit of $200 to secure your initial line of credit. That said, Capital One will automatically review your account starting at six months to see if you qualify for a higher credit line.
The card also has a high ongoing APR if you carry a balance from month to month — but that’s to be expected from a card designed for those with less-than-perfect credit.
Intro Purchase APR
N/A
Regular Purchase APR
29.99% (Variable)
Intro BT APR
N/A
Regular BT APR
29.99% (Variable)
Annual Fee
$0
Cash Advance Fee
5% of the amount of the cash advance, but not less than $5
Foreign Transaction Fee
None
Balance Transfer Fee
Balance Transfer Fee applies to balances transferred at a promotional rate
Cash back on every purchase
The Capital One Quicksilver Secured Cash Rewards Credit Card offers a great opportunity to earn a solid cash back rate on every purchase – which is rare for a secured card. Earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). Rewards can be redeemed for a check, statement credit, gift cards or used to cover recent purchases.
If you want to earn a higher cash back rate in popular spending categories, like gas and groceries, there are a variety of cards to choose from. But unlike the Capital One Quicksilver Secured Cash Rewards Credit Card, those will typically only offer 1% cash back on general purchases.
Opportunity to increase your line of credit
With the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll have to submit a security deposit of at least $200 for an initial credit line of $200. But it’s possible to raise your initial credit line by depositing more into your account (up to the maximum limit) prior to activating your card.
Plus, Capital One will automatically begin reviewing your account at six months to see if you qualify for a higher credit line with no additional deposit.
Limited fees
If you have limited or bad credit, the cards available to you sometimes come with a number of obscure fees that can quickly add up to more than $100 per year. This can include setup fees, monthly maintenance fees, annual fees and authorized user fees.
But the Capital One Quicksilver Secured Cash Rewards Credit Card doesn’t charge any of those fees. There are also no card replacement fees. And as for foreign transaction fees, there are none.
Security deposit required
To open an account, you’ll need to make a minimum deposit of $200 within 35 days of being approved to secure a $200 line of credit. You can get your security deposit back if you upgrade to an unsecured credit card or close your secured card — as long as your account is in good standing and your balance is paid in full.
If you don’t have $200 available to pay upfront, you may want to consider an unsecured credit card for bad or limited credit instead.
High APR
If you carry a balance from month to month on the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll be subject to a high interest rate of 29.99% (variable) APR.
That said, cards designed for individuals with poor or limited credit typically come with high interest rates. The best way to avoid high interest charges is to only charge what you can afford to pay off by the statement due date.
Cap on maximum credit limit
The maximum credit limit you can receive will be based on your credit worthiness and range from $1,000 to $3,000. While this amount is pretty standard among secured cards, it is possible to find cards that offer higher lines of credit. The U.S. Bank Secured Visa Card, for example, has a maximum credit line of $5,000.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Annual Fee | Regular APR | |
|---|---|---|---|---|---|---|
|
Capital One Quicksilver Secured Cash Rewards Credit Card*
|
N/A | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) | $0 | 29.99% (Variable) | ||
Discover it® Secured Credit Card*
|
Discover will match all the cash back you’ve earned at the end of your first year. | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | $0 | 27.74% Variable APR | ||
Capital One Platinum Secured Credit Card*
|
N/A | Non-rewards Card | $0 | 29.99% (Variable) | ||
OpenSky® Secured Visa® Credit Card*
|
N/A | Earn up to 10% cash back* on everyday purchases | $35 | 25.14% (variable) |
If you prefer a secured card that offers a slightly higher cash back rate in popular spending categories and a clearer path to graduating to an unsecured card, the Discover it® Secured Credit Card is a great alternative. Like the Capital One Quicksilver Secured Cash Rewards Credit Card, it doesn’t charge an annual fee, though you will have to put down a $200 to $2,500 deposit.
You’ll 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically Plus, Discover will match all the cash back you’ve earned at the end of your first year. This means, if you earn $500 cash back during your first year of card membership, that amount will jump to $1,000.
The Capital One Platinum Secured Credit Card is a good option if you want the opportunity to get a higher credit line than your initial deposit. You may qualify for a $200 line of credit with a minimum refundable deposit of just $49, $99 or $200.
That said, you’re not guaranteed to qualify for one of the lower deposit amounts, and you won’t know your minimum deposit amount until after you’ve been approved.
Capital One will automatically begin reviewing your account within as little as six months to see if you’re eligible for a credit line increase. Additionally, after demonstrating responsible card usage over time, you may be upgraded to the unsecured Capital One Platinum Credit Card and get your deposit back.
On the downside, this card doesn’t offer a rewards program, and it comes with a high 29.99% (Variable) APR.
If you’re worried that your credit is too bad to be approved for a traditional credit card or even a secured card, the OpenSky® Secured Visa® Credit Card could be a good fit. That’s because the card doesn’t require a credit check or bank account for approval.
The downside is that you’ll have to pay a $35 annual fee, plus a security deposit between $200 and $3,000 (subject to approval). You won’t earn rewards, but you’ll get a card with easier approval, and possibly even a higher credit line over time. Based on your payment performance and history with OpenSky, you can be considered for credit line increases in as little as six months — and potentially every three months thereafter.
The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid option for those looking to build or establish credit history with the help of a secured credit card. Along with offering a flat cash back rate on every purchase, you’ll also get the opportunity to increase your line of credit. Plus, after demonstrating responsible card usage, you can potentially earn your deposit back and upgrade to an unsecured Capital One Quicksilver Cash Rewards Credit Card.
But if you want the opportunity to earn a higher cash back rate in popular spending categories, the Discover it® Secured Credit Card could be a better fit. Or, if you want to potentially put down a lower initial security deposit for a higher line of credit, the Capital One Platinum Secured Credit Card is a good alternative. Finally, if you still don’t want your credit checked when you apply, you should look at the OpenSky® Secured Visa® Credit Card.
The information related to the U.S. Bank Secured Visa Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
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.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the Capital One Quicksilver Secured Cash Rewards Credit Card, U.S. Bank Secured Visa Card, Discover it® Secured Credit Card, Capital One Platinum Secured Credit Card, OpenSky® Secured Visa® Credit Card and Capital One Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
