Capital One Quicksilver Secured Cash Rewards Credit Card Review

Capital One Quicksilver Secured Cash Rewards Credit Card

The Capital One Quicksilver Secured Cash Rewards Credit Card stands out in the secured card market by offering rewards alongside a $0 annual fee. This makes it a compelling option for individuals aiming to rebuild their credit. Beyond the lack of annual fees, the card boasts a competitive 1.5% cash back on all purchases, rivaling some unsecured cards.

Additionally, it incentivizes responsible credit use with automatic credit line increase opportunities after six months and the potential for conversion to an unsecured card, returning your security deposit. While the unsecured upgrade timeline remains unclear, the overall package positions the Capital One Quicksilver Secured Cash Rewards Credit Card as a valuable tool for credit rebuilding.

Quick Highlights

• Welcome Bonus: None
• Annual Fee: $0
• 5% cash back: on hotels and rental cars booked through Capital One Travel.
• Unlimited 1.5% cash back: on every purchase, every day
• Refundable $200 security deposit: for a $200 initial credit line
• Build Credit: Responsible use can help build credit
• $0 Fraud Liability protection: against unauthorized charges

Benefits of Capital One Quicksilver Secured Cash Rewards Credit Card

 Account Management

• Account Alerts: Set up personalized email or text reminders to help you stay on top of your account.

• Autopay: Set up Autopay for your account, and your payments will be made automatically every month. Learn more about setting up Autopay.

• See monthly recurring transactions: 24/7 access to a list of merchants that charge your Capital One card monthly, like subscriptions and bills on your account at www.capitalone.com

• Authorized User: Add an authorized user to your account and track spending by user.

• Balance Transfer: Transfer your higher-rate balances onto a Capital One card. Learn more about balance transfers.

• 24/7 Customer Service: Helpful customer service representatives are available to assist you 24 hours a day.

Protection

• Security Alerts: Stay informed with notifications via text, email, or phone if Capital One detects suspicious activity on your account.
• $0 Fraud Liability: Enjoy the protection of $0 fraud liability. If your card is lost or stolen, you won’t be responsible for unauthorized charges.
• Virtual Card Numbers: For enhanced online security, generate unique virtual card numbers for online purchases, keeping your actual card number safe.
• Card Lock: Misplaced your card? No worries! Simply lock your card through the Capital One Mobile App to prevent unauthorized use.
• Account Alerts: Receive alerts for potential mistakes or unexpected charges, such as duplicate purchases or sudden bill increases.
• Credit Wise Monitoring: Monitor your credit with alerts whenever your TransUnion® or Experian® credit reports change.

Apps and digital Service

• Capital One Mobile App: Enjoy the flexibility of managing your account anywhere, anytime. Pay bills, view your balance and transactions, and even access free credit monitoring with CreditWise through the Capital One Mobile App.
• Eno, Your Capital One Assistant: Eno acts as your 24/7 financial companion, providing account monitoring, sending alerts for suspicious activity, and answering your questions whenever you need assistance.
• Free Credit Monitoring with CreditWise: Monitor your credit score for free with CreditWise, accessible to everyone regardless of whether you hold a Capital One credit card. CreditWise also offers insights without negatively impacting your credit score.

Travel and Retail

• No Foreign Transaction Fees: Shop internationally without incurring additional transaction fees.
• Capital One Travel: Enjoy access to Capital One Travel’s competitive pricing on various travel options, with the flexibility to pay using rewards, your card, or a combination of both.
• Emergency Card Replacement: If your card is lost or stolen while traveling, you can request an emergency replacement card for peace of mind.
• ATM Location Services: Never get stranded without cash! Use the Capital One Mobile App to find ATMs near you while traveling.

Rate and Fee

• Annual Fee: $0
• Intro Purchase APR: N/A
• Regular APR: 30.74% (Variable)
• Intro Balance Transfers APR: N/A
• Annual fee: $0
• Foreign transaction fee: None

Rewards of Capital One Quicksilver Secured Cash Rewards Credit Card

The Capital One Quicksilver Secured Cash Rewards Credit Card offers a two-tiered rewards program:

• 5% Cash Back: Earn a generous 5% cash back on all hotels and rental cars booked through Capital One Travel, where you can find their best prices on a vast selection of travel options. Terms and conditions apply.
• 1.5% Cash Back: Enjoy unlimited 1.5% cash back on every purchase you make, anywhere.

How do I redeem Capital One Quicksilver Secured Cash Rewards?

You have multiple options for redeeming your Quicksilver Secured rewards with Capital One. These include receiving a statement credit, getting a paper check, choosing from various gift card options, and making travel reservations through Capital One Travel.

What’s even better is that there is no minimum redemption amount, and your rewards never expire as long as your account is open and in good standing. You also have the option to set up automatic redemptions when your rewards balance reaches a certain threshold or at a designated time each year. So go ahead and make the most out of your Quicksilver Secured Cash Rewards with these convenient redemption methods. 

Capital One Quicksilver Secured Cash Rewards Credit Card Security Deposit

The Capital One Quicksilver Secured Cash Rewards Credit Card functions like a secured credit card, requiring a security deposit to open the account. Here’s how the security deposit works:

• Make Your Deposit, Open Your Account: A minimum deposit of $200 establishes your initial credit line of the same amount.
• Deposit More, Raise Your Credit Line (Optional): You can increase your credit limit beyond the $200 minimum by making a larger initial deposit (up to a maximum limit) before activating your card.
• Responsible Use Leads to Upgrade and Deposit Return: By demonstrating responsible card use, such as making on-time payments, you may qualify to get your security deposit refunded and your account upgraded to an unsecured Quicksilver card.

Capital One Quicksilver Secured Cash Rewards Credit Card: Application and Approval

While Capital One doesn’t publicly disclose the exact credit score requirements for the Quicksilver Secured Cash Rewards Credit Card, it generally targets individuals aiming to build or rebuild their credit. Here’s what you can expect regarding application and approval:

• Secured Deposit: Unlike traditional credit cards, this card requires a security deposit to open the account. The minimum deposit amount is $200, which will also be your initial credit limit. You can potentially increase your credit limit by making a larger initial deposit (up to a maximum limit).
• Credit Check: Capital One will perform a credit check to assess your creditworthiness when you apply. However, since it’s a secured card, a lower credit score might not be an automatic disqualification.

Approval odds:

• Credit History: While a perfect credit history isn’t mandatory, a history of responsible credit use can improve your chances of approval.
• Income: Having a steady source of income demonstrates your ability to repay the credit line.
• Debt-to-Income Ratio: A lower debt-to-income ratio (DTI) indicates a greater capacity to manage additional credit.
• Banking History: A positive banking history with on-time payments for other loans or accounts can be favorable.

Customer Service

• Helpline Number: 1-844-348-8660
• Official Website: Capital One

Conclusion

The Capital One Quicksilver Secured Cash Rewards Credit Card caters to individuals aiming to rebuild their credit while earning rewards. It stands out with a $0 annual fee, a competitive 1.5% cash back on all purchases, and the potential to earn 5% back on hotels and rental cars booked through Capital One Travel.

The refundable security deposit helps you establish a credit line, and responsible use can lead to credit limit increases and potential conversion to an unsecured card, returning your deposit. Capital One Quicksilver Secured Cash Rewards Credit Card also provides a suite of security features for peace of mind and convenient tools like a mobile app and free credit monitoring to manage your finances effectively.

However, keep in mind the lack of a clear timeline for unsecured card upgrades. If you prioritize immediate access to unsecured credit, you might consider alternative options. Otherwise, the Capital One Quicksilver Secured Cash Rewards Credit Card offers a compelling combination of rewards, affordability, and credit-building potential.

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