Capital One Quicksilver Secured Cash Rewards Credit Card Review 2024

Capital One offers the Capital One Quicksilver Secured Cash Rewards Credit Card to eligible applicants looking to build credit. Like all secured cards, the Quicksilver Secured requires a deposit equal to the maximum credit line. Like other issuers, Capital One reviews accounts occasionally to determine if a secured card can be upgraded to an unsecured account. Account holders also receive a deposit back (assuming the account is in good standing) upon account closure or upon being moved to an unsecured card counterpart at Capital One’s discretion.

The Quicksilver Secured card offers a high 29.99% variable APR on purchases and balance transfers. While we never recommend carrying a balance, potential cardholders without practice or experience with credit card accounts should be especially careful not to carry a balance because of the risk of accumulating more debt through interest charges.

• $0 annual fee
• This card does not offer a welcome bonus
• Earn an unlimited 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel
• Requires a $200 refundable deposit to secure credit
• 29.99% variable APR on purchases and balance transfers

Earning Rewards

The Capital One Quicksilver Secured Cash Rewards Credit Card earns an unlimited 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel.

Redeeming Rewards

Cash-back rewards earned with the Capital One Quicksilver Secured Cash Rewards Credit Card may be redeemed at any time for any amount. Rewards do not expire for the life of the account. Earnings can be redeemed for cash as a statement credit, to cover recent purchases or for gift cards. You can also redeem your rewards for travel through Capital One Travel.

Rewards Potential

Using data from various government agencies to determine both baseline income and spending averages across various categories, Forbes Advisor estimates that a typical American household making $91,162 per year would have $28,431 in expenses that can reasonably be charged to a credit card. Our sample household spends $1,583 annually on hotels. With the Capital One Quicksilver Secured Cash Rewards Credit Card, that spending would earn $79.15 in cash back, assuming that all stays were booked through Capital One Travel and, therefore, qualified for the 5% cash-back rate.

The remaining $26,848 would earn 1.5% which would yield $402.72 in cash back. Adding these two categories together, we get a combined annual earnings of $481.87 in cash-back rewards.

• Emergency card replacement: If your credit card is lost or stolen, you can get an emergency card replacement.
• $0 fraud liability: Cardholders aren’t responsible for unauthorized transactions.
• CreditWise: Monitor your credit with CreditWise. It’s free for everyone and checking your credit will not hurt your score.

Interest Rates

• Regular APR: 29.99% (Variable)
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: Balance Transfer Fee applies to balances transferred at a promotional rate
• Foreign purchase transaction fee: None

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Discover it® Secured Credit Card

Discover it® Secured Credit Card tops Forbes Advisor’s list of the best secured cards, and for good reason: The card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases.

To sweeten the deal, Discover it® Secured Credit Card offers a welcome bonus: Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year. Because it also charges no annual fee and has a (slightly) more reasonable APR, a 28.24% variable APR on purchases and balance transfers, Discover it® Secured Credit Card bests the Capital One Quicksilver Secured.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Bank of America® Customized Cash Rewards Secured Credit Card*

While credit card rewards may be shiny and attractive to many first-time cardholders, we should remember that the main purpose of a secured card or other beginner cards is to improve weak or nonexistent credit. That said, the Bank of America® Customized Cash Rewards Secured Credit Card* card is certainly shiny with capped bonus category rewards to the tune of 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.

The Bank of America® Customized Cash Rewards Secured Credit Card* offers rewards with no annual fee that are great for a secured card. Its standard purchase APR is also lower and many of the other benefits and convenience perks are the same.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Petal® 1 “No Annual Fee” Visa® Credit Card*

If you can qualify for a card that doesn’t require a security deposit, the Petal® 1 “No Annual Fee” Visa® Credit Card* (issued by WebBank) could be worth a look. A Cash Score may be used to determine eligibility for applicants that don’t have a credit score. Like some secured cards, it offers the opportunity to step up to a more robust credit line in as little as six months. The Petal® 1 “No Annual Fee” Visa® Credit Card* also offers rewards but only at select merchants so it won’t reward you as consistently as the Quicksilver Secured.

For those who don’t mind paying a security deposit to unlock access to rewards earning, this card may be a second or third-line pick. There are certainly other reward-earning secured cards on the market. Don’t get a credit card of any type unless you’re sure you’re ready. And don’t get this card if you’ve had a problem paying off a balance on time in full each month, since it has a high standard purchase APR that’ll contribute to a more rapid accumulation of debt.

To view rates and fees for Capital One Quicksilver Secured Cash Rewards Credit Card please visit this page.

Methodology

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points
• Included merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.

Read more: How Forbes Advisor Rates Credit Cards