The Capital One Quicksilver secured cash rewards credit card is perfect if you are a new user or for those who have restricted credit and they want to build credit but at a reasonable price. It doesn’t charge any fees for foreign transactions and has 0 annual fees. We’ll talk about the Capital One Quicksilver Secured Card Review in this article so you can decide whether or not this credit card is worthwhile.
Capital One Quicksilver Secured Card Overview
Our Rating: 4.2/5
The Capital One Quicksilver secured credit card itself states that it comes in the type of secured card. You have to deposit some amount as a security and it will predict your starting credit limit. It can range between $200 to $3000. You will need to pay very small fees & it offers 1.5% rewards on the purchases you made. If your credit record is below three years then it might be possible that you will not get approved.
- Zero annual fees
- 0 foreign settlement fees
- 1.5% rewards
- Chance to graduate with an “unsecured card”
- You can replace your card in case of an emergency & if your card is lost you can lock your account.
- There is No fraud liability.
- They will automatically increase the credit limit when six months will get completed.
- Reporting is done in all 3 agencies.
- You can manage your account in your iPhone & Android apps.
- Also, you can take out cash from Cash advances.
- You can add Authorized users but you can’t add joint accounts.
Let’s see a few most significant features of the Capital One Quicksilver Secured Cash Rewards Cash credit card.
- Late payment fee: Up to $40
- Cash advance transaction fee: $10 or 3%
- Annual fee: $0
- Foreign transaction fee: None
- Balance transfer fee: 3% of the amount of the transfer
2. Interest Rates
If you fail to pay the balance every month, then they will charge interest. So, APR will show the interest rate, and it charges high interest if you don’t pay the amount on time. Otherwise, look for a card that has less APR or an intro APR that is 0%.
3. Grace Period
This card provides you a grace period of 25 days. The grace period helps you in paying your bills on time so that they will not charge any interest.
The Capital One Quicksilver secured card provides you with 1.5% rewards. This rate is the same for all the purchases that you made as they will not limit it and it will never expire.
5. Cash Advance
You can use your ATM to take money out with the cash advance. As this option is available with this card. They will charge a fee which is $10 or 3% whichever is higher.
6. Balance Transfers
Balance transfer means when you transfer the debt to another card. It is a very common pattern of “debt consolidation”. The Capital One Quicksilver secured card provides you balance transfer.
7. Security Deposit
You need to put in a deposit amount of $200 to have this card. It totally depends on you if you make proper use of your card then you may update with an “unsecured card”.
8. Credit Limit
The Capital One Quicksilver secured credit card provides you with a minimum credit limit of $200. Once you deposit the amount you can insert funds ranging between $1,000 to $3,000
9. Credit Reporting
When you are choosing the card then you must see that it reports to all 3 important agencies on the basis of which they will prepare credit reports.
10. Credit Building
As this card reports to all agencies so it will help in building credit. But, you must complete your payments to improve your credit score. For building credit, it provides resources like
- A Virtual Assistant: So, they will provide a virtual assistant which keeps eye on you 24*7 and send warnings if something is wrong. It can also chat with you if you have any queries at any point in time.
- CreditWise: You can use this for scanning if you find that there is something wrong with your SSN and you can even monitor if “TransUnion or Experian” has signed up the credit report. To know how they calculate VantageScore you can use CreditWise which will help in improving credit.
11. Application & Approval
If you want a Capital One Quicksilver secured card then apply online and provide the necessary information:
- Your SSN
- Your address
- Your estimated gross annual income
- Details about checking & savings accounts
- Your DOB
- Full name
Is it Good to Use a Capital One Quicksilver Secured Card?
It is a good choice for those who want to improve their credit limit or want to repair their credit. It offers rewards that are direct and also it comes up with affordable fees. You only have to look at the APR because it is high and if you want to carry the balance then it might not work for you as you have to pay more interest also your credit limit depends on your security deposit amount.
For Whom is this Card Intended?
Below are the users for whom this card is intended:
- Users with limited Credit history: Users, students who just started staying in the US, and if you are an authorized user then also it is perfect for you. But, it needs to have no more than three years of credit history.
- People with Quite Broken Credit: If you were found guilty once in the last 5 years in case of a loan then this card is an ideal choice for you. But if it is more than once then you should go for another card.
Before choosing this card, you should look at other options which may be a better pick for you:
1. Discover it Secured Credit Card
Our Rating: 4.8/5
This card is amazing for those who have bad credit or don’t have any credit records. Discover it secured also provides rewards, favorable bonuses, and zero annual fees.
- 1% to 2% rewards
- “Dollar-for-dollar” discount.
- 0 annual fee
- Zero foreign transaction fees
- You can see credit scores for free.
2. Citi Secured Mastercard
Our Rating: 3.8/5
The Citi secured card is affordable and helps in improving credit history and building credit. It has a low APR (26.24%) but it will give any rewards and also you have to pay foreign settlement fees.
- 0 annual fee.
- Accessible to only a few borrowers.
- It reports to three agencies.
3. Capital One Platinum Secured Credit Card
Our Rating: 4.2/5
This card is reasonable in building credit and you can go for it. The security deposit amount is also affordable which is ($49, $99, or $200). It will not charge any annual fee/foreign settlement fees.
- Adjustable security deposit.
- Zero annual fees.
- 0 foreign settling fees.
- You can increase your credit limit.
- Card update and get the deposit back.
Frequently Asked Questions (FAQs)
Q1. How do Quicksilver secured cards work?
When you get approval, it will take to deposit a minimal amount as security which you will pay all at one time or overrun.
Q2. Is Capital One Quicksilver a good credit card to build?
It earns cash back on all purchases with no annual or foreign transaction fees, making it a great all-rounder for any budget.
Q3. What credit score do you need for Capital One Quicksilver Secured Rewards?
The credit score for Capital One Quicksilver secured cash rewards credit card is 580 or high.
Q4. Is the Capital One Quicksilver Cash Rewards Credit Card hard to get?
You will need fair credit to get qualify for Capital One Quicksilver Cash Rewards Credit Card.
Q5. How do I get my Capital One Quicksilver Cash Rewards Credit Card for the bonus?
You can get a bonus of $200 if you spend $500 in the 1st three months once the account is opened.
Your knowledge of the Capital One Quicksilver Secured Cash Rewards credit card is complete, in our opinion. We’ve discussed the advantages and disadvantages of this card; it’s now up to you to decide whether to use it or not. If you are doubtful, you can think about alternative options. Make an informed choice, and feel free to ask any questions you may have at any time.