You’re ready for your first credit card. You’re excited to boost your spending power, earn rewards, and take advantage of potentially valuable perks previously off-limits.
There’s just one problem. Your credit score isn’t where it needs to be. In fact, you’ve barely used credit at all, so your credit history is limited. You’re worried that you won’t qualify for the card you want.
That might be true, but all is not lost. There’s a good chance you’ll qualify for a secured credit card with a low credit limit. Within that category, you’d be hard-pressed to do better than the Quicksilver Secured Rewards Card from Capital One.
How the Quicksilver Secured Rewards Card from Capital One Stacks Up
The Quicksilver Secured Rewards Card from Capital One isn’t the only secured credit card on the market.
However, it does have some key advantages over most of its competitors, making it one of the best choices for people with fair or building credit.
Let’s see how it compares to another top-shelf secured credit card: the Secured Sable ONE Credit Card.
|Quicksilver Secured Rewards||Secured Sable ONE|
|Rewards Rate||1.5% on all eligible purchases||1% on most eligible purchases; 2% on select purchases|
|Credit Check Required||Yes||Yes, but no Social Security number required|
|Credit Limit Increase||After six months (conditions apply)||After four months (conditions apply)|
Key Features of the Quicksilver Secured Rewards Card from Capital One
The Quicksilver Secured Rewards Card is one of a relative handful of secured credit cards that earns cash-back rewards on all eligible purchases. It has some other features worth noting as well, including — like all secured cards — a required upfront security deposit.
Refundable Security Deposit
The minimum security deposit for the Quicksilver Secured Rewards Card is $200. You must put down at least this much before you can begin using your new card.
Your security deposit is refundable unless your account becomes delinquent. If you use your card responsibly and your credit score improves, you may eventually qualify for an upgrade to an unsecured Capital One credit card. When you upgrade, you’ll get your security deposit back and any unpaid balance will transfer to the new card.
Credit Limit (Initial Credit Line)
To begin, your Quicksilver Secured Rewards Card credit limit is equal to your security deposit.
This means that if your initial deposit is $200, your credit limit is also $200. Once you charge $200 on your card, you can’t make any additional purchases unless you pay off your balance or increase your security deposit.
Maximum Credit Limit
Depending on your creditworthiness and other factors, Capital One assigns you a maximum credit limit after approving your application. This maximum limit ranges between $1,000 and $3,000 and can change over time.
Credit Limit Increase
You can always increase your credit limit — up to your assigned maximum — by increasing your security deposit.
If you’d prefer not to put any additional money down, you may qualify for a credit limit increase with no additional deposit required after six consecutive months of responsible credit use.
The Quicksilver Secured Rewards Card earns a flat 1.5% cash-back rate on all eligible purchases. There’s no limit to the rewards you can earn and no bonus categories to worry about.
You can redeem your rewards in any amount for:
- Paper checks mailed to your address on file
- Statement credits against your statement balance
- Credits against specific past purchases
- Gift cards from select merchants
This card does not charge an annual fee.
This card has a variable APR that fluctuates with prevailing benchmarks and other factors. There is no promotional intro APR.
Other Important Fees
There’s no foreign transaction fee. Balance transfer and cash advance fees may apply.
The Quicksilver Secured Rewards Card is appropriate for people with fair or better credit, people with a limited credit history, and people in the process of building credit. If your credit is truly impaired, your approval odds are low.
During the application process, Capital One runs your credit report with at least one of the major consumer credit bureaus. You can’t qualify for this card without a hard credit check.
Advantages of the Quicksilver Secured Rewards Card from Capital One
The Quicksilver Secured Rewards Card is one of the better secured credit cards on the market. These are its top advantages.
- 1.5% Cash Back on All Eligible Purchases. The Quicksilver Secured Rewards Card earns unlimited 1.5% cash back on all eligible purchases. That’s significantly more than most secured credit cards, many of which don’t have rewards programs at all.
- Lots of Cash-Back Redemption Options. Unlike many secured and cash-back cards, this card has an unusually flexible cash-back program that allows you to redeem basically as you see fit. You can redeem for statement credits, credits against specific purchases, gift cards, even paper checks.
- No Annual Fee. Unlike many secured credit cards, Quicksilver Secured doesn’t charge an annual fee. That’s great news if you don’t plan to use it much.
- Potential for a Higher Credit Limit Without an Additional Deposit. If you use your card responsibly over time, you could qualify for a higher credit limit without an additional security deposit. Many secured cards don’t offer this benefit.
- Clear Path to an Unsecured Card Upgrade. Eventually, your responsible credit use and increasing credit score — hopefully — could qualify you for an upgrade to an unsecured Capital One card. If and when that happens, you’ll get your security deposit back.
Disadvantages of the Quicksilver Secured Rewards Card from Capital One
The Quicksilver Secured Rewards Card has some definite drawbacks, including a relatively low maximum credit limit and fairly strict underwriting standards for a secured card.
- Maximum Credit Line Tops Out at $3,000. Although this card has a manageable minimum deposit of $200, it also has a relatively low maximum credit limit. That could be as low as $1,000, depending on your creditworthiness, and it won’t be higher than $3,000.
- Not Appropriate for People With Impaired Credit. This is one of the few secured credit cards that’s more appropriate for people with good credit than those with bad credit. You’re unlikely to qualify with a FICO score under 640.
- No Way to Earn Above 1.5% Cash Back. There’s no way to earn cash-back rewards above the 1.5% benchmark here. This is a disadvantage over some competing cards, which earn higher returns in bonus spending categories.
There’s more to like than dislike about the Quicksilver Secured Rewards Card from Capital One. Simply put, this is one of the best credit cards in the secured card category, and a great choice as a first credit card if you’re still in the process of building credit.
Just be realistic about your chances of qualifying for this card. If you have really poor credit, you’d be better off starting with a credit card designed for people with bad credit. In which case the Quicksilver Secured Rewards Card might turn out to be your ideal secondcredit card after you’ve rebuilt your credit score.