My Capital One Quicksilver Secured Cash Rewards Credit Card Review: Build Credit While Earning Cash Back

If you’ve got poor credit and someone asks you Capital One’s popular catchphrase, “What’s in your wallet?”, you might reply: “My driver’s license, a debit card, and some lint.” Fortunately, adding a credit card to the mix is possible if you know where to look.

Enter the Capital One Quicksilver Secured Cash Rewards Credit Card. It’s designed for folks who have some credit issues on their track record (or barely have any credit history at all).

Watch on

When used responsibly, this card helps you establish (or re-establish) a healthy credit profile. Plus, you’ll earn some cash back every time you shop or pay a bill with your account.

As you read through this review, you may be ready to submit an application for this card or think, “That’s not really for me.” Either way, you’ll learn everything you need to know about the Capital One Quicksilver Secured Cash Rewards Credit Card.

When you think of a credit card, you likely imagine the unsecured version. With an unsecured credit card, you: 

• Use the card for purchases
• Promise to repay what you borrow
• Face financial and legal consequences if you don’t pay as agreed (think: incessant collection calls, lawsuits, and wage garnishments) 

A secured credit card works much the same way, with one key difference: You have to offer collateral in the form of a security deposit before you can use your account.  

If you have poor or limited credit, your promise to repay the debt may not mean much to a creditor on its own. But when a security deposit backs your account, your lender can seize it if you don’t pay, greatly reducing their risk of loss.

Capital One Quicksilver Secured Cash Rewards Credit Card

CardRates Expert Rating

Capital One Quicksilver Secured Cash Rewards Credit Card

4.0/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

See Our Review»

Ashley Fricker Senior Editor

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★★★★★ 4.0/5.0

Our Review »

• No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you’re approved in seconds
• Put down a refundable $200 security deposit to get at least a $200 initial credit line
• Building your credit? Using a card like this responsibly could help
• Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
• You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
• Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
• Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
• Monitor your credit score with CreditWise from Capital One. It’s free for everyone
• Top rated mobile app

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR 28.99% (Variable)

Annual Fee $0

Credit Needed Limited, Bad

See Rates & Fees »

Now, let’s get to some good news, shall we? Capital One will report your status and all account activity to the credit bureaus. That means if you use your card responsibly for an extended period, your credit score may increase, and you could eventually qualify for an upgrade to an unsecured card.

I can’t tell you for sure how soon you’ll see a positive impact on your credit score or how much of a boost you can expect. Both depend largely on your credit standing when you get the card. 

For instance, if you’re building credit for the first time, your score could jump noticeably after six months. However, if you’re starting over with poor credit, it could take 12 to 18 months before there’s a big shift in the right direction.

So, what about that account upgrade? Eligibility and timing will be based on:

• How you manage your account
• Your overall credit profile
• Capital One’s current guidelines

Since I don’t personally have this card, I checked Reddit to learn about real user experiences. One mentioned graduating to an unsecured Capital One card after just six months, while another chose to close their account after four years of waiting for an upgrade offer.

The bottom line: There’s no specific amount of time you need to or should hold on to this card. While it is regarded as a financial stepping stone, as long as you keep your account in good standing and feel it benefits you, reserve a place for it in your wallet.  

You may be wondering: How does my security deposit relate to my spending limit, and how much do I need to put down? It’s pretty straightforward.

Your initial credit line will be equal to the amount of your security deposit. So, if you put down $500, your card’s starting credit limit will be $500.

With the Capital One Quicksilver Secured Cash Rewards Credit Card, your maximum credit limit (and thus your security deposit) will be based on your credit profile and range from $1,000 and $3,000. If you’re approved for the card, you must put down at least a $200 security deposit.

You can pay your security deposit in one shot or in $20+ chunks, as long as you meet the $200 minimum within 35 days of application approval. After that, you can no longer increase your deposit. You must make your deposit online or over the phone via electronic funds transfer (EFT).

You might not be stuck with your initial credit limit for the entire time you have the card. Capital One could automatically review your account for a credit line increase in as little as six months. If approved, you’ll have additional buying power without having to put any more money down.

Important note: Your security deposit won’t earn interest, so it could ultimately lose value due to inflation. Plus, you can’t withdraw from your security deposit, so plan on the funds being tied up unless your account is closed.

Every time you swipe, insert, tap, or shop with your card online, you’ll earn 1.5% cash back. (Cash advances, balance transfers, or spending with account checks don’t earn rewards.) You can also earn an impressive 5% cash back on Capital One Travel and Capital One Entertainment purchases.

There’s no limit to how much you can earn, and your cash back never expires, so you can keep banking your rewards for as long as you want. Eventually, you may be able to cover a dream vacation, or some other big splurge.

Note: If your account is in default or closed, you may lose your cash rewards.

When it’s time to redeem your cash back stockpile, you have a lot of options, such as:

• A check
• Statement credit (or covering a specific, recent purchase)
• Gift card

You can also use your rewards balance as a payment method on Capital One Travel, Capital One Entertainment, or at a participating retailer.

Are you a forgetful Frank (or Fran), and think you might fail to convert your rewards into something useful? You can set up automatic redemption for a set time each year or when you’ve banked a certain amount.

As an added bonus, if you always pay your balance off on time and in full (and with the card’s staggering 28.99% (Variable) APR, you should!), it won’t cost you anything to be a cardholder. The Capital One Quicksilver Secured Cash Rewards Credit Card also doesn’t charge annual or foreign transaction fees.

CreditWise and the Capital One Mobile App

Capital One offers two tools to manage your credit health and your Capital One Quicksilver Secured Cash Rewards Credit Card account: CreditWise® and the Capital One mobile app. With CreditWise®, you can:

• Access your FICO 8 credit score.
• Track how your score changes over time.
• Get personalized recommendations to improve your score.
• Run simulations to see how an event, like paying off debt, would impact your score.
• Get alerts when a critical change appears on your credit report.

With the Capital One mobile app, you can:

• See your account balance, available credit, transactions, and cash rewards.
• Check your due date and make a payment.
• View account statements and other documents.
• Add an authorized user, order a replacement card, or lock your account.
• Activate shopping offers or get a virtual card number to shop online.
• Get account help from the Capital One virtual assistant, Eno (more on this shortly).

Both tools are free. You can access CreditWise® online or via the Capital One mobile app, which is available for download on both Apple and Android devices.

Transaction Security and $0 Fraud Liability

Capital One does a lot to keep your account secure. If your card gets lost or stolen, you can lock it so it can’t be used.

You’ll also receive an alert if the card issuer detects any suspicious activity. If a thief does manage to go on a shopping spree with your card, you won’t have to pay back a penny of the charges, thanks to $0 fraud liability.

Plus, you can set up and receive custom alerts by email or text about your account balance, transactions, payment due date, and more. That way, you can keep tabs on your card without having to open the app or log into your online account.

Highly Ranked Customer Support

Live Capital One customer service reps are available by phone 8 AM to 11 PM ET seven days a week. You may want to call them if you spot an error on your statement, want to request a credit limit increase or account upgrade, lost your card, or have another time-sensitive concern.

You also have 24/7 access to Eno, Capital One’s chatbot. Eno can: 

• Answer basic questions about your account.
• Track your spending.
• Send account alerts to keep you in the know (especially if it detects a suspicious charge).
• Issue virtual card numbers for online shopping.

I called Capital One’s general line, posing as a non-customer around 4:30 PM on a weekday. After responding to two brief automated prompts, I was greeted by a friendly representative.

The rep needed to put me on hold twice to look into the question I had about the account’s credit score requirements. While the rep couldn’t share concrete details on what credit score is required, I was pleased that the entire call took less than ten minutes.

The Capital One Quicksilver Secured Cash Rewards Credit Card is designed for consumers with fair credit, which Capital One characterizes as someone who has:

• Defaulted on a loan within the past 5 years or
• A limited credit history 

According to the Fair Isaac Corporation (FICO) credit scoring model, you have fair credit if your score falls between 580 and 669. While it’s unclear if Capital One follows the model exactly when classifying its cards, having a score within this range suggests you may qualify for the account.

FICO Score Categories	Score Range
Exceptional	800-850
Very Good	740-799
Good	670-739
Fair	580-669
Poor	Below 580

However, Capital One doesn’t just consider your creditworthiness. It also looks at other components, such as your income (which shows your ability to repay debt). If your monthly income doesn’t exceed your monthly housing payment by at least $425, you probably won’t get approved for the card. 

You’ll also be ineligible for the Capital One Quicksilver Secured Cash Rewards Credit Card if you have:

• A past-due Capital One account
• A Capital One account that’s over the limit
• A Capital One account that was charged off within the past year
• An unresolved bankruptcy

Consider Getting Pre-Approved

If you’re unsure whether you’ll qualify for the card, consider getting pre-approved before officially applying. Capital One’s pre-approval process is simple. 

You answer questions as though you were applying for a card. Once you’re done, Capital One will tell you which card(s) you might qualify for. Then, you can choose the card you want without having to fill out another form. 

It’s a great way to explore several account options at once!

Important note: Getting pre-approved results in a soft inquiry on your credit report, which doesn’t hurt your credit score. But if you decide to fully apply for a card, including the Capital One Quicksilver Secured Cash Rewards Credit Card, it will result in a hard inquiry, which may ding your score a little.

If you have made it through the pre-approval process, applying for the Capital One Quicksilver Secured Cash Rewards Credit Card is a snap. You’ve already answered most of the questions anyway.

But if you’re fairly certain you’ll be approved, or just want to look at all the steps involved in the full application, here’s a peek at everything I saw during the process: 

1. Full Name

I enter my full legal name, including middle initial (if applicable). Then, I click “continue” (which I do after every step I complete).

2. Citizenship Status

I answer two quick questions about my citizenship status to help Capital One verify my identity.

3. Residential Address

I enter my residential address. The address must be within the United States, Puerto Rico, Washington, D.C., or a U.S. military location. It can’t be a P.O. box, and I also can’t apply if I’m currently in jail, which, thankfully, I’m not. 

I can also click a link to add a mailing address if I get my mail at a different location.

4. Email and Phone Number

I enter my email address and phone number. That way, Capital One can contact me about my application and account. I also select what type of phone number it is (mobile, home, or work).

5. Employment Status

Here, I tell Capital One my employment status. If I select employed, self-employed, or other, I will also fill in a pop-up box labeled “occupation” (not pictured below) with what I do for a living. 

For example, on that screen, I might type in “writer” or “starving artist” as my occupation.

6. Income and Housing Payment

Here, I get specific about my annual income and monthly housing payment. I can include income from a job, self-employment, interest, dividends, a retirement account, or public assistance. 

7. Bank Account Information 

I select which types of bank accounts I currently have. I can also choose to answer whether I plan to use your new account for cash advances (but you don’t have to respond if you don’t wish to or don’t know). 

8. Date of Birth and Social Security Number

On the last page I need to fill out, I enter my date of birth. Remember that you must be over age 18 to apply for this card.

Then, I enter my Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) twice. 

This information helps Capital One verify my identity and prevent fraudulent accounts from being opened.

9. Verify Your Details

I look over all of the information I entered and verify that it is correct. If I spot an error, I can click on the pencil next to it and edit it. 

10. Communication Preferences and Acknowledgments

I click the link to read the “Electronic Communications Agreement,” and check the box to agree to receiving paperless communication and account statements from Capital One. I can also change my mind later if I decide I want hard copies.

Then, I click the link to read the “SSN Verification Authorization” and check the box to permit Capital One to verify my SSN with the Social Security Administration.

Just below these check boxes (not pictured below), you can specify whether you want to receive account communications in English or Spanish.

11. Read Account Disclosures and Submit

I carefully review the account disclosures, which contain information about the card’s interest rate, fees, rewards program, and other terms and conditions. 

I can also download or print the document for future reference, but if you’re anything like me, you’ll probably never look at it again.

If you’re OK with what you just read, click “Submit my application.” Hurray, you’re done!

So, what happens next? You may receive an instant application decision, or Capital One may tell you that it needs to review your information further.

If you’re approved, you’ll need to put down your security deposit. Once Capital One processes your deposit, you can expect to receive your card in the mail within seven to 10 business days (though delays are possible). 

Capital One may provide you with a virtual card number to use online while you wait for your physical card, but it’s not guaranteed. 

One small, but important detail I like: Your new card actually won’t say “secured” on it. It will look like any other credit card, so no one will know you’re in a credit-building or rebuilding phase.

After you’ve had your account for a while, you may be looking for a change. Fortunately, it’s possible to get your money back or receive an upgraded unsecured credit card.

I’ll explain how each scenario works. That way, you know what to expect.

When Capital One Gives Your Deposit Back

Capital One will give your security deposit back under two circumstances:

1. You accept an upgraded card offer (more on that next)
2. Your account is closed

If your account has a $0 balance at the time of closure, Capital One will return your full security deposit. However, if you still owe money, the card issuer will reduce your refund by that amount. In either case, you’ll receive your funds via check (but you may need to wait two billing cycles).

Upgrading to an Unsecured Card

Capital One says you can’t request an upgrade to an unsecured card. Instead, the company will periodically review your eligibility and notify you by mail if you qualify, which can happen in as little as six months.

If you become eligible, you’ll be offered an unsecured version of the Quicksilver card, of which there are a few options available. Your security deposit will automatically transfer to the new card as a statement credit, so you’ll start off with a negative balance.

Best Practices for Reaching the Next Level

While there’s no guarantee you’ll graduate to an unsecured card, you can increase your odds by following these best practices:

• Pay your bill on time, every month, without fail. Payment history has the biggest impact on your credit score.
• Keep your credit utilization (the percentage of your credit limit you’re using) to 30% or less. For example, if your credit limit is $1,000, try to maintain a balance of less than $300 at any given time. 
• Use your card regularly. Consider putting some small recurring charges on the account so you don’t have to remember to use it.
• Manage your overall credit health. Pay your other debts on time and avoid opening too many new credit accounts in a short period.

Bonus tip: Be patient. Credit building is a long game, so you can’t expect success overnight.

While the Capital One Quicksilver Secured Cash Rewards Credit Card is a solid secured credit card option, it’s not for everyone.

You may want to add this card to your financial toolbox if you:

• Have a poor credit score or a limited credit history
• Want to earn rewards while you build or rebuild your credit profile
• Feel comfortable tying up funds in a security deposit

On the other hand, you should probably go a different route if you:

• Have good credit already. You’ll qualify for unsecured cards with better rewards and cardholder perks.
• Plan or tend to carry a balance. The high APR will quickly negate the value of the cash back you earn.
• Can’t or don’t want to put down a security deposit.

The bottom line: This card is an entry-level credit product. If you can qualify for an unsecured card, you should research those options.

Many secured credit cards don’t offer rewards; they’re solely meant to help you build credit. However, these cards typically have a lower APR than secured cards that do offer rewards.

Here are the perks and pitfalls of the Capital One Quicksilver Secured Cash Rewards Credit Card:

The Capital One Quicksilver Secured Cash Rewards Credit Card has a lot of upside — especially if you never carry a balance. However, you may not get much value from it if you can’t pay off the card every month.

There are several other secured credit cards on the market, and some even offer rewards. But it is important to compare the benefits you’ll actually use and take your spending patterns into account. 

Here are two options that are similar to the Capital One Quicksilver Secured Cash Rewards Credit Card that could be worth checking out:

The secured Chime Visa® Credit Card

CardRates Expert Rating

The secured Chime Visa® Credit Card

4.5/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

See Our Review»

Ashley Fricker Senior Editor

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★★★★★ 4.5/5.0

at Chime’ssecure website

Our Review »

• No minimum balance requirements*
• No credit check**
• 2% cash back on category of choice with direct deposit***
• The perks of credit building meet the best of banking****
• Chime Checking Account required to apply for the Chime Visa® Credit Card

• Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.
  *Money added to Chime CardTM will be held in a secured deposit account as collateral for your Chime Card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
  **Out-of-network ATM withdrawal and over the counter advance fees may apply.
  ***With a qualifying direct deposit, earn 2% cash back on category of choice on eligible secured Chime Visa® Credit Card purchases.
  ****On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR N/A

Annual Fee No annual fees

Credit Needed Poor/Fair/Limited/Damaged

With The secured Chime Visa® Credit Card, you can skip the credit check entirely and enjoy no minimum balance requirements. But the catch is that you have to open a Chime® Checking Account to fund the card. You can also earn 2% cash back on any category you choose — if you set up a qualifying direct deposit to your account.

If you need a checking account and a credit-building card and spend a lot in one specific category, this could be a good option. If not, the 1.5% cash back on the Capital One Quicksilver Secured Cash Rewards Credit Card might be preferable.

opensky® Secured Visa® Credit Card

CardRates Expert Rating

opensky® Secured Visa® Credit Card

4.0/5.0

About this rating

Our experts rate credit card offers based on factors like rewards, APRs, signup bonuses, fees, and approval rates, with a focus on benefits that provide the best value. We also consider cardholder needs such as credit-building potential, issuer reputation, and customer service. Our ratings are unbiased, updated regularly, and not influenced by issuers.

See Our Review»

Ashley Fricker Senior Editor

Close

★★★★★ 4.0/5.0

at Capital Bank N.A.’ssecure website

Our Review »

• Earn up to 10% cash back on everyday purchases
• No credit check required – 89% approval rate with zero credit risk to apply!
• Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
• Track your progress with free access to your FICO® score in our mobile app
• Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
• Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
• Start with just $200—secure your credit line with a refundable deposit
• Fast and easy application—apply in minutes with our mobile-first experience
• Flexible payment options—pick a due date that works for you
• More time to fund—spread your security deposit over 60 days with layaway
• Join 2 million+ cardholders who have used opensky® to build better credit!

Show MoreShow Less See application, terms and details »

Intro (Purchases) N/A

Intro (Transfers) N/A

Regular APR 23.89% (variable)

Annual Fee $35

Credit Needed No credit, Poor, Fair

See Rates & Fees »

The opensky® Secured Visa® Credit Card has high approval rates and also doesn’t conduct a credit check. Like the Capital One Quicksilver Secured Cash Rewards Credit Card, this card requires a $200 security deposit to open, but does offer a 60-day window to fund it.

As far as rewards go, it touts cash back as high as 10%, but that is at specific merchants the issuer chooses, so it might not be a consistent return on your spending. You’ll also have to pay an annual fee, which the Capital One Quicksilver Secured Cash Rewards Credit Card doesn’t have

If you want to build or rebuild your credit, I suggest you give the Capital One Quicksilver Secured Cash Rewards Credit Card a serious look. It may not be a quick or glamorous journey, but using this card can help you establish healthy financial behaviors and lay a strong financial foundation for the future. 

Plus, you’ll benefit from some notable features, such as no annual fee and a simple but competitive rewards structure (which is rare for a secured credit card).

However, while I’m a fan of this card, I encourage you to consider all available alternatives. Another secured credit card may be a better fit. Or, you may decide that you don’t want a credit card at all.

And even if you do get this card, I want you to keep your eye on the financial horizon. Remember that this account is meant to help you in this season of your life. It’s not a forever credit card.