Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Rewards Mastercard allows frequent shoppers to stock up on reward points from purchases made at the retail giant.
Card Summary
The Capital One Quicksilver Cash Rewards Credit card can be used to help build your credit and make responsible credit decisions.
As you get 1.5% cashback on every card purchased, and earn experience in credit, it will help you to build your credit skills.
Capital One Quicksilver Cash Rewards Credit Card is available to anyone with poor credit. There is no annual fee or foreign transaction fee, but the card charges a high annual percentage rate at 26.99%.
Review of Capital One Quicksilver Cash Rewards Credit Card:
You can earn cash back while building or rebuilding your credit. However, the variable APR (26.99%) means that you should not carry a balance.
The pros:
You can earn a steady cash rate: Earn 1.5% on all purchases, without having to track spending or limit earnings.
A small security deposit of $200 is required to establish a $200 credit limit.
Credit repair or building: After six months of credit card usage, applicants may be eligible for credit limit increases.
No annual fees: The Capital One Quicksilver Cash Rewards Credit Card does not have an annual fee. There are no foreign transaction fees.
You won't have to pay for any unauthorized charges.
Card Summary - Cons
This card has a high variable APR (26.99%).
To open a credit account, you will need to make a deposit. This deposit must be refundable and at least $200.
Your credit limit will be equal to the amount of your deposit, until you have been reviewed and approved for credit.
Chances of additional rewards are not available: There is no rotating bonus category that will stop you from earning extra cashback for gasoline, groceries, travel, and other purchases.
Rates and fees
Highlights
There are no hidden or annual fees and unlimited 1.5% cash back. Check out the instant approval process to see if your application is approved.
How to build your credit score?
This card could be a good way to build your credit. To get $200 in your first credit line, you will need to make a $200 security deposit.
If you are responsible with your credit card, such as making timely payments, your security deposit could be refunded to you in the form of a statement credit. You will automatically be considered for a higher credit limit in 6 months, with no deposit required. You can rest assured that $0 fraud liability will not hold you responsible for any unauthorised charges.
CreditWise by Capital One allows you to monitor your credit. You can check your credit for free. Unlimited 1.5% cash back on every purchase, anywhere.
There are no rotating categories, or limitations on how much cash you can make.
Comparative Analysis with Other Cards
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card:
Annual Fee: There is no annual fee for the card.
Capital One Quicksilver cash rewards credit card does not require a minimum security deposit. The Capital One Quicksilver Secured cash Rewards Credit Card, on the other hand requires you to make a $200 non-refundable deposit in order to open a $200 credit line.
Reward: Each purchase earns you unlimited 1.5% cashback.
Sign up bonus: After you have charged $500 within the first 3 months, Capital One Quicksilver Cash Reward Credit Card will give $200 cash as a sign-up bonus.
Capital One Quicksilver Secured Rewards Cash Rewards Credit card does not offer a sign-up bonus.
Benefits: Capital One Quicksilver cash rewards credit card offers a 15 month 0% introductory interest rate on purchases. There are no annual fees or foreign transaction fees.
Additional benefits include an extended warranty, car rental insurance, and 24/7 travel assistance, which can be used to replace your stolen or lost card. The Capital One Quicksilver Secured cash Rewards Credit Card does not offer a 0% initial APR, but it provides savings and has no foreign transaction fees. You won't have to pay for any unauthorized charges because both cards come with $0 fraud liability.
Capital One Quicksilver Secured Rewards Credit Card vs. BankAmericard Securized Credit Card:
Annual Fee: There is no annual fee for the card.
BankAmericard Secured Credit Card Minimum Security Deposit: A refundable $300 deposit is required. Capital One Quicksilver Secured cash Rewards Credit Card requires a $200 refundable deposit in order to open a $200 credit line.
Reward Programs: The BankAmericard Secured Credit Card does not offer a rewards program. The Capital One Quicksilver Cash Rewards Credit Card offers unlimited 1.5% cashback on all purchases.
Sign up bonus: No card provides a sign-up incentive.
Benefits: If you connect your BankAmericard Secured Credit Card to a Bank of America eligible checking account, the card will provide free access to your FICO credit score and zero fraud liability. Overdraft protection is also available.
Capital One Quicksilver Cash Rewards Credit Card has no foreign transaction fees. It also offers zero fraud liability and free credit monitoring. Each card does not have an annual fee.
Conclusion
Do you need the Capital One Secured Cash Rewards Credit card?
If you are:
You can earn cash back rewards as you rebuild or build credit.
To open an account, you may prefer to pay a security deposit that is small and refundable.
You would like to have free access to your credit score and build your credit.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
