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Capital One Quicksilver Secured Cash Rewards card review: An great choice for improving credit with no annual fee

Lee Huffman
Updated 7 min read

When you have bad credit, it can be difficult to know how to repair it. One of the best first steps you can take is getting a secured credit card. Using it responsibly shows lenders that you've learned from past mistakes and can reliably make all of your monthly payments on time.

The Capital One Quicksilver Secured Cash Rewards Credit Card is an excellent choice for improving credit because it has no annual fee, reports to all three major credit bureaus and automatically reviews accounts for credit limit increases in as little as six months.

Capital One Quicksilver Secured Cash Rewards Credit Card

  • Annual fee
    $0
  • Card type(s)
    Secured, Cash-back
  • Purchase APR
    29.99% variable
  • Introductory APR
    N/A
  • Rewards rate
    • 5% unlimited cash back on hotels and rental cars booked through Capital One Travel
    • 1.5% unlimited cash back on every purchase, everywhere
  • Benefits
    • No annual or hidden fees; see if you're approved in seconds
    • Earn back your $200 security deposit as a statement credit when you follow card best use practices, such as making payments on time
    • Be automatically considered for a higher credit in six months with no additional deposit
Learn more

There are two primary ways to earn cash-back rewards with the Capital One Quicksilver Secured Cash Rewards Credit Card – making purchases and referring friends.

You'll earn an unlimited 1.5% cash back on every purchase with this secured credit card. Whether you're buying groceries, filling up your gas tank or paying utilities, each transaction earns the same cash-back rate. If you have an upcoming trip, you can also use your card to book eligible hotels and rental cars through Capital One Travel (the issuer’s travel portal) and earn a boosted 5% cash back.

Using your card responsibly may lead to a higher credit limit, better credit score, and the ability to earn more rewards each month.

Capital One has a "refer a friend" option where customers can earn rewards when friends and family get approved for a new credit card. Log into your Capital One account to get your personalized link. Send it to friends and family, and you'll receive a bonus if they're approved.

Bonuses vary based on which card you have and which card they apply for. These referral bonuses are income, and you may receive a Form 1099 at the end of the year.

With the Capital One Quicksilver Secured Cash Rewards Credit Card, you can redeem your rewards for cash back in any amount and at any time. Simply log into your account online or through the Capital One mobile app.

There are four primary ways to redeem cash-back rewards:

  • Redeem for cash. Request a check be mailed to your home address that you can deposit into any banking account.

  • Get statement credits. Use your cash-back rewards as a statement credit to your account to reduce your balance. Keep in mind that these credits do not count as your minimum monthly payment.

  • Cover purchases. Apply rewards directly to cover a recent purchase.

  • Buy gift cards. Get gift cards from popular retailers, restaurants and other merchants that you can use yourself or give as gifts to family and friends.

Cash-back rewards are a major benefit, but boosting your credit score is the biggest reward. The Capital One Quicksilver Secured Cash Rewards Credit Card helps build credit in multiple ways.

Building your credit score involves posting positive credit behaviors to the credit bureaus – Equifax, Experian and Transunion. Each lender uses different credit bureaus when consumers and small business owners apply for credit. Capital One reports your account information to all three credit bureaus so you can build a positive credit score with each bureau.

With CreditWise from Capital One, you can monitor the progress of your credit score. Plus, it alerts you to changes to your credit, including new inquiries, delinquencies, and more.

In as little as six months, your account may be eligible for an automatic credit line review. This means that you may qualify for a higher spending limit without any added deposit amount. Higher credit limits can lead to a lower utilization ratio and a higher credit score.

Whether you close your account or get upgraded to an unsecured card, your security deposit is refundable. Capital One has numerous credit cards for all credit types. As your credit score improves, you may qualify for an upgrade or to open a new account. Getting an unsecured card allows you to recover your security deposit so you can use it to pay bills, earn interest, or invest.

If you travel internationally, you can bring your Quicksilver Secured Card to make purchases. It does not charge foreign transaction fees, so you won't be hit with hidden fees of up to 3% when making purchases outside the U.S.

The Capital One Quicksilver Secured Cash Rewards Credit Card is best for people who are ready to build good credit by using their credit card responsibly. While building credit, they want to earn cash-back rewards without paying an annual fee. Although the card has a high interest rate, only charge what you know you can pay off each month to avoid interest charges.

  • Unlimited 1.5% cash back on every purchase

  • Security deposit starts as low as $200

  • Automatic credit limit reviews in as little as six months

  • No annual fee or foreign transaction fees

  • No welcome bonus or intro APR offer for new customers

  • Maximum credit line of $1,000 to $3,000 depending upon credit

  • Standard variable APR of 29.99% for purchases

Customers can use the Capital One Quicksilver Secured Cash Rewards Credit Card anywhere Visa and Mastercard are accepted. Capital One periodically changes which card type it issues, and it does not specify the current offering on its website. Visa and Mastercard are two of the most widely accepted credit cards, so consumers should have no trouble using their card at home or when traveling internationally.

This card does not charge foreign transaction fees, so it is a solid card to bring with you when traveling internationally. This means that you won't be hit with hidden fees of up to 3% on your purchases outside the U.S.

  • Make payments online at CapitalOne.com

  • Set up automatic recurring payments

  • Pay over the phone at (800) 227-4825

  • Use the Capital One mobile app (Apple, Google)

  • Mail payments to Capital One, Attn: Payment Processing, PO Box 71087, Charlotte, NC 28272-1087

  • Overnight payments to Capital One, Attn: Payment Processing, 6125 Lakeview Rd, Suite 800, Charlotte, NC 28269

  • In-person at a Capital One Cafe, branch or ATM location

The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid secured credit card choice for earning rewards while building credit. However, it isn't the best choice for every consumer, so you should compare these alternative credit cards to determine if they're a better fit.

Capital One Platinum Secured Credit Card

  • Annual fee
    $0
  • Welcome offer
    None
  • Card type(s)
    Secured
  • Purchase APR
    29.99% variable
  • Recommended credit score
    No credit history required
  • Rewards rate
    None
  • Benefits
    • No annual or hidden fees; see if you're approved in seconds
    • Earn back your security deposit as a statement credit when you follow best practices, such as making payments on time
    • Be automatically considered for a higher credit in six months with no additional deposit
Learn more

Why we like it: The Capital One Platinum Secured Credit Card is another option for rebuilding credit that requires a security deposit of $49, $99, or $200 for your initial credit line of $200. Customers can deposit additional funds to secure a credit limit of up to $1,000. With responsible use, you may qualify for a credit limit increase in as little as six months. Over time, your account may be eligible for an upgrade and receive your security deposit back. While this card does not earn rewards, it has no annual fee and does not charge foreign transaction fees.

Read our full review of the Capital One Platinum Secured Credit Card.

Capital One SavorOne Cash Rewards Credit Card

  • Annual fee
    $0
  • Welcome offer
    Earn $200 cash back after spending $500 on purchases in the first 3 months
  • Card type(s)
    Cash-back, Rewards
  • Purchase APR
    19.99% - 29.99% variable
  • Introductory APR
    0% intro APR on purchases and balance transfers for 15 months, then variable 19.99% - 29.99% APR
  • Recommended credit score
    Good, Excellent
  • Rewards rate
    • 8% cash back on Capital One Entertainment purchases
    • 5% cash back on hotels and rental cars booked through Capital One Travel
    • 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target)
    • 1% cash back on all other purchases
  • Benefits
    • Get a 0% APR on purchases and balance transfers for the first 15 months
    • Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
Learn more

Why we like it: As your credit score improves, you may qualify for the Capital One SavorOne Rewards for Good Credit. This card has no annual fee and earns 3% cash back on dining, entertainment, grocery store purchases, and popular streaming services. You can also earn 5% cash back on hotels and rental cars booked through Capital One, 1% cash back on other purchases, and you won't pay foreign transaction fees when traveling outside the U.S.

OpenSky® Secured Visa® Credit Card

  • Annual fee
    $35
  • Cash Advance Fee
    $6 or 5% of the amount of each Cash Advance; whichever is greater.
  • Foreign Transaction Fees
    3% of each Transaction in U.S. dollars
  • Late Payment Fee
    Up to $40
  • Card type(s)
    Secured, Credit-builder
  • Ongoing Purchases APR
    25.64% (variable)
  • Ongoing Cash Advance APR
    25.64% (variable)
  • Recommended credit score
    No credit check
  • Rewards rate
    • No credit check to apply
    • No credit risk to apply
    • 88% average approval rate
    • $200 minimum security deposit
  • Benefits
    • Earn up to 10% cash back through the OpenSky Rewards program
    • Graduate to an OpenSky Unsecured Gold Card in as little as 6 months
Learn more

Why we like it: The OpenSky Secured Visa® Credit Card is a good choice for people with bad credit and who are fearful of unnecessary credit checks. There is no risk to apply because there are no credit checks, and you may qualify for a credit limit increase every six months. It offers credit limits of $200 to $3,000, based on your security deposit, and you can earn up to 10% cash back from participating retailers. Your deposit is refundable, so if you build you credit and decide to switch to another card, you may receive your security deposit back.

Read our full review of the OpenSky Secured Visa Credit Card.

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.