If you want to build your credit profile with the help of a secured credit, while also earning cash back rewards on every purchase you make, the Capital One Quicksilver Secured Cash Rewards Credit Card should be on your radar.

The Capital One Quicksilver Secured Cash Rewards Credit Card is designed for individuals with poor/limited credit and requires a security deposit of $200, which will serve as your initial line of credit.

Because Capital One reports your credit activity to the three major credit bureaus (Experian, TransUnion and Equifax), you can boost your score by demonstrating responsible card usage — this includes paying your bill on time each month and keeping your balance well below your credit limit (these are the two most important factors affecting your credit score). You can also be automatically considered for a higher credit line starting at six months with no additional deposit.

We highlight the pros and cons of the Capital One Quicksilver Secured Cash Rewards Credit Card and show how it compares to similar secured cards to help you determine if it’s the right fit for you.

• Cash back rewards

  Capital One Quicksilver Secured Cash Rewards Credit Card holders earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). Rewards can be redeemed for a check, statement credit, gift cards or used to cover recent purchases.

• Ability to increase credit line

  The Capital One Quicksilver Secured Cash Rewards Credit Card requires a security deposit of $200 for an initial credit line of $200, but it is possible to raise your initial credit line by depositing more into your account prior to activating your card.

  In addition, Capital One will automatically begin reviewing your account after six months to see if you qualify for a higher credit line with no additional deposit.

  Your deposit will be refunded if you close you account and pay your balance in full, or if Capital One transitions your account to an unsecured card.

• Annual fee

  The Capital One Quicksilver Secured Cash Rewards Credit Card charges a $0 annual fee.

  In addition, the card comes with None foreign transaction fees, no replacement card fees and no authorized user fees.

• High APR

  If you carry a balance from month to month on the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll be subject to a high interest rate: 29.99% (variable) APR. That said, cards designed for individuals with poor or limited credit typically come with high interest rates. The best way to avoid high interest charges is to only charge what you can afford to pay off by the statement due date.

• Maximum credit line cap

  There is a maximum credit line you can be approved for with the Capital One Quicksilver Secured Cash Rewards Credit Card (see terms for maximum credit limit). If you’re interested in a secured card with a higher credit limit, you may want to consider the U.S. Bank Secured Visa Card, which accepts security deposits up to $5,000.

• No sign-up bonus

  Although the Capital One Quicksilver Secured Cash Rewards Credit Card comes with a rewards program, it does not offer a sign-up bonus.

Compare it to the Discover it^® Secured Credit Card

 

If you prefer a secured card that offers a higher credit line,  lower APR on purchases and slightly higher rewards rate in select spending categories, the Discover it^® Secured Credit Card is a great alternative.

The card, intended for individuals with poor/limited credit, requires a refundable security deposit ranging from $200 to $2,500, which will serve as your line of credit. The card also comes with a 27.99% Variable APR and a $0 annual fee.

Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, receive the following sign-up bonus: Discover will match all the cash back you’ve earned at the end of your first year.

After seven months of card membership, Discover will automatically begin reviewing your account to see if you’re eligible to transition to an account with no security deposit.

The Capital One Quicksilver Secured Cash Rewards Credit Card is a solid option for those looking to build or establish credit history. Along with offering a flat cashback rate on every purchase, the card also provides the opportunity to increase your line of credit. Plus, after demonstrating responsible card usage, cardholders can potentially earn their deposit back and upgrade to an unsecured Capital One Quicksilver Cash Rewards Credit Card.

Just keep in mind, though, that the Capital One Quicksilver Secured Cash Rewards Credit Card comes with a high APR on purchases, so it’s best to pay your balance in full each month.

That said, if you’d prefer a secured card with a lower interest rate and the potential for an even higher line of credit, the Discover it^® Secured Credit Card is a good alternative.

The information related to the U.S. Bank Secured Visa Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply