Rewards
With the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll earn 5% cash back on hotel and rental car purchases through Capital One Travel and an unlimited 1.5% cash back on all other purchases, which is a rarity among other secured credit cards. A rewards program is not paramount when it comes to building credit with a secured card — using your card responsibly should be your main focus. But the ability to earn rewards while also building up your credit is an appealing offer.
Cash back earned with the card can be redeemed, at any time and at any amount, for a variety of options including reimbursem*nt for purchases, statement credit, payments through PayPal, Amazon purchases and gift cards.
An opportunity to upgrade
With responsible cardholding habits that positively impact your credit score, such as consistent on-time payments, holders of the Capital One Quicksilver Secured Cash Rewards Credit Card can graduate to an unsecured rewards-earning Quicksilver card from the issuer like the Capital One Quicksilver Cash Rewards Credit Card. Once you’ve upgraded to a regular card, you’ll get your initial deposit back and all other card features will remain the same.
A potential credit limit increase
Holders of the Capital One Quicksilver Secured Cash Rewards Credit Card will be considered for an automatic credit line increase after at least six months of having the card. A credit line increase will be determined by your payment history as well as your creditworthiness. There’s a maximum credit limit range of $1,000 to $3,000, which will also be based on your credit score and history.
A higher credit line can potentially positively impact your credit score, by lowering your credit utilization ratio, or how much of your available credit you use. It’s advisable that you do not use more than 30% of your available credit.
Fewer fees
The card doesn’t charge a yearly fee to carry it, which isn't always the case with secured credit cards. Not having to pay an annual fee can make it easier to focus on making payments on time and building up your credit.
The card doesn't charge a foreign transaction fee either, which means it can be a good option to take abroad.
