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Getting approved for a credit card with a limited credit history or if you have blemishes on your credit score can be a tricky proposition, especially if you’re looking for a card that earns rewards. Almost all of the best rewards credit cards require a good or excellent credit score to qualify, and cards aimed at people with average or low credit typically don’t earn points, miles, or cash back.
There is now a new option to consider if you are looking to build (or rebuild) your credit, and it earns 1.5% cash back on all purchases with no limit. The Capital One Quicksilver Secured Cash Rewards credit card only requires a fair credit score, defined by Capital One as those with limited credit history (less than three years), including students, newcomers to the United States. United or authorized users on someone else’s credit card. or those who have defaulted on a loan within the past five years.
Read more: 5 steps to follow when applying for a credit card
The downside is that it is a secured credit card, which means you will need to make a security deposit equal to the original line of credit you will be granted. That said, you can start with a deposit as low as $ 200 (although you can deposit more than the minimum, up to a certain limit). And with responsible use over time, you might have the option of switching to an unsecured Quicksilver card and getting your deposit back.
Capital One Quicksilver Secured Rewards card details
The Capital One Quicksilver Secured Cash Rewards credit card doesn’t offer a welcome bonus, but it does earn a respectable 1.5% cash back on all purchases with no limit to what you can earn. There is no annual fee, and like other Capital One credit cards, it does not add any overseas transaction fees.
Read more: The best cash-back credit cards
If you are approved for the Capital One Quicksilver Secured Cash Rewards credit card, you will need to make a minimum initial deposit of $ 200 to receive a $ 200 line of credit – but depending on your creditworthiness, you may be approved for a line of credit. higher with a larger deposit. Then, after as little as six months of on-time payments, Capital One will automatically consider you for a higher credit limit.
When you are initially approved, you will have up to 35 days to fund your account with the initial security deposit. If you can’t pay all at once, that’s okay – Capital One will allow you to make partial deposits (minimum $ 20) until you reach the required amount.
You will get your deposit back either by using the card responsibly over time (eg by making payments on time) or when you close the account. All activity on your account is reported to the three major credit bureaus. So, by demonstrating responsible use, you can improve your credit score and potentially qualify for other forms of credit.
Read more: 5 Ways To Open A Credit Card And Use It Responsibly Can Boost Your Credit Score
The Capital One Quicksilver Secured Cash Rewards credit card looks exactly like other Capital One Quicksilver cards – it doesn’t have the word “secure” written on it, and you can redeem your cash rewards in the exact same way. There is no minimum redemption amount for Cash Back Rewards, and you can receive your rewards in the form of a credit or check.
A word of caution with Capital One’s Quicksilver Secured Cash Rewards credit card: if you have a balance, you could be stung by high interest charges. The card has a variable APR of 26.99%, so be sure to pay off your account in full each month to avoid accumulating credit card debt.
As with most secured credit cards, the Capital One Quicksilver Secured Cash Rewards credit card does not offer a wide range of benefits. However, cardholders have access to Capital One’s Credit Wise credit monitoring service and can access features such as card locking and emergency card replacement.
Before choosing the Capital One Quicksilver Secured Cash Rewards credit card, be sure to read our guides which can help you choose the best credit card if you are just starting out:
125,000 bonus points and 1 free night (value up to 50,000 points) after spending $ 5,000 on purchases during the first 3 months after opening the account
$ 200 after spending $ 500 on purchases in the first three months after opening the account