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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, particularly if you’re looking for a card that earns rewards. Nearly all of the best rewards credit cards require a good or excellent credit score to qualify, and cards geared to those with average or poor credit typically don’t earn points, miles, or cash back.
There’s now a new option to consider if you’re looking to build (or rebuild) your credit, and it earns 1.5% cash back on all purchases with no limits. 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, people new to the US, or authorized users on someone else’s credit card — or those who have defaulted on a loan in the past five years.
The downside is that it’s a secured credit card, which means you’ll have to put down a security deposit equal to the initial credit line you’ll be given. That said, you can get started with a deposit as low as $200 (though you can deposit more than the minimum, up to a certain limit). And with responsible use over time, you could have the opportunity to graduate to an unsecured Quicksilver card and get 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 earns a respectable 1.5% cash back on all purchases with no limits to what you can earn. There’s no annual fee and, like other Capital One credit cards, it doesn’t add foreign transaction fees.
Read more: The best cash-back credit cards
If you’re approved for the Capital One Quicksilver Secured Cash Rewards Credit Card, you’ll need to make a $200 minimum initial deposit to receive a $200 credit line — but depending on your creditworthiness you could get approved for a higher credit line 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’re initially approved, you’ll have up to 35 days to fund your account with the initial security deposit. If you can’t pay all at once, that’s OK — Capital One will allow you to make partial deposits (minimum $20) until you meet the required amount.
You’ll get your deposit back either by using the card responsibly over time (such as by making on-time payments) or when you close the account. All of your account activity is reported to the three main credit bureaus, so by demonstrating responsible use you can improve your credit score and eventually qualify for other forms of credit.
The Capital One Quicksilver Secured Cash Rewards Credit Card looks exactly like other Capital One Quicksilver cards — it doesn’t have the word “secured” written on it, and you can redeem your cash back rewards the exact same way. There’s no minimum redemption amount for cash back, and you can receive your rewards in the form of a statement credit or check.
One caveat with the Capital One Quicksilver Secured Cash Rewards Credit Card: If you carry a balance, you could get stung by high interest charges. The card has a 26.99% Variable APR, so be sure to pay off your account in full each month to avoid racking up credit card debt.
As with most secured credit cards, the Capital One Quicksilver Secured Cash Rewards Credit Card doesn’t come with a wide range of benefits. However, cardholders get access to Capital One’s Credit Wise credit monitoring service and can access features like card lock and emergency card replacement.
Before you decide on the Capital One Quicksilver Secured Cash Rewards Credit Card, be sure to read our guides that can help you choose the best credit card if you’re just getting started:
125,000 bonus points and 1 free night award (value up to 50,000 points) after spending $5,000 on purchases in the first 3 months from account opening
$200 after spending $500 on purchases in the first three months from account opening