Earn 1.5% cash back on all purchases, a very competitive flat earning rate for a secured credit card. The card also offers solid additional perks, like extended warranties on eligible purchases.
In 1994, Capital One started its business only offering credit cards, specializing in lending to average American consumers. They've since branched out offering the full service solutions we've grown to expect from the bank with the best customer service in America; checking, savings, CDs, auto loans and investing.
The benefit to the breadth of products offered by the bank is that by opening a secured card with them could help you build a relationship with a full-service bank. This might come in handy later as you look to take out an auto loan or upgrade to an unsecured credit card.
The Quicksilver Secured Credit Card is a pretty decent product for what it is meant to do. If you're considering a secured credit card, this one has the bells and whistles needed to help you feel good about the choice you're making.
This card has one main pitfall. With an APR that clocks in at over 25% APR, carrying debt on the card could be crippling for someone trying to build a credit profile and make up for past mistakes. Some cards, such as the Chime Credit Builder Secured card don't charge interest at all (but instead require that you pay your bill in full each month).
On the positive side, the card offers two attractive features worth highlighting. First, Capital One will start reviewing new accounts for an increased credit line in as little as 6 months. This is meaningful because the amount of credit available to you can account for up to 30% of a credit score. Second, the card offers an impressive 1.5% cash back on purchases. Most cards for those building credit don't offer rewards at all.
If you decide to open a secured account, Capital One will request a minimum security deposit of $200. This deposit will provide you with a credit line of $200 to start. The maximum you can deposit is $3,000. As long as your account is in good standing at the time of account closure, you will receive your security deposit back.
Many people tend to be focused on the fluctuations in their credit score, which can be a good thing. However, it's not all a bank considers when looking at your application. A bank will also take into account your income and ability to pay, as well as any existing relationships you may have with other financial institutions. Another blind spot people tend to have is thinking that all credit scores are created equally. Scores made popular by sites like Credit Karma or NerdWallet are often not used by the banks, and can even vary by 50+ points. This is our way of saying that there's no perfect score to guarantee approval for any card.
Yes, and you should try Capital One's prequalification process before applying if you're interested in their cards. Prequalification is an often overlooked perk that is especially beneficial for those with damaged credit.
By using the Capital One prequalification tool, information from your credit profile will be reviewed using what is commonly referred to as a "soft credit check". Soft credit checks do not impact your credit score, and give the bank an opportunity to see if you might be a good fit for their offers. If you're a potential match, you'll be able to review one or more offers from the bank and make a decision on whether you're interested in a specific offer. If you move forward with an official application, a hard credit inquiry will be conducted.
It's important to note that being prequalified doesn't guarantee that you'll be approved for an offer. It's a tool to help you narrow your options, however, the bank hasn't reviewed your full credit profile in the prequalification stage. They will conduct a hard credit inquiry before making a final determination on your card application.
This is a fairly new card, so the reviews on Reddit are slim. Reviews of Capital One's other products are mainly positive, though. Redditors tend to enjoy the ease of rewards earning on the flagship Quicksilver card. The mobile app and customer service also earn solid marks.
In short, if you're looking for a secured credit card that earns rewards, this would be our top pick. The lack of an annual fee and the top-notch customer service make this card an easy choice for a disciplined credit builder. If that bolded disciplined doesn't sound like you, though, steer clear. The high APR on this card will quickly eat away the value of any rewards you may earn if you start to carry a balance. If you're currently building credit because of past credit mistakes, we'd recommend the Chime Credit Builder Secured Card as an alternative option.
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