Capital One Launches Quicksilver Secured Cash Rewards Credit Card

Capital One has unveiled the Quicksilver Secured Cash Rewards Credit Card, a new way for consumers with bad to fair credit to rebuild their credit profile while earning cash back.

The card does not charge an annual fee or foreign transaction fee, and cardholders earn 1.5% cash back on all purchases. However, the interest rate on this card is a hefty 26.99% (variable), so it is especially important to use it wisely.

[Read: Best Secured Credit Cards.]

What Are Some of the Card’s Benefits?

The Quicksilver Secured Cash Rewards Credit Card is a secured card, meaning you must back the card with a cash deposit that you can lose if you default on your payments.

With this card, you’ll need to put down a refundable security deposit of at least $200. With a $200 deposit, you’ll get a $200 initial credit line. Capital One can automatically consider you for a higher credit line in just six months, and you will not be required to make an additional deposit if your credit line increases.

[Read: Best Starter Credit Cards.]

In addition, the Quicksilver Secured Cash Rewards Credit Card earns 1.5% cash back on all purchases — there are no limits or rotating categories.

Other benefits of this card include:

— $0 fraud liability, meaning you will not be responsible for any unauthorized charges.

— No foreign transaction fee.

[Read: Best Student Credit Cards.]

Should You Get the Quicksilver Secured Cash Rewards Credit Card?

If you have limited credit or a low credit score because of financial missteps, a secured card can be a great way to build your credit standing. As you use your card and make on-time payments, your score should increase over time.

The Quicksilver Secured Cash Rewards Credit Card is an attractive option among secured cards because you get cash back on every purchase. You can also consider the Discover it Secured Credit Card if you’re looking to earn cash back.

However, it is important to use this card wisely. The variable interest rate of 26.99% can be costly if you carry a balance from month to month, and there is a cash advance fee of $10 or 3% of the advance, whichever is higher.

More from U.S. News

How Does a Secured Credit Card Work?

How to Convert a Secured Credit Card to an Unsecured Card

8 Signs of a Bad Credit Card

Capital One Launches Quicksilver Secured Cash Rewards Credit Card originally appeared on usnews.com

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