Capital One has launched a Capital One secured Quicksilver card. Consumers with little to no history can apply for and be approved for this card by putting down a refundable security deposit starting at $200. The card comes with the following features:
- Security deposit as low as $200 (the security deposit is equal to the credit limit on the card)
- No annual fee
- Card earns 1.5% cash back on all purchases
It’s interesting to see more and more cardholders increase and improve their offerings in the secured card market. U.S. Bank launched Cash+ & Altitude cards.
View Comments (21)
DENIED!
(Kidding.)
:-D
typo? "Consumers with little to no history card apply for and be approved for this card by putting down "
are they phasing out the QS with annual fee? I thought that was the "secured" version of QS
@will i wonder if you know.. do you get a hard pull / inquiry on a "secured" card? or would it just be like a soft pull or CHEX inquiry?
Soft pull for per-approval then a hard pull from all 3 credit bureaus is done for final Approval
Hard pull.
Depends on the card issuer, but usually yes
They did when I had one. All 3 bureaus. I'd be shocked if they don't HP anymore.
@guest_1271600 I wonder do you get a hard pull / inquiry when you apply for a "secured" credit card? I have no idea.. I only had one secured card like 15 years ago.. I like your plan about the small balance waiver..
I also got a Quicksilver invite in the mail recently for the $200 bonus on $500 spend obviously that is better.. but I was traumatized by Capital One in the past whereas I tried applying for Quicksilver multiple times (a card I should have easily been able to get) but was denied each time.. it's the only card issuer to ever deny me.. and not just that multiple times.. so that's why I'm a bit nervous to apply for any Capital One card.
any feel free to chime in on this comment.. i'm curious about multiple things.. should I try the recent invite I got.. when I go to the invite web site and put in my invite code it doesn't say whether I'm "pre-approved or not" it just shows me the spend offer..
and I wonder if the secured route might make sense.. just to do what slowbrake recommended.. which is something I do with some other cards, e.g: the small balance waiver each month.
So heres the plan -
1 - Put $200 into Cap1's coffers for the card
2 - Small Balance Waiver of $1 a month
3 - Collect $12 a year tax free on the $200 - 6% return
Or do this with a regular no-fee Capital One card and keep your $200
It reports to the bureaus, so you're wasting a 5/24 slot for $11.88 per year. [The waiver is $0.99 not $1]
It's $1. I've been getting $1 waived on my Savor for over a year
$0.06 cash back on a $1.00 purchase is also a 6% return.
What's your point?
Seems like a lot of work for $12. I rather throw $200 in the S&P 500. Or even Treasury Saving bonds and you get roughly the same return with a lot less work.
Or just take that money and open a DCU Savings account for that 6.17% APY.
That will get you 34 cents more on $200.
Keep in mind that the small balance waiver isn't considered interest, and thus isn't taxable, nor has any capital gains tax.
I can’t wait for Amex to launch a secured Platinum.
Amex did have a counter offer for those that didn't quite meet their criteria about 10 or so years ago. A $10,000 minimum deposit could get you a gold or zync harge card.
I used to have a Platinum card with a $500 spending limit.
A secure card on a charge card? That's an oxymoron LOL