Finance

Capital One Introduces New Quicksilver Secured Card

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The $0-annual-fee card comes with lots of the similar advantages as the present unsecured model, the Capital One Quicksilver Money Rewards Credit score Card, which is out there to shoppers with good to wonderful credit score scores (FICO scores of 690 or greater). Nevertheless, the secured model would not include a sign-up bonus, nor does it have an introductory APR interval.

Right here’s a more in-depth take a look at what the cardboard gives.

Capital One Quicksilver Secured Money Rewards Credit score Card: Key particulars

Candidates who’ve poor credit score scores (FICO scores of 629 or decrease) are eligible for the cardboard, which options the next:

  • An infinite 1.5% money again on all purchases.

  • A minimal deposit of $200 required.

  • No international transaction charges.

Rewards earned with the Capital One Quicksilver Secured Money Rewards Credit score Card might be redeemed — in any quantity and at any time — for assertion credit score, reimbursement for purchases, funds by way of PayPal, Amazon purchases and present playing cards.

Authorised candidates should pay a deposit of not less than $200, with a deposit restrict of as much as $1,000 to $3,000, relying in your credit score scores. As with most secured playing cards, your deposit will decide your credit score restrict. Cardholders will routinely be thought-about for a credit score line improve after six months from account opening.

Along with reporting credit score data to all three main credit score bureaus ​​— Equifax, Experian and TransUnion — the cardboard encompasses a clear improve path to a Quicksilver card. Because of this with accountable cardholding habits that positively affect your credit score scores, you’ll be capable to graduate to an everyday rewards-earning Quicksilver card from the issuer. You’ll additionally get your deposit again at the moment.

Is it deal?

For these with very bad credit, sure. The Capital One Quicksilver Secured Money Rewards Credit score Card gives many key options for that viewers, together with complete credit score reporting, an automated credit score restrict overview, an improve path to an unsecured product, and an inexpensive minimal deposit quantity.

However this card goes a bit additional, providing a 1.5% rewards charge that is on par with many playing cards that require good to wonderful credit score. The power to each construct credit score and earn rewards is a profitable mixture for a lot of cardholders.

The issuer does supply one other secured bank card, the $0-annual-fee Capital One Platinum Secured Credit score Card. Though the Platinum card doesn’t earn rewards like the brand new Quicksilver card does, it gives flexibility by way of how a lot cardholders are required to place down for a deposit. With the cardboard, you could possibly get a $200 credit score line by placing down an preliminary refundable deposit of $49, $99 or $200, relying in your creditworthiness — which signifies that your credit score restrict doesn’t should be equal to your deposit. This makes the cardboard extra accessible for individuals who could have problem pulling collectively a deposit as excessive as $200.

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