What the Quicksilver Secured Card Does
The Quicksilver Secured Credit Card is a secured card issued by Capital One that reports to all three credit bureaus and lets you build credit history while you use it. You put down a cash deposit (your security deposit), and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. You then use the card like any other credit card, pay your bill each month, and Capital One reports your payment history to Equifax, Experian, and TransUnion.
The card charges an annual fee and a variable interest rate on any balance you carry. The main reason to use this card instead of a basic unsecured card is if you have no credit history, a very low credit score, or a recent negative event (like a bankruptcy or missed payments) that makes unsecured cards unavailable to you. The card is designed as a stepping stone: after you demonstrate responsible use for several months, you may be able to move to Capital One's unsecured Quicksilver card without putting down a new deposit.
Key Takeaways
- Your security deposit becomes your credit limit, so you control how much credit you start with by choosing your deposit amount.
- Capital One reports your payment activity to all three credit bureaus each month, which is how the card builds your credit history.
- The card charges an annual fee and interest on any unpaid balance, so carrying a balance costs you money beyond the deposit.
- After six months of on-time payments, you may be able to move to an unsecured card and recover your deposit, though Capital One decides whether to offer this.
- The card's main value is access to credit reporting when other cards won't approve you — not the rewards or features.
How Much the Card Costs You
The Quicksilver Secured Card charges an annual fee that varies depending on your credit limit. Capital One typically charges $39 per year for limits of $200 to $2,500, though this amount can change and you should confirm the current fee before you open the account. This fee is charged whether or not you use the card.
If you carry a balance from month to month, you also pay interest. The card has a variable interest rate, which means the rate can move up or down based on market conditions. The exact rate you receive depends on your credit profile at the time you open the account. You do not pay interest on purchases if you pay your full balance by the due date each month.
Your security deposit itself is not a fee — it is your money held by Capital One, and you get it back when you close the account or graduate to an unsecured card. However, while Capital One holds the deposit, you cannot use that money for anything else, so there is an opportunity cost to locking it away.
How to Use the Card to Build Credit
The card only helps your credit if you use it and pay on time. The most effective approach is to make a small purchase each month (a tank of gas, a coffee, a subscription) and then pay the full balance before the due date. This creates a payment history that Capital One reports to the credit bureaus, and it costs you nothing in interest.
Avoid carrying a balance unless you have a specific reason to do so. Carrying a balance does build credit history slightly faster (because it shows you can manage debt), but the interest you pay far outweighs that benefit. A $500 balance at a typical variable rate of 20% or higher costs you roughly $8 to $10 per month in interest alone.
Pay on time every single month. A single late payment can damage your credit score and may trigger a higher interest rate on the card. Set up automatic payments for at least the minimum due, or set a phone reminder a few days before the due date.
When You Might Graduate to an Unsecured Card
Capital One typically reviews your account after six months of on-time payments to see whether you may have access to for an unsecured card. If they approve you, they will offer you the option to move to their unsecured Quicksilver card (or another Capital One card). At that point, your security deposit is returned to you, usually within 7 to 10 business days.
Graduation is not automatic. Capital One looks at your payment history, how much of your credit limit you are using, and your overall credit profile. If you have missed payments, maxed out the card, or opened many new accounts in a short time, they may decline to offer an unsecured card yet. If that happens, you can keep using the secured card and ask again in a few months.
Even if you do not graduate to a Capital One unsecured card, using the Quicksilver Secured Card responsibly will improve your credit score over time, which makes you more likely to be approved for other unsecured cards from other issuers.
How This Card Compares to Other Secured Cards
The Quicksilver Secured Card is one of several secured cards on the market. Other common options include the Discover Secured Card, the OpenSky Secured Visa Card, and the Citi Secured Mastercard. The main differences are the annual fee, the interest rate, the minimum deposit required, and how quickly the issuer offers to move you to an unsecured card.
The Quicksilver Secured Card typically charges a $39 annual fee and requires a minimum deposit of $200. Some competitors charge lower annual fees (Discover Secured charges no annual fee) or allow smaller deposits. However, Capital One's reputation for moving cardholders to unsecured cards relatively quickly is a strength — some issuers rarely graduate their secured cardholders at all.
If you are choosing between secured cards, compare the annual fee, the minimum deposit, and whether the issuer reports to all three credit bureaus (the Quicksilver does). The interest rate matters less if you plan to pay in full each month, which you should.
What Happens to Your Deposit
Your security deposit is held in a separate account by Capital One and is not used to pay your bills. If you miss a payment, Capital One will not automatically take money from your deposit — they will charge you a late fee and report the late payment to the credit bureaus, just as they would with an unsecured card. Your deposit sits untouched unless you close the account or graduate to an unsecured card.
When you close the account, Capital One returns your deposit to the original funding source (usually your bank account) within 7 to 10 business days. If you have an unpaid balance on the card when you close it, Capital One will use your deposit to pay down that balance first, then return any remainder to you.
If you graduate to an unsecured card, the deposit is returned automatically as part of the upgrade process. You do not have to ask for it or fill out a form — Capital One handles it.
Frequently Asked Questions
Can I increase my credit limit without putting down more money?
Yes, but only after you have used the card responsibly for several months. Capital One may offer to increase your limit without requiring an additional deposit, which means your original deposit now backs a higher credit limit. You can also request a credit limit increase, though Capital One will review your account before deciding.
What if I miss a payment?
Capital One will charge you a late fee (typically $25 to $35 for the first late payment, higher for subsequent ones) and report the late payment to the credit bureaus. A single late payment can lower your credit score by 50 to 100 points or more. The late payment stays on your credit report for seven years. Missing payments also makes it much less likely that Capital One will offer you an unsecured card.
Does the card come with rewards or cash back?
The Quicksilver Secured Card does not offer rewards, cash back, or points on purchases. It is a basic credit-building tool, not a rewards card. Once you graduate to the unsecured Quicksilver card, that card does offer 1.5% cash back on all purchases, but the secured version does not.
Can I use the card internationally?
Yes, the Quicksilver Secured Card is a Mastercard and works anywhere Mastercard is accepted. However, Capital One typically charges a 3% foreign transaction fee on purchases made outside the United States, so using it abroad costs more than using it at home.
How long should I keep the card open after I graduate to an unsecured card?
Keep the secured card open for at least a few months after you graduate, even if you stop using it. Closing an account can lower your credit score slightly because it reduces your total available credit and shortens your average account age. Once your credit score has stabilized (usually after three to six months), you can close the secured card if you want.