The Capital One Quicksilver Secured Cash Rewards Credit Card is designed for those looking to rebuild their credit without sacrificing rewards. Its standout features include a competitive ongoing APR of 28.99% (variable) and cashback rewards ranging from 1.5% to 5%. There is no annual fee, making it a budget-friendly option, and your refundable security deposit determines your credit limit, typically starting from R2000 equivalent.

Step-by-Step Application Guide

1. Check your credit score to ensure eligibility for secured cards.
2. Gather necessary documents such as proof of income and ID.
3. Apply online by completing the form with your details.
4. Deposit the required security amount to establish your credit limit.
5. Wait for approval and receive your card by post.

Key Benefits

This card offers robust cashback rewards on everyday spending, even to those with low credit scores. The lack of an annual fee helps you save money each year. Moreover, Capital One offers tools and tips to help you manage your account and improve your credit profile over time, providing the support you need to get back on track financially.

Potential Drawbacks

The interest rate is relatively high, so carrying a balance could become costly. Additionally, this secured card requires an upfront security deposit, which might not suit everyone’s financial situation. The credit limit is based on your deposit, so it may start low compared to unsecured credit cards.

Final Verdict

The Capital One Quicksilver Secured Cash Rewards Credit Card is an excellent choice for South Africans looking to rebuild credit and earn cashback. While there are a few drawbacks, its no annual fee and generous rewards make it a solid option for those with less-than-perfect credit.