*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on product links. For more information, please see our Advertiser Disclosure
Over four years ago I needed help rebuilding my credit, so I signed up for a Capital One® Secured MasterCard®. It was pretty easy to get and I could set my credit limit to whatever I wanted simply by making a deposit to start the account. I started with a $200 credit line and after about 6 months of consistent payments, I put an additional $100 on the credit card.
After a few years of having my secured card, making consistent payments and improving my credit tremendously, I called Capital One to ask for a credit line increase. They informed me that I would once again have to put more of my own money down to get more credit.
I was frustrated. I didn’t understand how after improving my credit score I was still being denied a credit line increase. I thought maybe not enough months of making consistent on-time payments had gone by, so I sucked it up and kept the card anyway and didn’t ask any more questions. What I didn’t realize was that I was dealing with the wrong credit card altogether.
First Things First
About a month ago I was beginning to get really frustrated with Capital One. I was getting approved for other credit cards through other banks with higher credit lines, but still felt like I was getting the cold shoulder from Capital One even though I had been a card holder for over 4 years. I was on the verge of canceling my account even though I liked them, and I had free credit monitoring with my account.
The first step I took was signing up with Credit Concierge. Even though I was already monitoring my credit report and knew my credit score through Capital One Credit Tracker, I was in the market for a second opinion. Credit Concierge not only gave me a more accurate credit report, but also supplied me with a list of credit cards that I would likely be interested in, as well as credit cards that I could easily get approved for with my current credit standing. One of these cards was the Capital One QuicksilverOne Cash Rewards Credit Card and I was intrigued.
Moving On Up
I called Capital One again and spoke with a representative that told me I would never be able to upgrade my secured card because that’s not how secured credit cards work, but I was eligible for the Capital One® QuicksilverOne® Cash Rewards Credit Card. It appeared that I was asking the wrong questions for 3.5 years, but I was annoyed that I was never told this before by any of the Capital One representatives I spoke to in the past. No big deal though, I was still getting what I wanted and its better late than never, right?
During my conversation with the Capital One representative, he told me that even though I couldn’t upgrade my secured card, I would be able get my full deposit back. I then immediately applied for the QuicksilverOne Cash Rewards MasterCard and was approved in less than 60 seconds. A few days later I was holding my shiny new MasterCard.
Once I received my new card, I logged into Capital One to link my new card with my current account, and then canceled my Secured MasterCard. Not only was I now holding perhaps one of the best cash back credit cards that gives me rewards for all my purchases, but I also got my $300 deposit out of the deal that I wasn’t expecting to ever see again. I call that a good day.
Perks of the New Card
The Capital One® QuicksilverOne® Cash Rewards Credit Card has quite the list of perks. I was especially impressed because I hadn’t received ANY benefits for four years. My favorite perks of my new card include:
- Unlimited 1.5% cash back on all purchases that never expire, with no redemption limitations
- Access to a credit line increase after making your first 5 monthly payments on time
- $0 Fraud Liability
- 24-hour roadside assistance
- Auto rental insurance
- Extended warranty program
I’m pretty excited about all of these benefits. I just wish I would have known a little sooner. I bought a Macbook Air this past August, and the 1.5% cash back plus the Extended Warranty Program would have come in handy. Like I said earlier, it’s better late than never, right!
*Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Capital One.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.