How I Went From Secured to Cash Back

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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
  • 0% intro APR until for 9 months
  • 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.

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