The BankAmericard Secured deposit can be returned in two situations: when you close the account, or after Bank of America reviews your account and decides if it qualifies to operate without a deposit. Your credit history gets periodically reviewed to see if you qualify, so make sure you pay all your bills in full and on time to maximize your chances.
To see if your account qualifies for a deposit refund, call the Bank of America card services number at (800) 732-9194. If you qualify for a security deposit refund, they'll generally send you a check for the deposit amount or have it deposited into your bank account.
You can get your secured credit card deposit refunded when paying your account balance and closing your credit card or when the issuer upgrades you to one of their unsecured credit cards. Secured credit card issuers will eventually return your security deposit by sending the funds to your bank account, issuing a check or providing a statement credit.… read full answer
Ways to Get the Deposit Back From a Secured Credit Card
Refunds for closed accounts: When you close your account, the security deposit will be refunded to you after having paid your entire balance. Your security deposit is applied to any unpaid balances.
Refunds for upgraded accounts: Some secured credit cards can graduate to unsecured credit card accounts. If this happens, your security deposit will be refunded to you.
Refunds for decreased limits: If your credit limit is decreased, the difference will be refunded to you.
Since the refund policy varies from one issuer to another, it is best to call the number on the back of your card and ask for specific information about whether your deposit is refundable.
It usually takes 12 to 18 months for a secured card to become an unsecured card, if used responsibly. Exactly how long it takes for a secured card to become unsecured depends on the card issuer, how the account is managed, and whether or not the card even has the capability of graduating in the first place.… read full answer
Credit card graduation is when a secured card’s security deposit is returned to the cardholder and the card, in turn, becomes unsecured. Graduation to an unsecured card could occur in as little as 6 months, but it could also take several years. In addition, some secured credit cards won’t graduate no matter how long you have them or how good your account history is. You can always call the card issuer’s customer service line to see if your secured card is eligible for graduation, though.
Secured card issuers may also review your account once or twice a year to evaluate it for automatic graduation. To maximize your chances of automatic secured card graduation, pay on time each month and keep your credit utilization low. But remember: Graduation is never a guarantee.
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