When can I get my BankAmericard Secured Credit Card deposit returned to me? This question is about the BankAmericard® Secured Credit Card

When can I get my BankAmericard Secured Credit Card deposit returned to me?

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This question is about the BankAmericard® Secured Credit Card

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@WalletHub • 09/22/21 This answer was first published on 11/19/16 and it was last updated on 09/22/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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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.

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How long does it take for a secured credit card to become unsecured?

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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