Will I get my Capital One Platinum deposit refunded?

To get a Capital One Platinum Secured card security deposit refund, you will either need to close your account and pay your balance in full, or you can earn it back as statement credit by using your card responsibly and graduating to an unsecured card. Capital One Platinum Secured deposit refunds are sent to you as checks in approximately two billing cycles. If you have an unpaid balance or owe any fees, Capital One will deduct the amount owed from your deposit refund. … read full answer

Capital One may also refund a secured card deposit if the card graduates to an unsecured card. Capital One periodically reviews accounts and upgrades select Capital One Platinum Secured accounts to unsecured Capital One Platinum Credit Card accounts. In this case, your deposit refund will be credited directly to the unsecured card account within two billing cycles. You will also receive an email or letter informing you that you have been upgraded to an unsecured Capital One Platinum account.

The Capital One Platinum Secured card may graduate to an unsecured card automatically after a cardholder has demonstrated a history of responsible use. In that case, Capital One will refund the security deposit, which will effectively turn the Cap 1 Platinum Secured card into an unsecured card with a regular credit limit. The timeline to graduate to unsecured varies depending on the cardholder’s payment history.… read full answer

There’s no guarantee when, or if, Capital One will graduate the Secured card to unsecured. But you don’t have to wait for an automatic graduation to unsecured to find out. Call customer service at 1 (800) 227-4825 to see if you’re eligible. At a minimum, you should have made your first five monthly payments on time. The longer your track record of timely payments, the better your chances of graduation from secured to unsecured.

When theCapital One Platinum Secured card graduates to an unsecured card, it’s not considered a new account. That means no hard pull is required and there’s no effect on your credit score. Keep in mind also that upon graduation to a secured card, your security deposit refund will be applied as a statement credit on the unsecured account.