You can get your Capital One Secured credit card deposit refund in two ways: First, once your credit has improved and you’re ready to move on from your secured card, you can close the account and your full deposit will be returned to you. The second scenario is when Capital One feels as though your credit situation has improved and you are ready for an unsecured product. They may automatically upgrade your card to the Platinum and refund your deposit.
Capital One will increase your credit limit after you pay your 5th billing statement. If you continue to pay on time and keep your account in good standing, they will then refund your deposit and move you to an unsecured card after your 11th billing statement is paid.
The deposit is refunded to you in the form of a credit on your account, however.
You can get your secured credit card deposit refund when closing your credit card or when the issuer upgrades you to one of their unsecured credit cards. Your deposit will generally be refunded to your bank account or the bank can issue a check for it. 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. … read full answer
Please note that you will be required to close your account with a 0 balance, or they'll deduct the balance from your deposit.
Some of the best secured cards that graduate to unsecured are Discover it Secured, Navy Federal nRewards Secured, and First National Bank of Omaha Secured. They all review accounts for possible graduation starting less than 12 months after account opening. If you pay your bill on time every month, keep your credit utilization low, and are generally on good financial behavior overall, you could graduate from secured to unsecured.… read full answer
When your secured card “graduates” to an unsecured card, your credit line no longer needs to be secured with collateral. So when you graduate, the initial deposit you made to open the secured card will be refunded. You may get to keep the same physical credit card, or you may be migrated to another one. Either way, you’ll keep the good credit history you’ve earned with your secured card.
Consider how fast some of the best secured cards could graduate to unsecured:
Navy Federal nRewards Secured: 6 months.
Discover it Secured: 8 months.
First National Bank of Omaha Secured Visa: 11 months.
Citi Secured Mastercard: 12 months.
Harley-Davidson Secured: 12 months.
BankAmericard Secured: No set timeframe.
Capital One Secured: No set timeframe, but you can be considered for a higher credit limit without an additional deposit after making the first 5 payments on-time.
Secured credit cards are a great idea for people with damaged or no credit, because they report to at least one major credit bureau every month. If you pay your credit card bill on time, good information will be sent to the bureaus about your account. This will build your credit over time. Secured cards require a refundable deposit, which becomes your credit limit in most cases. Even if the account doesn’t graduate to an unsecured account, you can get your deposit back by closing the secured account.
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