Chip Lupo, Credit Card Writer
Yes, you do get your deposit back from a Capital One secured credit card, as Capital One will always refund the deposit in full when you close the account with no unpaid balance. Capital One will also return your deposit to you if they graduate your secured card to an unsecured card without closing the account. It typically takes 2 billing cycles for a Capital One deposit refund to be processed.
The only cases where you will not get your full deposit back from a Capital One secured credit card are if there is a balance remaining when you close the account or if you default on your payments. In those cases, Capital One will use the deposit to recoup what you owe them.
Key Facts About Capital One Secured Card Deposit Refunds
- If you close the account with no unpaid balance, you get 100% of your deposit back.
- If you close the account with a balance, the balance is subtracted from your deposit refund.
- If you don’t pay your credit card balance at all, Capital One can recoup their money using the deposit.
- It normally takes Capital One 2 billing cycles to refund your deposit after you close the account.
- Capital One may return your deposit and make the account unsecured if you use it responsibly.
So don’t worry about putting up a deposit when you get a issuer secured card. You’re not parting with any of the money for good, as long as you pay off your balance. The deposit just gives the issuer a guaranteed way to recoup their money if you don’t pay.
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