Yes, the Capital One Platinum Secured card can graduate to unsecured. Capital One will periodically review your account for possible graduation. If your account is eligible, you will be notified by email.
How to increase your chances of graduating with the Capital One Platinum Secured Card:
Make on-time payments. This is probably the most important part of the process. If you don’t pay your Capital One Platinum Secured bills by the due date, you won’t even be considered for graduation.
Use your card responsibly. Maintaining low credit utilization will indicate to Capital One that you can handle an unsecured card. So, aim to use only 30% or less of your Capital One Platinum Secured’s credit limit.
Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.
It’s worth noting that graduating to an unsecured credit card is not considered a new account. That means no hard pull is required and your credit score will not be affected. Plus, you’ll get to keep the good credit history you’ve earned with your Capital One Platinum Secured.
In addition, when your Capital One Platinum Secured graduates to an unsecured card, your credit limit no longer needs to be secured with collateral. So, when you graduate, the security deposit you made to open the Capital One Platinum Secured card will be refunded.
Keep in mind that a secured card upgrade – or “graduation” – to an unsecured card is never guaranteed. To see if your Capital One Platinum Secured card qualifies for an upgrade, call customer service at the phone number you see on the back of your card.… read full answer
Capital One Platinum Secured Card Upgrade Info
Capital One does not state a specific amount of time the card account must be open before it’s eligible for an upgrade. But it’s a good idea to wait at least 6 months before requesting an upgrade.
A history of on-time payments and low credit utilization increases your chances of getting an upgrade to an unsecured card.
If you upgrade to a Capital One card with an annual fee, the charge will appear on the new card’s first monthly statement.
When you upgrade to an unsecured credit card, your security deposit will be refunded.
You will not be eligible for any initial bonuses or introductory 0% APR offers associated with the new card, unless they’re included as part of the upgrade offer.
A Capital One Platinum Secured card upgrade typically takes just a few minutes.
The best secured card that graduates to unsecured is Bank of America Custom Cash Secured Card. Bank of America periodically reviews accounts for possible graduation and it reports to all 3 major credit bureaus. With this card, you also get 3% cash back in a category of your choice, 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly in the 3% and 2% categories combined), and 1% back on all other purchases.
When your secured card graduates to an … read full answerunsecured card, your credit line no longer needs to be secured with collateral. So when you graduate, the initial deposit you made to open the account 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.
You can get your secured credit card deposit refunded when you close your credit card account after paying the balance in full. Alternatively, you may also receive your refund back 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 paying your entire balance. Otherwise, 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 you see on the back of your card and ask for more information regarding your deposit.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.