Chip Lupo, Credit Card Writer
@CLoop
Yes, a Citi Secured card can become unsecured as soon as 18 months after the account is opened. You cannot request that the account become unsecured, though, and Citi does not guarantee that it will happen. The best way to improve your odds of graduating to an unsecured card, and thus getting your deposit back early, is to pay your Citi Secured bill on time every month. If after 18 months, the Citi Secured card does not graduate to an unsecured card, you can call customer service and check on the card’s graduation status.
If the Citi Secured card graduates to an unsecured card, you can either keep the existing account open or close the account and apply for a different Citi card, such as the Citi® Diamond Preferred® Card or Citi Double Cash Card. If you decide to keep your newly-unsecured card, Citi may also consider you for a credit limit increase shortly after the Citi® Secured Mastercard® card graduates.
Bear in mind that when a Citi secured card becomes unsecured, it is not considered a new account, so there’s no hard pull on your credit report and no negative effect on your credit score. But if you choose to apply for a new Citi card, your credit will be pulled.
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skbr84, Member
@skbr84
Ive had this card for 4 years. Never missed a payment, low utilization. I have several high limit unsecured cards and a great score. Each year I get a letter saying they cant graduate account at this time. Ive determined its a scam to keep our deposits.
It’s been over 3 years of perfect on time payments with a credit utilization between 0% to 15% every month. Started with 590 credit score and the deposit was $300 for secured Citi Diamond. I am above 700 credit score now and I have been approved for $3500 and $1500 cards from different banks. Citi bank has not specified why I can’t graduate to unsecured and they expect me to wait another 12 months.. the only reason I opened the account in the first place was to build my credit, yes, but also the reassurance that I would get the deposit back the following year, along with an unsecured credit limit, which never happened.. I believe that this was their plan from the beginning to have cash flow for the business, hold everyone’s deposit for 18 months and reinvest it for themselves and when the 18 months are up, they ask you to wait another 12 months, this way they can secure customers deposits throughout the fiscal year. Good for the business, bad for the customer..
Wow I should’ve read your comment before I wasted a phone call on them. I literally told the operator “this feels like a scam to keep my deposit”. My credit score is over 750 and I haven’t graduated either. Yet I have two other cards with high limits, and a really great credit health. Definitely just going to close my account and get my money back.
Mike L, Member
@Mj20xc4m
They say you can graduate in as little as 18 months. However, I gave them a $1000 deposit in 2018. Since then my credit score has climbed 120 points and I now hold several premium cards from both chase and amex. Yet Citi still wont graduate me. They can't even give a reason when I call to ask why each year. I agree with the other guys. It's a scam to keep our deposits. Im likely going to cancel and get my cash back instead of waiting anothee 12 months for the same disappointment.
David Fowler, Member
@davidf_57
Mine too has been extended..they have had my $2500 for 3 years
If mine dosnt graduate in Mar 2022, I’m gonna close it.. it didn’t seem to help my credit either way credit score 673 according to them
Look at the reviews. I haven't heard that anyone has graduated. I have been waiting for years. Pay in full each month and still won't graduate.
People also ask
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.
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The best secured card that graduates to unsecured is the Bank of America® Unlimited Cash Rewards Secured Credit Card. Bank of America periodically reviews accounts for possible graduation, and it reports to all 3 major credit bureaus to help you build credit history. You also get 1.5 - 2% cash back spent with this card, helping you save money.
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read full answer by Archie Conway, WalletHub Financial AnalystDid we answer your question?
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