There are two ways to get a Citi Secured card deposit refund:
When you close your account, you will need to pay your outstanding balance and your deposit will be refunded to your checking account or as a check.
Once you are approved for this credit card, your security deposit will be held in a non-interest-bearing Collateral Holding Account for 18 months. After this period, if your account is in good standing, you may be eligible for an unsecured card – at this point, your deposit will be refunded to you in full, provided that you do not have an outstanding balance. If you do, they will apply the security deposit to the outstanding credit card balance and refund the difference.
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 a WalletHub user. 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.