Chip Lupo, Credit Card Writer
@CLoop
Yes, you do get your deposit back from a Citi secured credit card, as Citi will always refund the deposit in full when you close the account with no unpaid balance. Citi will also return your deposit to you if they graduate your secured card to an unsecured card without closing the account. It typically takes up to 100 days for a Citi deposit refund to be processed.
The only cases where you will not get your full deposit back from a Citi 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, Citi will use the deposit to recoup what you owe them.
Key Facts About Citi 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, Citi can recoup their money using the deposit.
- It normally takes Citi up to 100 days to refund your deposit after you close the account.
- Citi 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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How can I get my secured credit card deposit refunded?
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.
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read full answerDoes closing a secured credit card hurt your score?
Closing a secured credit card has the potential to hurt your score. But that’s not because it’s a secured card. You run the risk of a slight drop in your score when closing any credit card because it can make your credit history seem shorter and reduce the total amount of credit you have available. And the impact usually is most significant when you close your oldest account.
All else being equal, it’s best to keep unused accounts open....
read full answerCan you get a secured credit card with no deposit?
No, you cannot get a secured credit card with no deposit. In fact, having to place a security deposit is the only thing that’s unique about secured credit cards. Apart from that, there are no other differences between secured and unsecured credit cards. You can, however, get a secured card with a low deposit. Plus, there are some credit cards with no deposit for people with bad credit. But they tend to be more expensive in the long run, thanks to high fees that you don’t get back.
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