When can I get my Opensky credit card deposit refunded?

You can get your secured credit card deposit refunded when paying your account balance and closing your credit card or 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 having paid your entire balance. 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 on the back of your card and ask for specific information about whether your deposit is refundable.

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. 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.… read full answer

However, the Bank of America Custom Cash Secured Card is not the only secured credit card that can graduate.

Best secured cards that graduate to unsecured:

When your secured card graduates to an unsecured card, your credit line no longer needs to be secured with collateral. So when you graduate, the initial deposit you made to open the secured card 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.