To get a Wells Fargo Secured Credit Card deposit refund, you must have your account closed, upgraded to an unsecured credit card account, or have your credit limit decreased. Refunds can be processed electronically to eligible Wells Fargo checking or savings or by check.
Here is what you need to know about Wells Fargo Secured Credit Card deposit refunds:
Refunds for closed accounts: If your account is closed for any reason, the security deposit will be refunded to you within 60 days of determining whether you have paid your entire balance. Wells Fargo applies your security deposit as payment for any unpaid balances.
Refunds for upgraded accounts: If your secured credit card account is upgraded to an unsecured credit card, your security deposit will be refunded to you within 30 days of the final upgrade date. If you have a balance, the amount will be billed to your upgraded account.
Refunds for decreased credit limits: If your credit limit is decreased, the difference will be refunded within 30 days of your request.
How refunds are delivered: Security deposit refunds are processed to the original Wells Fargo checking or savings account used for funding your credit line. You can also request to have your refund processed to another Wells Fargo checking or savings account. Otherwise, you can be issued a check.
Although Wells Fargo Secured Credit Card doesn’t offer credit limit increases without the need of an additional deposit, you can graduate to an unsecured credit card if you use your card responsibly. That way, you will receive your deposit back and you might also receive a higher credit limit overtime.… read full answer
You can qualify for Wells Fargo Secured Credit Card graduation after you demonstrate consistent positive payment history and responsible credit card use. Note that Wells Fargo will periodically review your account for possible graduation.
If you’ve had the card for more than 12 months and Wells Fargo hasn’t graduated your Wells Fargo Secured Credit Card yet, your best option is to call customer service at the number you see on the back of your card. They may ask you to update your annual income to see if you’re eligible.… read full answer
How to qualify for Wells Fargo Secured Credit Card graduation:
Make on-time payments. This is probably the most important part of the process. If you don’t pay your Wells Fargo Secured Credit Card bills by the due date, you won’t even be considered for graduation.
Use your card responsibly. Maintaining low credit utilization will indicate to Wells Fargo that you can handle an unsecured card. So, aim to use only 30% or less of your Wells Fargo Secured Credit Card’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 Wells Fargo Secured Credit Card.
In addition, when your Wells Fargo Secured Credit Card 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 Wells Fargo Secured Credit Card card will be refunded.
You can only cancel your Wells Fargo credit card over the phone at (800) 642-4720. But if your card is lost or stolen, you should report it immediately, by calling the same phone number.
Before completely cancelling your card, though, make sure you’re doing it for the right reasons. It might make sense for a card with an annual fee that you don’t plan to use anymore, for instance. But if your Wells Fargo credit card isn’t costing you any money, you’re better off keeping it open. In general, the more available credit you have, the better it is for your credit score. An account with zero balance also helps your credit utilization. Plus, you’ll still get credit for paying on time every month.… read full answer
To cancel a Wells Fargo credit card:
Pay any pending balance and redeem your rewards first. You won’t be able to close your account with an unpaid balance, and you’ll lose any unredeemed rewards once your account is closed.
Call Wells Fargo credit card customer service at (800) 642-4720. Enter your card number, press the pound key and tell the representative that you’d like to close your account.
Wells Fargo will close your account immediately. They will mail a letter formally confirming the change within 10 business days of your call.
Check your free credit report. At the very least, make sure to do so two months after receiving Wells Fargo’s letter, to confirm the account is closed.
Keep in mind that the credit score implications are at least worth considering before you cancel any credit card account, especially if you plan to take out a big loan in the next six months or so. In any case, it’s always good to have an escape plan, so all Wells Fargo cardholders should know how to cancel their accounts should the need arise.
Ultimately, after closing your Wells Fargo credit card, you may want to re-evaluate how much you spend on any other credit cards you may have. Closing a credit card means you have less available credit, and thus possibly higher credit utilization, which can be bad for your score. You can monitor your credit score with WalletHub’s free daily updates to ensure that your credit isn’t affected by closing your Wells Fargo account.
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.