Fingers are all crossed for you that your card did in fact graduate! Please, please, please keep us posted! The last time they were graduating cards was a couple years ago and mamy of of us have held onto hope they would start again one day! SO has a secured Cap One and it would be great if indeed there was hope of it graduating someday! Congrats again if you do get your deposit back and let us know if you do or if you get a letter/email or perhaps something on your statement (they sneakily gave an update of changing statement close dates, but not via email, mail, or notification, and it was tucked away on the last page of the monthly statement). Pulling together the money for a security deposit can be a major hurdle in getting a secured credit card, one of the best tools for building or rebuilding your credit. The Capital One Platinum Secured Credit Card makes deposits a little less daunting, and that's a big reason why it's one of NerdWallet's favorite secured cards. With an annual fee of $0 and a handful of features of special interest to people working on improving their credit score, the Capital One Platinum Secured Credit Card is a solid option for building credit. Capital One Platinum Secured Credit Card: BasicsInterest rate: The ongoing APR is 28.49% Variable APR. Deposit requirement: Get a $200 credit line with an initial deposit of $49, $99 or $200, for those who qualify. You can deposit more money before your account opens to increase your credit limit up to a maximum of $1,000. Foreign transaction fees: None. Why you might want the Capital One Platinum Secured Credit CardFlexible security depositLike all secured credit cards, the Capital One Platinum Secured Credit Card requires a refundable security deposit. With most secured cards, your credit limit will be equal to your deposit, but the Capital One Platinum Secured Credit Card allows for a lower deposit for those who qualify. Your deposit may be $49, $99 or $200 for a starter credit line of $200. You can increase your limit up to $1,000 by making more than the minimum deposit before activating your account. Best of all, if you can’t pay your security deposit upfront, Capital One will let you pay it in installments of at least $20, as long as you provide the full amount within 35 days of approval. This is a great benefit for those on a fixed income. Access to a higher credit lineMake your monthly payments on time, and you could get access to a higher credit limit in as little as six months without having to deposit more money. A higher credit limit gives you increased flexibility, but more important, it can help your credit by reducing your credit utilization, a key factor in your credit score. The lower your utilization, the better. If you have a $200 credit limit and a balance of $60, your credit utilization is 30%, which is about as high as you want it to go. If your credit line gets bumped up to, say, $500, your utilization drops to 12%. Credit cards for people with bad credit or no credit are notorious for high fees. That's one of the reasons NerdWallet recommends secured credit cards for building credit: You have to put down a security deposit, but you get that money back when you close the account in good standing or upgrade to a regular unsecured card. The best secured cards charge reasonable fees. The Capital One Platinum Secured Credit Card keeps things light with an annual fee of $0. Like all Capital One cards, it doesn't charge foreign transaction fees, so you can take it with you if you're traveling abroad. The card does charge a late fee of up to $40 if you don't pay your bill by the due date, but such fees are easily avoidable. Capital One is one of the few major issuers offering credit cards for people in all credit score ranges. Its secured card is for people who are building credit. Its popular rewards cards, like the Capital One Venture Rewards Credit Card and the Capital One Quicksilver Cash Rewards Credit Card, are for people with good or excellent credit. But it also has excellent products for people in the middle, with fair or "average" credit. These include the Capital One Platinum Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card. As you use your card to establish a good payment history and build your credit, you may be able to upgrade your account. Drawbacks and alternativesLike most secured cards, the Capital One Platinum Secured Credit Card charges a high interest rate. The ongoing APR is 28.49% Variable APR. However, that doesn't have to affect you: Pay off your balance every month, on time and in full, and no interest will accrue. There's no introductory 0% APR period, but most credit cards for bad credit don’t offer one anyway, so you're not missing anything. Like most secured cards, the Capital One Platinum Secured Credit Card doesn't offer rewards. There are a few secured cards that do offer rewards, though, like the Discover it® Secured Credit Card. This card pays 2% cash back on up to $1,000 spent per quarter on dining and gas, and 1% back on all other purchases. It has an annual fee of $0. There's even a bonus for new cardholders: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. However, there's a minimum security deposit of $200 for the Discover it® Secured Credit Card, much higher than the Capital One Platinum Secured Credit Card's $49 or $99 options for those who qualify. Unlike the Capital One Platinum Secured Credit Card, the Discover it® Secured Credit Card provides a credit limit equal to your security deposit in all cases — and not a penny more. To see more potential card options for building or rebuilding your credit, take a look at our best credit cards. Bank account and credit check requiredTo qualify for the Capital One Platinum Secured Credit Card, you must have a checking or savings account and Capital One could check your credit and employment history. That can present a hardship for applicants without a bank account or a credit history. The OpenSky® Secured Visa® Credit Card doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. There is a $35 annual fee, however. The Green Dot Visa® Secured Credit Card doesn’t require a good credit or a bank account, either. You can make cash deposits at participating retailers, including 7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart, for a fee. You can also mail in a check for free. This card also has an annual fee. If you’re working to build your credit, the Capital One Platinum Secured Credit Card is one of the better choices available. Its flexible security deposit requirements, low fees and upgrade potential make it a solid starter card. No matter which card you choose, using a secured credit card responsibly can help you build your credit score. Keep it up, and you should be able to graduate to a card with lower fees and interest, greater rewards — and no security deposit at all. How long does it take to get deposit back from Capital One secured card?Capital One Platinum Secured deposit refunds are sent to you as checks in approximately two billing cycles. If you have an unpaid balance or owe any fees, Capital One will deduct the amount owed from your deposit refund. Capital One may also refund a secured card deposit if the card graduates to an unsecured card.
Why did my secured credit card refund my deposit?In most cases, your security deposit will be refunded once your account balance is paid off and the account is closed, or when your secured credit card is converted to an unsecured credit card. Review the card's terms and conditions for the issuer's rules about when you can get your deposit back.
Why did Capital One return my deposit?Or your deposit will be refunded if you close your account and pay off your full balance and your account is in good standing. If you're upgraded to a Capital One unsecured card, you'll receive your security deposit back in the form of a statement credit.
How long does Capital One keep your deposit?Most deposits into 360 Performance Savings, 360 Savings, 360 Money Market, and Kids Savings Accounts are subject to a 4 business day hold before they can be withdrawn.
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Capital one credit card security deposit refund
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