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Closing a secured Cap 1

Established Member

Closing a secured Cap 1

I have had a secured Cap 1 with a $200 limit for over a year and a half. I have another Cap 1 platinum with $2000 limit. If I close the secured card, do they refund the $$?

PSECU EX FICO 11/3/2012 - 692 -29 Hard Inquiries
Credit Sesame EX 11/2/2012 - 694
Walmart TU FICO 11/8/2012 - 722 - 2 Hard Inquiries
Credit Karma TU 11/8/2012 - 761 -
Equifax CP 11/8/2012 - 696 - 2 Hard Inquiries
Chase Sapphire Preffered 8000 ▌ USAA Amex 9000 ▌ Discover More 3,000 ▐ Cap 1 Platinum 2000▌ Walmart Discover 2000 ▌
Message 1 of 6
5 REPLIES
Senior Contributor

Re: Closing a secured Cap 1


lewdog wrote:

I have had a secured Cap 1 with a $200 limit for over a year and a half. I have another Cap 1 platinum with $2000 limit. If I close the secured card, do they refund the $$?


Absolutely, but they wait  over 60 days to let everything clear and they send a check   

 

Message 2 of 6
Established Contributor

Re: Closing a secured Cap 1

Been told it's faster to close with a balance, they refund faster to cover the card balance.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
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Message 3 of 6
Established Contributor

Re: Closing a secured Cap 1

I closed my secured back in August, had my refund within 5 days.
EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 4 of 6
Established Contributor

Re: Closing a secured Cap 1

I closed with a zero balance.
EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 5 of 6
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Established Member

Re: Closing a secured Cap 1

Just closed mine the AM. Feels good. Was told that I could call the customer service number to request funds to be expidited, if not after 60 days. My statement  closes on the 11th, and I have had zero balance for 6 months. Hopeful they will send it back sooner.

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Message 6 of 6