topic Capital One Secured MasterCard in Credit Cards

Capital One Secured MasterCard

Anonymous — Wed, 27 May 2015 23:02:44 GMT

Finally got a chance to close my capital one secured card after a year of having it, can't wait to get my $500 back and spend it on something random.

The representative that I spoke to also told me about a new policy that will be going into effect shortly. You'll only be able to make one deposit when you initially open a secured card. For those that currently have a secured card, you'll only be able to make deposits for a short while longer. Also, all secured cards will not graduate to being unsecured (i think this is how its always been) and will remain at that credit line until closure.

Re: Capital One Secured MasterCard

DeeBee78 — Wed, 27 May 2015 23:39:59 GMT

@Anonymous wrote:
Finally got a chance to close my capital one secured card after a year of having it, can't wait to get my $500 back and spend it on something random.

The representative that I spoke to also told me about a new policy that will be going into effect shortly. You'll only be able to make one deposit when you initially open a secured card. For those that currently have a secured card, you'll only be able to make deposits for a short while longer. Also, all secured cards will not graduate to being unsecured (i think this is how its always been) and will remain at that credit line until closure.

I take that information with a grain of salt. We hear something new from capital one every day. Even their own customer service reps don't know what's going on.

Re: Capital One Secured MasterCard

Anonymous — Thu, 28 May 2015 01:30:35 GMT

I still wanna close mine either way lol

Re: Capital One Secured MasterCard

Revelate — Thu, 28 May 2015 06:06:46 GMT

@DeeBee78 wrote:
@Anonymous wrote:
Finally got a chance to close my capital one secured card after a year of having it, can't wait to get my $500 back and spend it on something random.

The representative that I spoke to also told me about a new policy that will be going into effect shortly. You'll only be able to make one deposit when you initially open a secured card. For those that currently have a secured card, you'll only be able to make deposits for a short while longer. Also, all secured cards will not graduate to being unsecured (i think this is how its always been) and will remain at that credit line until closure.
I take that information with a grain of salt. We hear something new from capital one every day. Even their own customer service reps don't know what's going on.

It'd be a dumb move for two reasons:

1) Deposits are pure gold to a financial institution. Source (secured card or straight depository account) them is sort of irrelevant in the financial reserve math.

2) It's the one reason they're in my top 5 secured cards list still even after years of being on it. Granted they likely don't see things the way I do but that benefit is non-trivial at all for goosing limits, though that's less relevant than it was several years ago with how loose underwriting is these days with limits.