topic Re: Capital One Secured Deposit Refund in Credit Cards

Capital One Secured Deposit Refund - Now Unsecured!

Anonymous — Mon, 14 Dec 2020 02:15:50 GMT

Hi! I started a credit rebuild after a large income reduction. I applied for a Capital One Secured Card and was approved. I also paid $849 as a deposit to increase my credit limit. I got the card June 2019. A year later, I was pre-approved for a quicksilver from Capital One and a card from AMEX.

Today I noticed on my original Capital One card that my deposit was refunded. Does that mean that the card is now unsecured?

Any advice would be greatly appreciated!

Re: Capital One Secured Deposit Refund

Anonymous — Thu, 19 Nov 2020 05:55:40 GMT

@Anonymous IIRC Capital One stopped graduating secured cards in the middle of 2018, but they have toggled back and forth before.

Is the card still showing as open? If so, you might have indeed graduated. You will know for sure if you apply for a cli (secured accounts can't be approved for one).

Congrats on your rebuild!

Re: Capital One Secured Deposit Refund

Anonymous — Thu, 19 Nov 2020 08:57:31 GMT

@Anonymous wrote:
Hi! I started a credit rebuild after a large income reduction. I applied for a Capital One Secured Card and was approved. I also paid $849 as a deposit to increase my credit limit. I got the card June 2019. A year later, I was pre-approved for a quicksilver from Capital One and a card from AMEX.

Today I noticed on my original Capital One card that my deposit was refunded. Does that mean that the card is now unsecured?

Any advice would be greatly appreciated!

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).

Good luck!

Re: Capital One Secured Deposit Refund

Irv02 — Thu, 19 Nov 2020 12:15:54 GMT

I hope you did graduate. I been holding on to my secured card because it is one of my oldest cards. Please keep us updated. Congrats!

Re: Capital One Secured Deposit Refund

Anonymous — Thu, 19 Nov 2020 14:07:44 GMT

I just checked my account thru the app. The security deposit was refunded and my account is still open. Capital One also gave me a credit increase on my secured card back in January. It was only $300.00 so not a lot.

If I receive any correspondence letting me know that my card has graduated, I will let you know.

Re: Capital One Secured Deposit Refund

JeffMO — Thu, 19 Nov 2020 21:22:38 GMT

Yes please keep us updated, I've been waiting for almost 3 years, man it would be so great!

Re: Capital One Secured Deposit Refund

Anonymous — Thu, 19 Nov 2020 21:41:25 GMT

@Anonymous wrote:
I just checked my account thru the app. The security deposit was refunded and my account is still open. Capital One also gave me a credit increase on my secured card back in January. It was only $300.00 so not a lot.

If I receive any correspondence letting me know that my card has graduated, I will let you know.

The Credit Steps increase of $300 is standard after 6 months for all secured cards, so getting one in January seems to line up with that.

I am so happy to hear you in fact did get your deposit returned, congrats!

Re: Capital One Secured Deposit Refund

Anonymous — Thu, 19 Nov 2020 22:17:42 GMT

Congratulations!!!!!!!!!!!!! it sounds very good news. i hope they do that for everyone and for me also.

Re: Capital One Secured Deposit Refund

Anonymous — Fri, 20 Nov 2020 00:13:01 GMT

Great news! I just called Capital One. The rep told me that my card is now unsecured. He said it happened for a number of people over the past couple of days. I was his second call today with the same question. Hopefully all of you will also become unsecured soon!

wishing everyone the best of luck!

Re: Capital One Secured Deposit Refund

JeffMO — Fri, 20 Nov 2020 00:28:17 GMT

Yayyy, keeping fingers crossed!

Re: Capital One Secured Deposit Refund

Anonymous — Fri, 20 Nov 2020 01:07:28 GMT

OP, where did you see the deposit refunded? Was it under transactions or where specifically? I am trying to have SO check his account.

Thanks and congrats again!

Re: Capital One Secured Deposit Refund

Anonymous — Fri, 20 Nov 2020 03:12:02 GMT

Hi! Under my recent transactions it says Security Deposit Refund. The type of transaction is other.

This was a totally unexpected early holiday gift to me. Wishing you the best!

Re: Capital One Secured Deposit Refund

Anonymous — Sat, 21 Nov 2020 02:53:09 GMT

I got a security deposit refund as a credit to my account as well.

@Anonymous Does the detail for yours happen to show that it was made on November 17, posted on November 18?

If so, I'm thinking this is the very beginning of Capital One starting to graduate secured cards again. I applied for, funded the security deposit, then received and activated the card in September 2019.

The refund was roughly halfway through my billing cycle this month with them, and this is after my 13th full statement since my account was opened. This cycle will be my 14th when it cuts. This lines up with some previous data points of Capital One graduation, though if your refund date matches mine, I'm thinking it might not have to do with number of statements or anything like that, just that it's the first day of them starting deposit refunds again.

Either way, congrats on the graduation! I expect we'll both be receiving emails soon, which would certainly make the unsecured upgrade official!

Re: Capital One Secured Deposit Refund

quikj9 — Sat, 21 Nov 2020 03:00:39 GMT

Congrats to those of you who are receiving their security deposits back. I'm sure it's a great feeling to have this unexpected graduation, especially with all of the recent data points suggesting otherwise.

If Capital One has decided to start graduating again en masse, it's going to make a lot of people quite pleased.

Re: Capital One Secured Deposit Refund

AllZero — Sat, 21 Nov 2020 03:05:02 GMT

@Anonymous wrote:
Great news! I just called Capital One. The rep told me that my card is now unsecured. He said it happened for a number of people over the past couple of days. I was his second call today with the same question. Hopefully all of you will also become unsecured soon!

wishing everyone the best of luck!

That is great news. Congratulations on your graduation!!!

Re: Capital One Secured Deposit Refund

AllZero — Sat, 21 Nov 2020 03:07:01 GMT

@Anonymous wrote:
I got a security deposit refund as a credit to my account as well.

Good luck. I hope you got a graduation too!

Re: Capital One Secured Deposit Refund

Larrypatty — Sat, 21 Nov 2020 03:13:11 GMT

Checked my cap one platnium secured account today and saw a balance of -$99.00. Which was a nice surprise. On my 11th month statement close date. Last month I finally got pre approved for the discover it and got a little carried away doing some other pre approvals and did it with capital one and got a quicksilver 1k limit. Would have waited if I had know about a potential graduation.

Re: Capital One Secured Deposit Refund

blindambition — Sat, 21 Nov 2020 03:31:07 GMT

Glad Cap One came to their senses. Constantly changing policy seems flaky and shady.

Re: Capital One Secured Deposit Refund

Anonymous — Sat, 21 Nov 2020 03:42:40 GMT

@Larrypatty wrote:
Checked my cap one platnium secured account today and saw a balance of -$99.00. Which was a nice surprise. On my 11th month statement close date. Last month I finally got pre approved for the discover it and got a little carried away doing some other pre approvals and did it with capital one and got a quicksilver 1k limit. Would have waited if I had know about a potential graduation.

Congrats!

11th statement is a good DP.

SO hit 8th statement and did not make the cut to graduate, even with greatly improved scores from when initially approved, so I am guessing betweeen 9-11 statements is the requirement at this point.

I cant wait to see more DPs!

Fingers crossed for everyone with a secured Cap One CC!

I truly hope they are moving back to graduating these secured CCs and it is not just a one-time thing until they decide to do it again in 2+ years!

Re: Capital One Secured Deposit Refund

Anonymous — Sat, 21 Nov 2020 03:43:36 GMT

@Anonymous wrote:
I got a security deposit refund as a credit to my account as well.

@Anonymous Does the detail for yours happen to show that it was made on November 17, posted on November 18?

If so, I'm thinking this is the very beginning of Capital One starting to graduate secured cards again. I applied for, funded the security deposit, then received and activated the card in September 2019.

The refund was roughly halfway through my billing cycle this month with them, and this is after my 13th full statement since my account was opened. This cycle will be my 14th when it cuts. This lines up with some previous data points of Capital One graduation, though if your refund date matches mine, I'm thinking it might not have to do with number of statements or anything like that, just that it's the first day of them starting deposit refunds again.

Either way, congrats on the graduation! I expect we'll both be receiving emails soon, which would certainly make the unsecured upgrade official!

Congrats on your graduation, that is so exciting! Just when all of us had basically given up on Cap One graduating their secured CCs they pulled through for some of us!