@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.
