Well interesting. I was toying with closing this card anyway and this confirms it. While I don't have a large deposit $249 on mine, I'm not prepared to let Cap One use my money forever without paying me anything. Mine crosses the year mark in April and I was thinking of just seeing if it would unsecure or close it, now I'm just going to close.
@Anonymous wrote:That rep is incorrect. I just checked Capital One’s disclosures for that card and it says “If your account is deemed eligible for unsecuring, we will return your security deposit to you as a statement credit.”-I just read that too on their website. but, there isn't anything stating that in my "TandA." -They got me MAW. They got me!!
That seems to suggest they are still unsecuring cards.
If they were to change the policy again, I imagine it would be the same as it was when they started unsecuring them to begin with - the policy in place when you got your card is what applies for the duration of your having it.
Thanks Saeren. I appreciate you bringing that to my attention.
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@Anonymous wrote:
@Brooklyn2018 wrote:
I'm pretty TICK'd...about to call "Franky No-Neck from da Bronx and Joey Bag-A-Donuts from Brooklyn ta go down dere ta Cap1 and PUT SOME HEADS TA BED!!!"
EXACTLY!!
@dynamicvb wrote:Well interesting. I was toying with closing this card anyway and this confirms it. While I don't have a large deposit $249 on mine, I'm not prepared to let Cap One use my money forever without paying my anything. Mine crosses the year mark in April and I was thinking of just seeing if it would unsecure or close it, now I'm just going to close.
To be on the SAFE side, dynamic...I would call Cap1 and be sure your card doesn't fall within what they are saying or check your paricular agreement, might be different than mine...?? But, no AF so it's cool. I 5 mos. I'll use the CLI for padding until I gain a few better cards and then Cap1 GO NITE NITE!!!....maybe?
That’s a real bummer, sorry that they pulled that nonsense! 
@jamesdwi wrote:Just seems backwards, Customers are not free, Credit card companies pay costs to aquire a customer, whether they have bad credit or not. There is still a cost of aquistion, once they got you in as a secured card holder, if you follow the program pay your card on time, for 6 months to a year or for the worst cases, 2 years. These people will have other options, if CapitalOne doesn't give them a path forward they are going to lose the customer, when customer closes applies for and is improved for a non-secured product from a different lender. Keeping the customer by graduating them to a non-secure product in the CapitalOne portfollio, would allow CapitalOne to keep earning Annual Fees, and swipe fees. Just doesn't make much bussiness sense to limit the relationship to just a secured cards and hope they will choose CapitalOne for lender going forward.
That may have been the reason i received an offer so QUICKLY for Their Unsecured Platinum, hoping I'd be persuaded to app? It felt like they were dangling a carrot. I WILL NOT take another 3 HP's for another card in the future, especially not after this!! NOPE!!
@Anonymous wrote:
@Anonymous wrote:
Sorry to hear this OP. My distaste for Cap 1 just grew another notch. Lol. I actually closed 3 secured cards about 3 weeks ago - Cap 1 was one of them. Kept Discover because it actually has potential to grow.My dislike of Cap1 came when I graduated out of Secured to Unsecured and then got a whopping $13 CLI. I told them if they needed it that much then I don't need them.
Sounds like a dangling $13 carrot, if you ask me...
@Anonymous wrote:That’s a real bummer, sorry that they pulled that nonsense!
Thanks
I'm getting over it quick...just another secured card now.