Capital One returned my secured card deposit

[Anonymous]

So I applied for the Capital One secured card last year and was approved. They approved me for a $200 limit(but I had to give them the full $200 deposit) I ended up giving them $300 so that my limit would be a little higher. I received my card in February 2016. I started using it immediately, always paid it on time. In August 2016, they raised my limit from $300 to $600. So half of my card was secured and the new $300 increase was not secured. I just checked my card today and they have refunded my $300 deposit. I called to ask why(I thought for a moment that they had cancelled my card or something) and the rep told me that they graduated my card from secured to unsecured and returned my deposit. My limit is still $600, but it's totally unsecured now after 11 months. So what does this mean for me? Is my card going to change in any way? Are my limits going to be higher? Will my increases be higher now that it's unsecured?

[BCGCredit]

Congratulations on graduating to unsecured!!! I am unsure and I will follow this tread to see what happens in the future.

[Anonymous]

That is awesome congrats! 

Could I ask how often and how much you run through the card? I've had mine Since Oct 2015 and would love for it to unsecure. 

[Anonymous]

Honestly I use my card a LOT. I buy pretty much everything with it. Groceries, pay bills, etc. I use it and pay it off multiple times per month.

[Anonymous]

They did tell me when I called that I would be eligible for another credit limit increase at my next bill date (which is February 10th, since February 10th will be 6 months since my last increase. I'm hopeful that it's a nice increase, but I guess I'll just have to wait and see! I'm working on building my credit in hopes of purchasing a house within the next couple of years and I could definitely use the extra increase to lower my credit usage ratio.

[Anonymous]

Congratulations!

The very next thing I would recommend you do is log into the Cap One website, get on chat, and ask if there are any offers available to upgrade to the Quicksilver.

(If they say no, wait 30 days and try again)

Good Luck!

[Anonymous]

What's the difference between Quicksilver and the Platinum mastercard(the one I currently have)?

[rmduhon]

1.5% cash back

[Anonymous]

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@rmduhon wrote:
1.5% cash back

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exactly this - you're already running all your spend through it (which you should, see the thread in my sig for how that translates into a CLI), might as well get paid for it  

[Anonymous]

This is great news....IF
They start doing it more often, many, many ppl have had the secured CC for far too long.

I got them to waive, my AF last year and kept it for aging purposes only and had plans on purging it at AF time this year (February)

But I'd much prefer to keep the aging intact and possibly combo the account with my much larger QS

Kinda silly to approve folks for other CCs with 1000s of dollars worth of CLs yet leave secured cards sitting at $200 + a one time $300 CLI

Hopefully this is a market shift in policy