January 28, 2012 at 1:11 am #1951
While I was in a chat with a Capital One rep today I was asking him about my deposits and if the card ever gets to be unsecured. He told me only the INITIAL deposit will get refunded if you close your account you LOSE any extra money you deposit for credit limit increases..did you know this???? Part of the chat transcript is below…
you: One of the negative comments I have read about this card is that you never will become eligible for a unsecured card no matter how long you have it. I know other banks advertise in 12 months some 18 months they review your account for unsecured status. Can you confirm that is true?
Gilbert: Capital One reviews your account periodically.
Gilbert: So please trust us and allow your account to be old.
Gilbert: Once Capital One feels that your account is okay then you can surely have an unsecured card.
Gilbert: I haven’t heard from you for a few moments. Are you still with me?
you: The only thing stopping me from depositing say $1000 in this account is the feeling that is alot to tie up when you will probably never get it usecured and sent back. once i have the card a year or two it will hurt my credit score to close the account to receive my money. I am tempted to have this account with 3-4 hundred and open a BoA or Citi card with more money because they may give it back in 12-18 months..
you: can you see my concern?
Gilbert: I’m sorry for the delay. I’ll be right with you.
Gilbert: You can surely make additional deposits on your account and increase your credit limit on your account.
Gilbert: Only the initial deposit will be refunded to you when you close your account or your account is closed.
you: only the initial deposit refunded? My initial deposit was $49 so if I deposit say $500 more and close the account one day I get the $49 and lose the $500?
Gilbert: The additional deposits will increase your credit limit on your account.
you: so I do lose whatever extra I put in? Its like a fee for the higher limit?
Gilbert: Yes, if you make additional deposits they are taken to raise your credit limits on your account and they are never refunded.
Gilbert: Is there anything else I can help you with today?
you: Do i get this transcript emailed to me?
Gilbert: I am sorry. The only option is you can manually copy and past this chat.
Gilbert: Do you want me to enroll you in auto payments on your accountJanuary 28, 2012 at 2:32 am #2715
You know this doesn’t surprise me at all. It’s not the first time I’ve heard about Capital One’s customer service not having a clue what they’re talking about. Some people here have been told that this card will unsecure, some people have been told it never will. Other people have been told it depends on how you treat it…
This card will not unsecure. They never mention anything regarding this on their customer agreement documentation, and I’ve never read or heard anybody say their card unsecured. But their customer agreement documentation does mention that:Quote:“I may not withdraw funds or request a refund of my funds at any time, other than by paying all of my obligations to Capital One and closing my account”
I doubt that this guy knew what he was talking about. I think that you would get all your money back if you closed your account. I’ve never read any comments stating otherwise. Plus their site says:Quote:“The security deposit is used as collateral against your credit line. If you close your account and pay your balance in full, your security deposit is fully refundable.”
But then again, one more reason not to deposit more money into this account…if they don’t know what’s going on how can we be sure? I would play it safe and put my money elsewhere.January 28, 2012 at 2:43 am #2716
Notice it says security “deposit” not deposit’s..lol I am going to take your advice and get the BoA card too. From what I read Citi secured card says “secured” too but like you said, with good history it will be unsecured in time.January 28, 2012 at 2:46 am #2717
Yeah, that sounds like a good plan to me. And don’t get me wrong, I’ve been pretty happy with my Capital One card. I just wish they would be a lot more flexible about all this stuff. I think every secured card should unsecure if you treat it right. It’s suppose to be a card to help you establish or rebuild credit, so it doesn’t make sense that at a certain point you just hit a wall and can’t move on. That and I would like to get my money back at some point. Yeah, ’cause it’s my money and I need it! lol.October 3, 2013 at 10:55 am #3388
This is totally true. I just asked a chat representative.
https://docs.google.com/file/d/0B6ooiyvURl0yeHBfZ1ptYWJod1U/edit?usp=sharingOctober 3, 2013 at 12:46 pm #3390
Thanks for sharing. It seems to me that Capital One representatives don’t have a clue about the products that they offer. What they told you about only the initial deposit being refundable is NOT true.
I had this card for about two years, and I made several extra deposits to raise my credit limit. When I closed my card, I received a full refund for the total of ALL deposits I made. I know this still applies today, as my wife just closed her Capital One secured card two weeks ago, and she received a full refund last week (and she also made extra deposits).
Now, if you are given an unsecured credit limit increase by Capital One (that is without you making a deposit), which are rare but do happen, then of course this amount is NOT refundable as it would be an unsecured increase.
I suspect these people are just reading from a computer. If you are unsure about this, I would call customer service. I’m sure you’ll get a different answer.
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