Don't give up on Capital One Secured Mastercard

MrSilk

I've had my Secured Card for around 8 months, Received a letter from them today telling me that they are increasing my limit from £200 to £400 next month.

I presume my £200 deposit shall be on it's way back to me in form of a cheque, We'll wait and see.

If you have one of these cards, don't give up! keep paying back in full and they will increase your limit. :j

planteria

good news. a friend of mine has one of these to help rebuild her finances.

izools

I think with the latest iteration of the Secured Card they only return your deposit when you close the account. I may be wrong though, it's been on and off the market with slightly different terms for a fair few years now...

MrSilk

I know it's not available anymore so maybe they are converting it to a 'classic'? - I'm glad I applied when I did otherwise there's no chance in hell they would have accepted me otherwise!

Last month they sent me a pointless letter reminding me that they still held my deposit, to say I was confused is an understatement!

MrSilk

planteria wrote: »

good news. a friend of mine has one of these to help rebuild her finances.

Thanks!, it's a good way to get back on track

reclusive46

I helped a friend with bad credit last week, they applied for the classic and then got offered the secured. So its still available, just not to apply for straightaway.

john1002

You will not get back your security deposit that will only happen when you close the account, I had a limit increase three months ago and no return of deposit. The letter i think they are obliged to send out at regular inbtervals to remind you they hold it as a deposit.

john

MrSilk

john1002 wrote: »

You will not get back your security deposit that will only happen when you close the account, I had a limit increase three months ago and no return of deposit. The letter i think they are obliged to send out at regular inbtervals to remind you they hold it as a deposit.

john

Thanks for clarifying John!, that's fine, I'm not really in any hurry for the deposit back, just wasn't sure if they would send it back or not! :rotfl:

dannyfleetwood

Typical. I got one of these today but I closed my account the other week with them! I had to close it to apply for another Capital One card!

almost_there

john1002 wrote: »

You will not get back your security deposit that will only happen when you close the account, I had a limit increase three months ago and no return of deposit. The letter i think they are obliged to send out at regular inbtervals to remind you they hold it as a deposit.

I had one of these about 7 years ago, it too was upgraded and the limit increased, the security deposit was refunded as a cheque..

MrSilk

almost_there wrote: »

john1002 wrote: »

I had one of these about 7 years ago, it too was upgraded and the limit increased, the security deposit was refunded as a cheque..

How long did the cheque take to come after you got the limit increase?