Capital One Platinum Security Deposit Refund (2024)

FAQs

Capital One Platinum Security Deposit Refund? ›

There are two ways your security deposit can be refunded. First, you can earn back your deposit as a statement credit by using your card responsibly, or second, we will refund it when you close your account and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.

If you're a Capital One cardholder, you could get your security deposit back in one of two ways. You can earn your deposit back as a statement credit by using your card responsibly. Or Capital One may refund your deposit when you close your account and pay your balance in full.

You typically get your secured credit card deposit back when you pay your balance and close your account or when your secured credit card converts to an unsecured card. After you demonstrate responsible use of your secured credit card over a certain period, the card issuer may offer to convert it to an unsecured card.

To open a Capital One Platinum Secured Credit Card, you'll need to make a refundable minimum security deposit of $49, $99 or $200 online or by phone. You can pay your security deposit in a single payment or in installments (over a 35-day period), but your account won't officially open until the minimum is met.

Deposit is withdrawn from your bank account as soon as your application is approved, usually within eight days of approval. Minimum: Normally $200.

Deposit support

In general, deposits into Essential Checking, 360 Checking, Total Control Checking, and Money Accounts are available the next business day.

You deposit a certain amount with the credit card company, known as a security deposit, and that money is returned to you when you close your credit card account or switch to a non-secured card and your balance has been paid. Most secured credit cards require a deposit of at least $200 to $500 from your bank account.

If you're looking to rebuild your credit with a secured credit card, the Capital One Platinum Secured Credit Card is a good choice. This secured card doesn't earn rewards, but it does come with a variety of benefits for cardholders that set it apart from other secured credit cards.

Find the status of your claim and what to expect with receiving your refund. When applicable, a temporary credit will typically be granted which can take up to 10 business days. Please allow 45-120 calendar days for final determination on your claim.

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you're guaranteed at least a $300 spending limit if you're approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.

What is the difference between Platinum and Platinum Secured Capital One? ›

The Capital One Platinum secured card has all the benefits of the Platinum card but requires a refundable deposit of $49, $99 or $200 to open an account with a credit line of up to $200. You can also raise your credit limit by depositing more than the minimum.

The Capital One Platinum Credit Card is a fine choice for those with fair or average credit. The $0 annual fee makes it possible to build credit at no cost. However, the APR on the card is on the high side, so it's best to pay your bill in full every month to avoid interest charges.

If you can get approved for both, the Capital One Quicksilver card is better than the Platinum card. The Quicksilver card will give you a welcome bonus, 0% APR for the first 15 months and 1.5% cash back. The Platinum card offers no rewards or bonuses, but it also comes with no annual fee.

There are two ways your security deposit can be refunded. First, you can earn back your deposit as a statement credit by using your card responsibly, or second, we will refund it when you close your account and pay your balance in full. Your card status will be regularly reported to the three major credit bureaus.

You can also check the status of your deposit, whether it's a payment or a pending refund. Simply call customer service at (800) 227-4825 or log in to your online account to live chat with a customer service representative.

How soon will my deposit be available? For a mobile check deposit and deposits made at a Capital One location they will usually be available the next business day. Direct deposits or deposits from external accounts, in most cases, should be available immediately once the transfer is complete.

The Capital One credit card refund processing time is typically around 7 days for returned purchases. Processing times vary from as soon as the same day up to several weeks, depending on the merchant and how you returned the item (online, by mail, in-person).

If you make your deposit before 9 p.m. ET, your deposit will appear in your transaction history the next business day. If not, it will appear in two business days.

What time does Capital One post deposits? For mobile deposits or deposits made at a Capital One location, they are usually available the next business day. Direct deposits or deposits from external accounts, in most cases, should be available immediately once the transfer is complete.

Depending on the secured credit card you get, it might be possible to transition to an unsecured card with responsible use of your card. Not all card issuers follow the same guidelines when it comes to how long it takes for a secured card to become unsecured, although it typically ranges from six to 18 months.