The security deposit on the Capital One Secured Credit Card is a refundable deposit as long as the account holder does not default on the credit card terms, similar to most all secured credit cards available to consumers.  The security deposit is refunded to the account holder if they close the account after paying any outstanding balances in full.  The security deposit is held as collateral against the card’s credit limit to ensure the card holder repays the account. 

Until the credit card account is closed, the card issuer will continue to hold the security deposit in the even the account holder fails to pay the current balance owed or pay any future charges that may incur prior to closing the account.  With Capital One, that security deposit is held as long as the account remains opens regardless of whether there is an account balance.  Card holders will not automatically get their deposit back if they make a set number of timely payments or remain in good credit standing for a period of time.

While some web sites have indicated Capital One offers a graduated card offer or will return security deposits to their account holders that display a responsible payment history, Capital One does not disclose such a policy.

This credit card is a great tool that can be used to help build or rebuild credit through timely payments and responsible use.  Consumers with challenging credit should be aware, when they decide to request the refundable security deposit be returned they will have to close the account which could have some adverse impact on their overall credit score especially, if it is done within a short period of time after opening the account.

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