Can I withdraw funds from my security deposit?
Answered on Wednesday, August 25th, 2010 by
James Williams

Your security deposit is intended for surety of your obligations related to your credit card account, it is a guarantee of repayment of your credit. In most cases security deposit equals or determines your credit limit. Typical secured credit card agreement does not allow cardholders to make withdrawals from secured deposit funds for any purpose. It is possible only if agreement is terminated or your credit limit is reduced. In that case the remaining amount should be sufficient to ensure your credit card obligations are met.

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Before you start choosing a credit card, we would recommend you to check your credit reports first. Make sure you do not have errors on your credit reports and all personal information is up to date. Then you can apply for a credit card. Since it is your first credit card, you have two options […]

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 Secured cards require an upfront security deposit to be paid. The credit limit on a secured credit card will be equal to the deposit you pay. The deposit is usually fully refundable. The issuers of secured credit cards can report them to credit bureaus as unsecured credit accounts. The unsecured credit cards do not require […]

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