Can I withdraw funds from my security deposit?

Answered on August 25, 2010
Updated on August 25, 2010
The content is accurate at the time of publication and is subject to change.
James Williams 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.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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