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.

Other Popular Secured Credit Card FAQs

In order to get your deposit back you need to close your credit card account and pay your card balance in full. After you paid your card off, contact the credit card issuer to request a refund of your security deposit.

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A secured card may be a great option though for getting a credit card and rebuilding your credit as secured cards are usually reported to the credit bureaus – Experian, TransUnion or Equifax. The credit limit on a secured credit card is established by the security deposit an applicant pays. Your initial deposit is usually […]

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