You can get a Self Visa® Credit Card return by closing your account with no unpaid balance. If your Credit Builder Account is still active when you close your credit card, the security deposit will be returned to your Credit Builder Account. If your Credit Builder Account is already closed, your security deposit will be returned to you via check or ACH within 10-14 business days.
The only cases where you will not get your full deposit back from a Self Visa® Credit Card are if there is a balance remaining when you close the account or if you default on your payments. In those cases, Self will use the deposit to recoup what you owe them.
Key Facts About Self Visa® Credit Card Deposit Returns
- If you close the account with no unpaid balance, you get 100% of your deposit back.
- If your Credit Builder Account is still active, the security deposit will be returned to your Credit Builder Account.
- If your Credit Builder Account is closed, your security deposit will be returned to you via check or ACH.
- If you close the account with a balance, the balance is subtracted from your deposit refund.
- If you don’t pay your credit card balance at all, Self can recoup their money using the deposit.
- It normally takes Self 10-14 business days to refund your deposit after you close the account.
So, don’t worry about putting up a deposit when you get a Self Visa® Credit Card. You’re not parting with any of the money for good, as long as you pay off your balance. The deposit just gives the issuer a guaranteed way to recoup their money if you don’t pay.
This answer was last updated on 04/27/24 and it was first published on 04/14/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
If you close the account with no unpaid balance, you get 100% of your deposit back. If your Credit Builder Account is still active, the security deposit will be returned to your Credit Builder Account. If your Credit Builder Account is closed, your security deposit will be returned to you via check or ACH.
How do I get my credit card security deposit back? ›
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.
How do I get cash back from my self credit card? ›
Maria Adams, Credit Cards Moderator
No, you cannot get a cash advance with your Self Visa® Credit Card. This card can only be used for purchases. The fact that Self Visa® Credit Card cash advances are not an option might actually be a good thing as these transactions are very expensive.
What is the highest self credit card limit? ›
The maximum secured credit limit you'll be able to get with the Self Visa credit card is $3,000. That means the maximum amount of money you're allowed to move from your Credit Builder CD to your Self Visa is $3,000.
How to get your secured credit card deposit refunded? ›
Get your deposit back: Once your account is closed, and your issuer is sure there aren't any other charges that will be posted to your account, your deposit will be returned to you. This process usually takes 30 to 90 days, but varies by issuer.
How do I get my deposit back from a secured credit card Bank of America? ›
To see if your account qualifies for a deposit refund, call the Bank of America card services number at (800) 732-9194. If you qualify for a security deposit refund, the bank will generally send you a check for the deposit amount or have it deposited into your bank account.
How do I get my security deposit back from my self credit card? ›
If you close the account with no unpaid balance, you get 100% of your deposit back. If your Credit Builder Account is still active, the security deposit will be returned to your Credit Builder Account.
How do I get cash off my self credit card? ›
Since the Self Visa ® Credit Card is a credit card, not a debit card, and does not provide cash advances, it is not set up for you to withdraw cash from an ATM. Instead, buy something directly using your Self card anywhere in the U.S. Visa is accepted, then pay your credit card balance by the due date.
Can I transfer money from my self-credit card to my bank account? ›
It is possible to use a credit card to transfer money into a bank account by using a cash advance or balance transfer check, but we can't recommend it. Cash advances are risky because of the high interest rates and costly one-time fees. Balance transfers can lead to more debt if they're not handled correctly.
Can I get my self credit card back? ›
While you are now able to open a new card account with Self after a previous one closed if you meet certain eligibility requirements, we are not able to reopen the same account that closed. The new card will report as a new account on your credit reports that is separate from your previous card account(s).
You do not receive funds until after your loan matures and/or after all loan payments have been completed. Please note - once an account has been completed, funds will typically arrive within 10-14 business days via either check or direct deposit, depending on the payout method you selected.
Do you get money right away with self? ›
Instead, your payments are held in a certificate of deposit, which is insured by the Federal Deposit Insurance Corp. Once you've made all the payments, the money is released to you. Loans from Self are open to U.S. residents in all 50 states.
How do I increase my self credit limit? ›
You can increase your Self Visa® Credit Card's credit limit by adding money to your Credit Builder Account. More specifically, once you've made enough savings progress in your Credit Builder Account you will see an alert in your account dashboard that you are eligible to increase your credit limit.
What credit card has a $100,000 limit? ›
On our list, the Ramp Corporate Card and the Chase Ink Business Premier Credit Card offer the best opportunity to access a $100,000 credit limit. Ramp determines your spending limit based on factors like your cash on hand and monthly expenses, while Chase uses creditworthiness to calculate your credit limit.
Does a self-credit card ever become unsecured? ›
Can be converted to an unsecured card: You could graduate to a partially unsecured card with responsible use of your credit card. This portion of your account is regularly reviewed for credit limit increases.
How long does it take for a Capital One secured card to become unsecured? ›
How Long Card Issuers Take for a Secured Card to Become Unsecured
| Card Issuer | Period |
|---|
| Capital One | After six months of account opening |
| Chase | No secured cards on offer |
| Citi | After 18 months of account opening |
| Discover | After seven months of account opening |
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Contact your credit card issuer.
Depending on your card issuer, you may be able to request an account closure through your online account, over the phone or even in person. Explain your reason for canceling the card and make sure the card issuer has the correct information for your security deposit refund.
How does a security deposit work on a secured credit card? ›
Secured credit cards function a lot like traditional credit cards. The primary difference is that with a secured card, you pay a cash deposit upfront to guarantee your credit line. While credit history may be used to determine eligibility for a secured card, the line of credit it offers requires a security deposit.
How does Capital One refund a security deposit? ›
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.
