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Cap One Secured Card Highly Recommended. Why?????????????
CreditKarma highly recommends the Cap One secured card, so I applied and was approved. Now I find that they NEVER return your original deposit unless you close your account. This obviously defeats the entire purpose of opening an account and using it responsibly to establish a positive payment record. Never received the card after waiting two+ weeks, so called them and was told it would be 2-3 more weeks before I received it!!!!

So irritating, that I decided to just cancel the application since there's no point in paying on an account for 12 months only to close it and open a new unsecured card with them and start all over. That's just plain stupid. And after spending hours on the phone trying to cancel the application and telling my story at least 5 times to 5 different reps, they tell me it will take over a month to get my $500 deposit back. Thanks for the recommendation, but the Cap One secured card SUCKS and you must be getting some kind of kick-back from them for even thinking of recommending such a card.

Bottom line: They've got your money and you've got notta'. I guess they assume you won't ever close your account to get your money back due to the negative impact on your credit report, so they just keep your deposit forever.

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