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Question By
Milotusofborg

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How do I go about canceling a secured card?
If I'm dealing with a deposit of my money, can i just spend the remainder and cxl it?

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NO - You cannot just spend the money on your credit card to match the amount held and expect them to zero it out.   You have an agreement with the firm.  You would owe them money and interest.  Failure to honor the agreement will result in an unpaid debt and additional penalties as you agreed.  This will appear on your credit report as missed payments and cancel any good having the secure card did for you. You should review your agreement, it may have been for a specific period of time.   You ensure you have a zero balance then you contact them and request them to close the amount.  Then, in the number of days in your agreement (usually 60-90) they will send you a check with your refund.  Contat the credit card company and start the process of cancelling it.   In the meantime, ensure you continue to make the payments.

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You apparently did not read the articles on this site and you should since the purpose of Credit Karma is to TEACH how credit works and how to improve your credit score.  The purpose of secured cards is also very well explained.  You cannot get any regular credit card without a proven credit history.  You certainly won't have one if you cancel this card.  I read the articles and now have an excellent credit score.  Your choice. 

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