How To Close a Secured Credit Card Account

Cut up that secured credit card and get your security deposit back.

Cut up that secured credit card and get your security deposit back.

You opened a secured credit card account to establish or rebuild your credit, but once your score is up to your standards, it’s probably time to move on. Secured credit card companies typically charge high annual fees and an even higher interest rate on top of requiring you to pay a security deposit. Getting out from under those extra fees can save you some money each month. Prove to the world that you are a responsible adult, close out that credit card and get your security deposit back.

Pay off the balance of the secured credit card.

Call the number for customer service, which you’ll find printed on the back of your card.

Explain to the representative that you want to close your secured credit card account. Write down the name of the representative and keep a log of your conversation.

Follow the representative’s instructions to close the account. Some credit card companies will let you close the account over the phone, while others will want you to make a request in writing. Ask for the mailing address and the details you should include in the letter if that is the case.

Watch the mail for the refund of your security deposit. Depending on the credit card company, receiving the check could take between 60 and 120 days.


  • Some credit card companies charge an early cancellation fee if you close earlier than your agreement states. Ask the representative if this applies to your account.
  • If you don’t get your security deposit back within 120 days, call the credit card company to make sure the account was closed.

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About the Author

Angela M. Wheeland specializes in topics related to taxation, technology, gaming and criminal law. She has contributed to several websites and serves as the lead content editor for a construction-related website. Wheeland holds an Associate of Arts in accounting and criminal justice. She has owned and operated her own income tax-preparation business since 2006.

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