Seeking to build his credit and be all responsible and stuff, Matt got a secured credit card from Capital One. If you’re not familiar with the concept, that’s a type of credit card where the creditor is… well, you. You deposit, say, $500 with the credit card issuer, and that gives you a spending limit of $500 or a little more. A good repayment history with this card will help build or rebuild your credit when you’re not able to get another card. And when you have good enough credit to move on and shut down the card, you get that deposit back. In theory, anyway.

Matt has put his time in rebuilding his credit with a Capital One secured card, and graduated to an unsecured credit card. He canceled the secured card, and thus should get his deposit back, but it’s not that easy. Because Capital One keeps hanging up on him when he asks for his money.

I had a Secured Deposit Credit Card though Capital One to build up my credit. If you don’t know how these work, it’s simple: the amount you deposit with them (Capital One) sets your monthly credit limit. It worked as plan, and I was soon able to procure a better, actual credit card. No longer needing the SD CC and not wanting to pay the annual fee, I cancelled the card. They told me it would take upwards of two billing cycles to receive my check. Long, but alright.

However… that time has passed, and still no check. I decided to try their customer service. What a nightmare! First, the number they give you (1-800-955-7070) Only has two options: Enter your 16 digit card number, or say “apply for a new card,” I dont have my card number anymore (Stupid on my part) so each time I call I have to go through the automated application process, get connected to a cs rep, and then immediately ask to be transferred to payment services.

Each time, it goes like this “Hey, this is Matt. (Explains situation)”

Rep (Sometimes from the US, Sometimes India): Sure, we’d be glad to help! Please hold

10 minutes holding

Rep: Hey, I see that you cancelled on (Date) and that’s past two billing cycles, yet you have not received your check?

Me: yes

Rep: odd. Let me see if I can re issue the check

Me: Will that take 2 more months?

Rep: I’ll see if we can get this sent out sooner. Please hold

Me: WAIT!

(Hold for 15 minutes… than get disconnected)

So that’s been happening each time I call. I thought people might like to know – while a secured deposit credit card is great for building your credit, don’t expect to see your money back w/o issues.

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.