If you have an outstanding balance owed on your cancelled Secured Card, please pay your outstanding balance in full as per your statement due date. Then we will return your full security deposit to you. This will ensure your account remains in good standing when it closes out.
There are three convenient ways to pay your Secured Card balance: How can I make a payment on my Secured Card?
If you don't have funds to pay your balance owed on your cancelled card, you can use your security deposit to pay for your outstanding balance owed. Any remaining amount from the deposit will be returned to you. However, this is not recommended as it will negatively impact your credit score. Because there is a mandatory 60 day hold and then a 30 day processing period before the security deposit is refunded to you for use, you will be late on your card payment. This will result in a late payment reporting to the credit bureau which will decrease your credit score. For more details about this hold, see this article: Why does it take around 90 days to get a refund on my Secured Card? We recommend paying the money you owe on the card asap to make sure your credit score isn't impacted.