Signs you are ready
There is no single rule, and every issuer decides in its own way. These are good signs:
- Six months or more of on-time payments. Twelve is better. That goes for every account on your report, not just this card.
- Low balances. Your statement balance is usually well under 30% of your limit.
- A rising score. Your score has gone up steadily for several months.
- A higher limit without a new deposit. If the issuer has already raised your limit on its own, it is starting to trust you.
- Prequalified offers. Unsecured card offers show up when you use an issuer's prequalification tool, which does not affect your score.
Wait a little longer if you have had a recent late payment, if your card is often near its limit, or if you have applied for several accounts lately.
Two ways to move up
| Upgrade with your issuer | Apply for a new card | |
|---|---|---|
| How it starts | The issuer reviews your account, or you ask where allowed | You apply, with any issuer |
| Hard inquiry | Usually not | Yes |
| Account age | Same account keeps aging | A new account lowers your average age |
| Your deposit | Returned when you are upgraded | Stays on the old card until you close or upgrade it |
| Choice of card | Only what that issuer offers | Anything you qualify for |
Upgrading with your issuer
This is often called graduating or a product change. Your secured card becomes an unsecured one, usually under the same account. Capital One says upgrading does not typically involve a hard inquiry. Because the account stays open, all the history you built keeps counting.
Some issuers review accounts on their own schedule and tell you when you qualify. Capital One, for example, says its secured cards cannot be upgraded by request. Others will consider you if you call and ask. If an issuer says no, ask what it looks for and when you can be considered again.
Applying for a new card
This makes sense when your issuer has no upgrade path, keeps passing you over, or offers only cards you do not want. Use prequalification tools first, apply for one card, and give it time before applying for another. Each application is a hard inquiry.
How some issuers handle it
| Issuer | Secured cards | What the issuer says | Deposit |
|---|---|---|---|
| Capital One | Platinum Secured, Quicksilver Secured | Reviews secured accounts from time to time and notifies you if you qualify. No set timeline, and no upgrades by request. | Returned as a statement credit when you are upgraded |
| Capital One (Discover brand) | Discover it Secured Cash Back | With a positive track record you can earn your deposit back and move to the Discover it Cash Back card. | Returned as a statement credit; the account becomes unsecured |
| Bank of America | Secured versions of its cards | Periodically reviews your whole credit history, across all your cards and loans, to decide whether to return the deposit. Not everyone qualifies. | Paid into a Bank of America account you own, or another way the bank chooses; you keep using the card |
| OpenSky | Secured Visa | Reviews accounts automatically after six months. Selected customers are invited to upgrade to an unsecured card with no new application. | Its upgrade page does not say |
The Discover it Secured Cash Back card launched in October 2026. The older Discover it Secured stopped taking new applications on June 2, 2026. A review is never a guarantee, and issuers can change their practices; our secured card comparison has current terms.
How you get the deposit back
- When you are upgraded. Many issuers, including Capital One, return it as a statement credit that pays down your balance.
- If that leaves extra. If the deposit is larger than your balance, you will have a credit balance. Under federal rules, if you ask in writing for a refund of a credit balance over $1, the issuer must send it within seven business days.
- When you close the card. Pay the balance in full and the deposit comes back. Capital One applies it to any balance within 7 to 10 days and mails a check for the rest after two billing cycles. Bank of America says a refund on closing can take up to two billing cycles plus ten days.
- If you do not pay. The issuer keeps the deposit only if you default. Even then, the missed payments still go on your report. The deposit protects the bank, not your credit.
Should you keep the old card open?
If your issuer upgrades the card, there is nothing to decide. It is the same account, now unsecured.
If you got a new card from another issuer, weigh it up.
Reasons to keep it
- Its limit adds to your total available credit, which keeps your utilization lower.
- The issuer may still upgrade it later, so you keep the history and get the deposit back.
- It costs nothing if there is no annual fee.
Reasons to close it
- It has an annual fee you no longer want to pay.
- You need the deposit money.
- The limit is so small that it barely affects your utilization.
Closing does not wipe out your history right away. Experian says closed accounts in good standing can stay on your report for up to 10 years, and scoring models still count them toward the age of your accounts. What you lose straight away is the credit limit.
If you keep a card you rarely use, put a small charge on it every few months and pay it off. Issuers can close cards that sit unused.
The steps
- Build the record. Pay on time every month, keep the balance low and use autopay.
- Watch for a review. Around six months in, look for messages from your issuer and check its prequalification tool.
- Ask, if your issuer allows it. If nothing has happened after 6 to 12 months, call and ask whether you can be considered for an upgrade.
- Apply elsewhere only if you need to. Choose one unsecured card you are likely to get and apply for that one.
- Keep the habits. An unsecured card is still a debt. Pay in full and on time, as before.
General information only, not financial or legal advice. Terms change often; confirm the current terms on the provider's own site before you apply. Some links may pay us a commission. Disclosure.