Credit limit and security deposit management
Increase or decrease secured credit card limit
Your secured credit card has a maximum credit limit of $2000 and a minimum credit limit of $1.
Your credit limit will be equal to your security deposit amount. For this reason, if you want to increase or decrease your secured credit card limit, you'll need to increase or decrease your security deposit amount to the desired credit limit.
Remember that you can’t lower your credit limit below your current outstanding balance, or below the minimum deposit amount of $1. You also won't be able to increase your credit limit above the maximum limit of $2000.
Collection from security deposit in case of default
As a customer, if you fail to fulfil your secured credit card repayment, we may use your security deposit to repay your secured card account balance. This will happen 90 days after your missed payment. You’ll remain responsible for any additional balance owed on the secured credit card balance.
Security deposit restrictions
Your credit card balance affects the amount of money you can withdraw from the security deposit. The security deposit balance should have at least the minimum deposit amount.
You can't withdraw your security deposit if you missed the monthly repayment. Once your secured credit card account payments are up to date, you'll be able to withdraw it.
You can only withdraw the full security deposit when you cancel the secured credit card.