Security Deposit
Can the security deposit be refund to a foreign address?
Refund checks can only be sent to the address on the account and which includes foreign addresses.
How do you apply for a secured card?
The only way to apply for a Secured Card account is apply online at Discover.com/Secured.
The Acquisitions Team are not able to take the application over the phone.
When do we start reviewing an account and how often to see if the account can graduate?
We automatically start reviewing accounts on the seventh month (7th billing cycle) the account was opened and once we see six consecutive on-time payments and six months of good status on all their credit accounts, they’ll get their deposit back.
Where is Orion can you see if the account is a secured account?
Top right hand corner right above the F12 tab or in the bottom left under "Solutions"
What are new accounts automatically opened as?
Discover Chrome IT
What is the timeframe to receive the security deposit after the cm has graduated?
The customer should have the security deposit refund check within 5-7 business days, however, must allow 30 calendar days to receive the check
How long does it take to be approved for a secured card?
Security Deposit funds are withdrawn from the customer's bank account within 48 hours, however, the approval process takes up to 8 calendar days
When would the customer not receive a Graduation Tracker?
The cm won't receive emails if they are currently not on track for whatever reason.
What is the cash limit on a secured card?
$50 no matter than amount of the credit line.
What is the rewards tier for the Discover Chrome IT?
- Chrome - (Gas and Restaurant Card)
2% GAS AND RESTAURANTS:
- Earn 2% cash back at gas stations and restaurants on up to $1000 in combined purchases each quarter, automatically
STANDARD:
- Plus, earn an unlimited 1% on all other purchases automatically
What reason should you be giving when expediting a security deposit?
It would be that the Cardmember wants the refund faster.
Can we do a credit line increase or decrease on a secured card?
No. The credit line could not be decreased per the cm's request and the increase is no longer an option.
If the cm is looking for more specifics, including how we define "good status", we can provide what information?
They can visit Discover.com/securedFAQs or send the 'How to move to Unsecured card' eBrochure.
Where can you find when the last graduation tracker was sent to the cm?
In the memos
What are the requirements for the cash deposit when applying for the secured card?
Funds must be received within 21 calendar days of submitting the application.
When can we expedite the security deposit?
When the customer says they need it sooner and only if the account is Closed/Revoked- with no pending or posted purchases.
What is the minimum and maximum credit line for a secured card?
Minimum deposit is $200; Maximum $2500.
Once a cm qualifies for graduation, when does the process begin?
Graduation process begins on the cycle date.
Where can you find clear payment history?
F11 History
Are secured cards able to take advantage of the RAF reward?
Secured card accounts are not eligible to receive the RAF.
When can we send the security deposit to a bank account instead of a check?
Yes, if reissuing the check then cm has the choice of ach or check.
How are all secured cards reported to the credit bureaus?
All Secured cards are reported to all credit reporting agencies as a “Secured Credit Card”.
What does the memo say when we send a Graduation Tracker?
Secured Card Email Sent: Graduation Tracker Communication
Where can you find all details about the security deposit and whether the cm has graduated?
Under F11 History tab. Then under the "Security Deposit" tab at the bottom.
Can a secured card be a Student Card?
Secured card accounts cannot be student card accounts.