What is a 2-year Secured Variable Rate CD? Do I ever get the initial security deposit amount back from this CD? For example, if my initial deposit into this CD was $500 (meaning my credit card limit is $500), will I ever get my $500 back?
Excellent questions, @gofrogs19. A 2-year Secured Variable Rate CD is the CD that serves as deposit for a USAA Secured Credit Card. The term "Variable Rate" means that you can contribute funds to the CD in order to raise the credit limit on your card at any time, up to a maximum of $5,000. If you choose to close a Secured Credit Card, this will close the CD as well. Funds from the CD will be used to pay any outstanding balance on the account, and you'll receive a refund of the remainder. Please don't hesitate to reach out if you have any other questions. - Holland
Hello @19delta93, The Variable Rate CD does learn interest. You can see the details from your CD account details tab. Additionally, please review the email which was delivered to your personal email account the date the account was opened. Have a great day. ~ Lori
@GSDlover, At maturity, the secured variable rate CD will automatically renew with the same term and product type. Since the secured variable rate CD serves as collateral for the secured credit card, the CD cannot be closed without also closing the secured credit card. ~DC