If you decide to cancel your secured card, we recommend that you pay your balance owing in full so that your account can be reported to the credit bureaus as closed and paid in full. We will then refund your full security deposit. If you cannot - or choose not to - pay the balance owing on the card we will use part or all of your deposit to cover the balance and return the remainder to you. Provided you are not over your limit after cancellation, we can still report your file as closed and paid to the credit bureaus.