Yes, Chase offers secured credit cards, but only through specific products and with requirements that differ from their standard cards
Chase Bank does offer secured credit cards, though the selection is smaller than what you'll find at other major banks. The primary option is the Chase Secured Visa Card, which requires a cash deposit that becomes your credit limit. This card reports to all three credit bureaus — Equifax, Experian, and TransUnion — so the payment history you build shows up on your credit report and can help raise your credit score over time.
Chase also offers the Chase Slate Edge Secured Credit Card in some cases, though availability varies by region and current credit profile. Both cards function the same way: you deposit money into a savings account held by Chase, and that deposit amount becomes your spending limit. You then make monthly payments on purchases just like a regular credit card.
The key difference between Chase secured cards and unsecured cards is that Chase holds your deposit as collateral. If you stop paying your bill, Chase can use that deposit to cover what you owe. This protection is why banks offer secured cards to people with no credit history or damaged credit — the risk to the bank is lower.
Key Takeaways
- Chase Secured Visa Card requires a cash deposit between $500 and $2,500 that becomes your credit limit.
- Your monthly payments and account activity report to all three credit bureaus, building a credit history that may help your score improve.
- After 6 to 18 months of on-time payments, you may be able to convert to an unsecured card and get your deposit back.
- Chase charges an annual fee on secured cards, typically $39 to $49, which is higher than many of their unsecured options.
How the Chase Secured Visa Card deposit works
When you open a Chase Secured Visa Card, you choose how much to deposit, within Chase's limits. That deposit sits in a savings account that earns a small amount of interest — currently a variable rate that changes with market conditions. Your credit limit equals your deposit amount, so a $1,000 deposit gives you a $1,000 limit.
You cannot touch that deposit while the account is open. Chase freezes it as collateral. If you miss payments or default on the card, Chase will take money from the deposit to pay what you owe. Only when you close the account or convert to an unsecured card do you get the deposit back.
The deposit is separate from your credit limit. You still need to make monthly payments on what you charge, just as you would with any credit card. The deposit is not a payment — it is security for Chase.
Annual fees and interest rates on Chase secured cards
Chase Secured Visa Card charges an annual fee of $39. This fee appears on your statement once per year and counts as a charge against your account, so it affects your available credit. If your limit is $500 and you pay the annual fee, you have $461 left to spend that month.
Interest rates on Chase secured cards vary based on your creditworthiness at the time you open the account. Rates typically range from the mid-teens to the low 20s as a percentage, though the exact rate depends on your credit report and income. Chase will tell you the rate before you complete the process.
Unlike some secured cards from other banks, Chase does not waive the annual fee for the first year. You pay it when ready, even if you only use the card for a few months.
When Chase converts a secured card to unsecured
Chase does not have a set timeline for converting your secured card to an unsecured one. Instead, the bank reviews your account periodically — usually after 6 to 18 months — and decides whether to offer you an upgrade based on your payment history and credit score improvement.
To be considered for conversion, you need to make all payments on time, keep your balance low relative to your limit, and show that your credit profile has improved. Missing even one payment can delay or prevent an upgrade offer.
When Chase does offer a conversion, you get your deposit back in full. The new unsecured card may have a different annual fee, different interest rate, and different credit limit. Chase will tell you the terms before you accept the upgrade.
How Chase secured cards compare to other banks
Chase's secured card offering is narrower than competitors like Capital One, Discover, or U.S. Bank, which each offer multiple secured products with different features. Capital One's Secured Mastercard, for example, has no annual fee and a lower minimum deposit of $200. Discover's Secured Card also has no annual fee and reports to all three bureaus.
Chase's advantage is that it is a major bank with strong customer service and a large branch network. If you already bank with Chase, opening a secured card keeps everything in one place. Chase also offers a path to unsecured products once your credit improves, and those unsecured cards often have better rewards and lower fees than competitors.
The trade-off is that Chase's secured card costs more upfront due to the annual fee and may have a higher interest rate than some alternatives. If cost is your primary concern, comparing the first-year total cost — deposit plus annual fee plus interest on a typical balance — across banks can help you decide.
What happens if you miss a payment on a Chase secured card
Missing a payment on a Chase secured card has the same consequences as missing a payment on any credit card: the late payment reports to the credit bureaus, damaging your credit score. Chase typically reports payments 30 days late to the bureaus, and the damage worsens if you go 60 or 90 days without paying.
If you fall behind, Chase may use your deposit to cover the missed payment. This reduces your available credit and your deposit balance simultaneously. For example, if you have a $1,000 deposit and miss a $200 payment, Chase might take $200 from the deposit, leaving you with $800 in collateral and an $800 credit limit.
If your deposit runs out and you still owe money, Chase treats it like any other credit card debt: they may charge off the account, send it to collections, or pursue legal action. The deposit does not protect you from the consequences of non-payment — it only protects Chase.
How to open a Chase Secured Visa Card
You can open a Chase Secured Visa Card online through Chase's website, by phone, or in person at a Chase branch. The online process takes about 10 minutes and asks for your Social Security number, income, employment history, and current address.
Chase will pull your credit report and give you a decision within minutes in most cases. If you are approved, you choose your deposit amount and fund it when ready. Chase typically issues the card within 7 to 10 business days.
You do not need to be an existing Chase customer to open a secured card, but having a Chase checking or savings account can speed up the process. If you do not have a Chase account, you may need to open one to fund the deposit, depending on how you choose to pay.
Frequently Asked Questions
Can I use my Chase Secured Card right away after opening it?
No. You must fund your deposit first, and Chase must process it. Once the deposit clears — usually within one to three business days — your card becomes active. The physical card itself arrives by mail within 7 to 10 business days, but you can often use the card number online before the physical card arrives.
What credit score do I need to open a Chase Secured Card?
Chase does not publish a minimum credit score requirement. The bank reviews your full credit report, not just a score. People with no credit history, recent late payments, or low scores have been approved, but approval is not may provide. The best way to know is to explore — a soft inquiry does not hurt your score.
Can I increase my credit limit on a Chase Secured Card?
Yes, but only by increasing your deposit. You can add money to your savings account, and Chase will raise your credit limit to match the new deposit total. There is no separate credit limit increase without a deposit increase.
Do I earn rewards on a Chase Secured Card?
No. Chase Secured Visa Card does not earn cash back, points, or miles on purchases. This is standard for secured cards across the industry. Once you convert to an unsecured Chase card, you may earn rewards depending on which card you move to.
What happens to my deposit if I close the account?
Chase returns your full deposit to the account you used to fund it, usually within 7 to 10 business days of closing. If you have an outstanding balance on the card when you close it, Chase may hold the deposit until the balance is paid in full.