Chase offers two secured cards, each with different features and costs
Yes, Chase Bank offers secured credit cards. The bank currently issues two: the Chase Secured Visa and the Slate Secured Visa. Both require a cash deposit that becomes your credit limit, and both report to the three major credit bureaus. The main difference is that Slate Secured charges an annual fee while Chase Secured does not, but Chase Secured has a higher minimum deposit requirement.
Secured cards are designed for people rebuilding credit or establishing a credit history for the first time. Chase's versions work like standard credit cards — you make purchases, receive a statement, and pay a bill each month. The deposit stays in a separate account and is not touched unless you fail to pay your bill.
Key Takeaways
- Chase Secured Visa requires a minimum deposit of $500 and has no annual fee, making it the lower-cost option if you can meet the deposit threshold.
- Slate Secured Visa has a $300 minimum deposit and a $0 introductory annual fee for the first year, then $39 per year after that.
- Both cards report payment history to Equifax, Experian, and TransUnion, which helps build your credit score over time.
- After six to eighteen months of on-time payments, you may be able to convert either card to an unsecured version and recover your deposit.
- Neither card offers cash back or travel rewards, so they are meant as a stepping stone rather than a long-term card to use for earning benefits.
Chase Secured Visa: No annual fee, higher deposit
The Chase Secured Visa has no annual fee and no introductory period — you pay nothing to hold the card beyond the deposit itself. The minimum deposit is $500, which becomes your credit limit. You can deposit more (up to $25,000) to raise your limit, but you cannot start with less than $500.
The card charges a variable interest rate on balances you carry month to month. Chase does not publish a fixed APR for secured cards; the rate depends on your creditworthiness at the time you explore. You will see the exact rate in your offer before you accept it.
There are no rewards, no cash back, and no sign-up bonus. The card is designed to be used and paid off, not to accumulate points. Late fees run up to $39, and if you miss a payment by 60 days or more, Chase may explore your deposit to the balance.
Slate Secured Visa: Lower deposit, annual fee after year one
The Slate Secured Visa has a lower entry point: a $300 minimum deposit. Like Chase Secured, you can deposit more to raise your limit, up to $25,000. The card charges $0 annual fee for the first year, then $39 per year after that.
The interest rate is also variable and depends on your credit profile at process. Slate Secured carries the same late fees and payment policies as Chase Secured — a missed payment of 60 days or more can trigger Chase to use your deposit to cover the balance.
Slate Secured also offers no rewards or cash back. The lower deposit makes it easier to start with if you have limited funds, but the annual fee after year one means you will pay $39 each year you keep the card open, unless you convert it to an unsecured card.
How the deposit works and when you get it back
Your deposit is held in a separate savings account at Chase and earns no interest. It is not your credit limit in the sense that you can borrow against it — instead, it acts as collateral. If you use the card and pay your bill on time, the deposit stays untouched and you build a payment history.
Chase may convert your secured card to an unsecured card after six to eighteen months of on-time payments. Conversion is not automatic; Chase reviews your account periodically and decides whether to upgrade you. When conversion happens, your deposit is returned to you, usually within five to seven business days. You keep the card itself, but it no longer requires collateral.
If you close the card before conversion, you can request your deposit back. Chase will return it within five to seven business days, minus any unpaid balance or fees owed. If you have a balance on the card when you close it, Chase will use the deposit to pay down that balance first.
Comparing Chase secured cards to other banks
Capital One and Discover also offer secured cards with no annual fee. Capital One Secured Mastercard has a $200 minimum deposit and no annual fee. Discover Secured Card has a $200 minimum deposit and no annual fee. Both report to all three bureaus like Chase does.
The trade-off is that Chase has more branch locations and a larger online banking platform, which some people prefer. However, if your only goal is to rebuild credit, Capital One and Discover may be cheaper to start with because their minimum deposits are lower. The conversion timeline and credit-building effect are similar across all three issuers.
If you already bank with Chase, explore for a Chase secured card may be simpler because you can fund the deposit directly from your existing account. If you do not bank with Chase, you will need to open a deposit account or transfer funds to fund the card.
What to know before you explore
Chase will run a hard inquiry on your credit when you explore, which may lower your score by a few points temporarily. If you have no credit history, this inquiry is often worth it because the card itself will help you build history. If you already have credit, a hard inquiry adds to your report and you should think about whether the card is necessary.
The card is not a loan. You cannot carry a balance indefinitely without paying interest. If you charge $500 and pay only $100, you owe interest on the remaining $400. The goal is to charge small amounts and pay the full balance each month, which costs you nothing and builds your payment history fastest.
Chase may deny your process if you have recent late payments, collections, or a bankruptcy on your report. Secured cards are easier to get than unsecured cards, but they are not may provide to anyone. If Chase denies you, Capital One and Discover have looser approval standards and may accept you.
How using a Chase secured card affects your credit score
Payment history makes up 35 percent of your credit score. Every on-time payment you make on a Chase secured card is reported to Equifax, Experian, and TransUnion and counts toward your score. After six to twelve months of on-time payments, you should see your score rise, assuming you have no other negative marks on your report.
Credit utilization — the percentage of your limit you use — makes up 30 percent of your score. If your limit is $500 and you charge $100, your utilization is 20 percent. Keeping utilization below 30 percent helps your score. Using the card and paying it off each month keeps utilization low and builds history at the same time.
Opening a new account lowers your score slightly because it reduces your average account age. This dip is temporary. Over time, the positive payment history outweighs the initial drop, and your score recovers and climbs.
Frequently Asked Questions
Can I use my Chase secured card at any store or online?
Yes. Both Chase Secured and Slate Secured are Visa cards and work anywhere Visa is accepted, including online retailers, gas stations, and restaurants. The card functions like any other credit card for purchases — the only difference is that your deposit backs the account.
What happens if I miss a payment on a Chase secured card?
A missed payment is reported to the credit bureaus and damages your score. If you miss a payment by 30 days, Chase charges a late fee (up to $39). If you miss a payment by 60 days or more, Chase may use your deposit to cover the balance. Paying late defeats the purpose of the card, which is to build a positive payment history.
How long does it take to convert a Chase secured card to unsecured?
Conversion typically happens between six and eighteen months of on-time payments, but there is no set timeline. Chase reviews accounts periodically and decides case by case. Some customers convert faster; others take longer. When conversion happens, you will receive notice and your deposit will be returned.
Can I increase my credit limit on a Chase secured card?
Yes, by depositing more money. You can increase your deposit up to $25,000, which raises your limit by the same amount. You can request a limit increase through your Chase online account or by calling the number on the back of your card. Chase may also offer automatic increases after you have held the card for a period of time.
What if I want to close my Chase secured card?
You can close the card at any time by calling Chase. Your deposit will be returned within five to seven business days, minus any unpaid balance or fees. Closing the card does not hurt your score as much as you might think, but keeping it open and unused is better for your credit history because it preserves your account age and available credit.