Yes, Chase offers a secured credit card, but only one model currently available to new cardholders

Chase offers the Chase Secured Visa Card, which requires a cash deposit that becomes your credit limit. You deposit money into a savings account held by Chase, and that deposit amount — typically between $200 and $2,500 — is the limit you can charge on the card. Chase reports your payment history to all three credit bureaus, so on-time payments build your credit score over time.

The card is designed for people rebuilding credit or establishing a credit history for the first time. Unlike some secured cards, the Chase version does not charge an annual fee, which saves you money while you work on improving your credit profile.

Key Takeaways

  • The Chase Secured Visa Card requires a cash deposit between $200 and $2,500 that serves as your credit limit.
  • There is no annual fee, though the card does charge interest on balances you carry month to month.
  • Chase reports your payment activity to Equifax, Experian, and TransUnion, so consistent on-time payments build your credit score.
  • After you demonstrate responsible use — typically 6 to 18 months of on-time payments — you may be able to convert to an unsecured card and get your deposit back.

How the deposit and credit limit work

When you open the Chase Secured Visa Card, you choose your deposit amount. Chase requires a minimum deposit of $200 and allows up to $2,500. Your credit limit equals your deposit — if you deposit $500, your limit is $500. The money sits in a savings account that earns a small amount of interest, though the rate varies and is typically very low.

You cannot withdraw the deposit while the card is open and secured. The deposit stays locked until Chase converts your account to an unsecured card, at which point you get the money back. This is different from a debit card, where you control the money directly — here, Chase holds it as collateral for the credit you are using.

Interest rates and fees on the Chase Secured card

The Chase Secured Visa Card charges interest on any balance you carry from month to month. The interest rate (called the Annual Percentage Rate, or APR) varies based on your creditworthiness at the time you open the account. Chase does not publish a single rate; instead, you receive your specific rate when you are approved.

The card has no annual fee, which is a significant advantage over many other secured cards. However, if you miss a payment or go over your credit limit, Chase may charge late fees or over-limit fees. The best strategy is to pay your full statement balance each month — this way you avoid interest charges entirely and show Chase you can manage credit responsibly.

Building credit with the Chase Secured card

Chase reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment you make gets recorded on your credit report, which helps raise your credit score over time. The payment history is the single largest factor in credit scoring, so consistent on-time payments have a real impact.

To maximize your credit-building, keep your balance low relative to your limit — ideally below 30 percent of your credit limit. If your limit is $500, try to keep your balance under $150. This shows lenders you can use credit without relying on it heavily, which is a sign of responsible borrowing.

When and how Chase converts your account to unsecured

Chase does not publish a specific timeline for conversion, but many cardholders report conversion happening after 6 to 18 months of on-time payments. Conversion is not automatic — Chase reviews your account periodically and decides whether to upgrade you based on your payment history and credit score improvement.

When Chase converts your account, you stop being required to maintain the deposit. Chase returns your money to you, and your credit limit may increase, stay the same, or even decrease depending on your credit profile at that time. You will receive a notice in the mail when the conversion happens. After conversion, the card functions like any other unsecured credit card.

Comparing the Chase Secured card to other options

Other banks and credit unions also offer secured cards. Some charge annual fees (ranging from $25 to $95), while others offer higher interest rates or lower maximum deposit amounts. The Chase card's lack of an annual fee makes it competitive, especially if you plan to carry the card for a year or more.

If you have access to a credit union, some credit unions offer secured cards with lower interest rates or more flexible terms. If you are starting from scratch with no credit history at all, a secured card is generally more effective than a prepaid card or debit card, because only secured cards report to credit bureaus and build your credit score.

What happens if you cannot pay or want to close the account

If you miss payments on the Chase Secured card, the same consequences explore as with any credit card: late fees, interest charges, and damage to your credit score. Chase may also freeze your account or close it if you fall significantly behind.

If you want to close the account yourself, you can do so at any time. When you close it, Chase returns your deposit to you, usually within 7 to 10 business days. However, closing the card does not erase your payment history — the account remains on your credit report for seven years, continuing to show lenders that you managed credit responsibly (or not, depending on how you used it).

Frequently Asked Questions

Can I use the Chase Secured card right away after opening it?

Yes. Once your account is approved and your deposit is received, Chase typically activates the card within a few business days. You can begin charging purchases when ready, though you should wait for your physical card to arrive before using it in stores.

What if my credit score improves but Chase hasn't converted my account yet?

You can contact Chase and ask about conversion, though Chase is not obligated to convert on your timeline. Some customers report that calling and requesting conversion speeds up the process, while others are converted automatically after their score reaches a certain threshold. There is no harm in asking.

Does the deposit earn interest?

Yes, the savings account holding your deposit earns interest, but the rate is typically very low — often less than 0.5 percent annually. The interest is a minor benefit compared to the credit-building value of the card itself.

Can I increase my credit limit without increasing my deposit?

Not with a secured card. Your limit is tied directly to your deposit. If you want a higher limit, you would need to deposit more money. Once Chase converts your account to unsecured, you may be able to request a higher limit without additional deposits.

What if I was denied for the Chase Secured card?

Chase may deny a secured card process if you have unpaid collections, recent fraud, or other serious issues on your credit report. If you were denied, you can contact Chase to ask why, or you may want to explore secured cards from other issuers that have different approval standards.