Yes, Chase offers the Secured Visa card, designed for people building or rebuilding credit
Chase's Secured Visa card is a real credit card backed by a cash deposit you place with the bank. You put money down — typically between $500 and $2,500 — and that becomes your credit limit. You then use the card like any other credit card, make monthly payments, and Chase reports your activity to the three major credit bureaus. After you demonstrate responsible use over time, Chase may convert it to an unsecured card and return your deposit.
The card is straightforward: there is no annual fee, and the interest rate (APR) varies based on your creditworthiness at the time you open the account. Chase does not may provide conversion to an unsecured card, but cardholders who pay on time and keep their balance low often see the upgrade happen within 6 to 18 months.
Key Takeaways
- Chase's Secured Visa requires a cash deposit between $500 and $2,500 that becomes your credit limit.
- The card has no annual fee and reports to all three credit bureaus, helping you build a credit history.
- Your deposit stays in a savings account at Chase and earns a small amount of interest while securing the card.
- Responsible use — paying on time and keeping your balance low — may lead Chase to convert the card to unsecured and return your deposit after several months.
How the deposit works and what it costs
When you open a Chase Secured Visa, you transfer money from your bank account into a savings account that Chase holds as collateral. This deposit is not a fee — it is your own money sitting in a Chase savings account. The deposit amount becomes your credit limit, so a $1,000 deposit gives you a $1,000 credit limit.
Chase pays interest on the deposit, though the rate is low (currently well under 1 percent annually, though rates change). You cannot withdraw the deposit while the card is active and secured. Once Chase converts the card to unsecured — or if you close the account — you get the deposit back in full, plus any interest earned.
There is no annual fee, no application fee, and no monthly fee. The only costs you face are the interest charges if you carry a balance month to month, just like a regular credit card.
Who should consider the Secured Visa
The Secured Visa makes sense if you have no credit history, a very low credit score, or a history of missed payments that you are working to overcome. It is also useful if you have been denied for regular credit cards and need a concrete way to show lenders you can handle credit responsibly.
The card is not the right choice if you already have access to unsecured credit cards with reasonable terms. If your credit is fair or better, a regular card will serve you better because you do not have to lock up cash as collateral. Check what unsecured options Chase or other banks offer before committing your deposit.
Building credit with the Secured Visa
The card only helps your credit if you use it and pay the bill on time. Chase reports your activity to Equifax, Experian, and TransUnion, so every on-time payment and every balance you carry gets recorded. This history becomes part of your credit score calculation.
To build credit fastest, use the card for small, regular purchases — a gas fill-up or a coffee — and pay the full balance each month. This shows lenders you can handle credit without running up debt. Avoid maxing out the card or missing payments, both of which damage your score and make conversion to unsecured status less likely.
Do not open the Secured Visa just to have it sit unused. An inactive card reports nothing to the bureaus and does not help your credit. You need actual transaction history to build a track record.
When Chase converts the card to unsecured
Chase does not publish a specific timeline or formula for conversion. The bank reviews accounts periodically and decides based on your payment history, how long you have held the card, your credit score at the time of review, and how much of your credit limit you typically use.
Most cardholders who pay on time and keep their balance well below the limit see conversion within 6 to 18 months. Some take longer. When Chase decides to convert, the bank notifies you by mail, and your deposit is returned to your bank account within a few business days. The card itself continues to work — it simply becomes unsecured, meaning there is no longer a deposit backing it.
Conversion is not may provide. If you miss payments or carry a very high balance, Chase may decline to convert and you may need to close the account and move on to another card issuer.
How to open a Chase Secured Visa
You can open the card online through Chase's website, by phone, or in person at a Chase branch. You will need to provide your Social Security number, proof of identity, and proof of address. Chase will pull your credit report, though the bank does approve people with low or no credit history.
Once approved, you transfer your deposit into the linked savings account. The card typically arrives within 7 to 10 business days. You can begin using it as soon as it arrives.
If you do not have a Chase checking or savings account already, you may need to open one as part of the process. Ask the bank or check their website for current requirements, as these can change.
Alternatives to the Chase Secured Visa
Other banks offer secured cards with similar terms. Capital One, Discover, and Bank of America all have secured card products. Compare the deposit requirements, interest rates on the deposit, and conversion timelines before deciding. Some cards offer rewards (like cash back) even while secured, which the Chase card does not.
If your credit is very low but you want to avoid a deposit, some card issuers offer unsecured cards designed for people rebuilding credit, though the interest rates are typically higher and the credit limits lower. Weigh whether paying higher interest on an unsecured card makes more sense than locking up a deposit on a secured card.
Frequently Asked Questions
Can I use my Chase Secured Visa right away after opening it?
No. You must first transfer your deposit into the linked savings account, then wait for the physical card to arrive by mail, which usually takes 7 to 10 business days. You can use the card as soon as it arrives.
What happens if I miss a payment on the secured card?
A missed payment is reported to the credit bureaus and damages your credit score, just like on any credit card. It also makes conversion to unsecured status much less likely. Chase may also charge a late fee. Pay on time to build credit and stay on track for conversion.
Can I increase my credit limit on the Secured Visa?
Yes, by increasing your deposit. You can add more money to the linked savings account, and Chase will raise your credit limit to match the new deposit amount. You cannot increase the limit without increasing the deposit.
Do I lose my deposit if I close the card?
No. Your deposit is always your money. If you close the account, Chase returns the full deposit plus any interest earned to your bank account. Closing the card does not forfeit the collateral.
Will the Secured Visa help me get approved for other credit cards later?
Yes. By building a positive payment history with the Secured Visa, you demonstrate to other lenders that you can handle credit responsibly. This history makes you a stronger candidate for unsecured cards from Chase and other banks after several months of on-time payments.