Yes, Chase offers secured credit cards through two main products

Chase Bank offers the Chase Secured Visa Card, which requires a cash deposit that becomes your credit limit. You put money into a savings account held by Chase, and that deposit amount — typically between $200 and $2,500 — sets your spending limit. The card reports to all three credit bureaus, so responsible use builds your credit history.

Chase also offers the Chase Freedom Secured Credit Card in some cases, though availability varies by applicant. Both cards charge an annual fee (currently $39 for the Secured Visa Card) and carry interest rates that vary based on creditworthiness at the time you open the account.

The main difference between a secured card and a standard card is that Chase holds your deposit as collateral. You're not borrowing against the deposit — you're using the card normally and paying a monthly bill. The deposit simply sits in a linked savings account while you build credit history.

Key Takeaways

  • Chase Secured Visa Card requires a cash deposit between $200 and $2,500 that becomes your credit limit, with a $39 annual fee.
  • Your deposit stays in a Chase savings account and earns a small amount of interest while you use the card.
  • The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit score.
  • After 18 months of responsible use, Chase may convert your account to an unsecured card and return your deposit, though this is not may provide.
  • You can close the account at any time and receive your deposit back, minus any unpaid balance or fees.

How the deposit and credit limit work

When you open a Chase Secured Visa Card, you choose your deposit amount within Chase's range. If you deposit $500, your credit limit is $500. Chase holds this money in a savings account linked to your card account and typically pays a small interest rate on the deposit — the rate changes based on market conditions.

You use the card like any other credit card: make purchases, receive a monthly statement, and pay your bill. The deposit is not automatically applied to your bill. If you don't pay your statement balance, Chase charges interest on the unpaid amount, just as they would with an unsecured card. Your deposit remains untouched unless you close the account or fail to pay your bill.

If you want to increase your credit limit later, you can add more money to your deposit. Chase will increase your limit by the amount you add. You cannot increase your limit by charging more on the card itself — the deposit amount is the hard ceiling.

Annual fees and interest rates

The Chase Secured Visa Card charges a $39 annual fee, which appears on your statement once per year. This fee is separate from any interest charges on your balance. Some cardholders see the annual fee waived in the first year, though this is not may provide and depends on current Chase promotions.

Interest rates (called the Annual Percentage Rate, or APR) for secured cards are typically higher than rates on unsecured cards. Chase's APR for the Secured Visa Card varies but often falls between 18% and 24%, depending on your credit profile at the time you open the account. This rate is fixed, meaning it does not change based on market conditions after you open the card.

If you carry a balance, interest accrues daily on the unpaid amount. The best way to avoid interest charges is to pay your full statement balance each month. Even small balances can grow quickly at these rates.

Building credit with a secured card

Chase reports your account activity to Equifax, Experian, and TransUnion every month. This means your payment history, credit utilization (how much of your limit you use), and account age all appear on your credit report. Lenders use this information to calculate your credit score.

To build credit effectively, pay at least the minimum payment by the due date every month — ideally pay the full balance. Keep your balance low relative to your limit; using more than 30% of your available credit can hurt your score, even if you pay on time. After several months of on-time payments and low utilization, you should see your credit score improve.

The secured card stays on your credit report even after you close it, so the account history continues to help your score. However, closing the account does stop the monthly reporting, which can slightly lower your score in the short term because your average account age decreases.

When Chase converts a secured card to unsecured

After 18 months of on-time payments, Chase reviews your account for conversion to an unsecured card. Conversion is not automatic — Chase evaluates your payment history, credit score, and account activity. If approved, Chase returns your deposit to you and converts your account to a standard Chase credit card with a higher credit limit.

If Chase does not convert your account after 18 months, you can request a review or simply continue using the secured card. Some cardholders use secured cards for longer periods by choice, especially if they have limited credit history or are rebuilding after past problems.

Conversion terms vary. Some converted accounts keep the same annual fee; others may move to a card with a different fee structure. Chase will notify you in writing if your account is converted, and you have the right to decline the conversion and keep the secured card instead.

Closing the account and getting your deposit back

You can close your Chase Secured Visa Card at any time by calling Chase customer service or visiting a branch. When you close the account, Chase returns your deposit within 7 to 10 business days, minus any unpaid balance, annual fees, or other charges owed to Chase.

If you have an unpaid balance when you close the account, Chase deducts that amount from your deposit before returning the remainder. For example, if your deposit was $500 and you owe $150 on your statement, Chase returns $350. If you owe more than your deposit amount, you still owe the difference.

Closing the account does not hurt your credit score immediately, but it does remove the account from your active credit mix. If this is your only credit account, closing it can lower your score because you lose the positive payment history it generates each month.

Alternatives if Chase is not an option

Other banks and credit unions offer secured cards with different terms. Capital One, Discover, and U.S. Bank all have secured card products with varying deposit requirements, annual fees, and conversion timelines. Credit unions sometimes offer secured cards with lower fees or higher interest rates on deposits.

If you cannot meet Chase's minimum deposit requirement or prefer different terms, comparing other secured card products may help. Some cards have no annual fee, while others offer higher interest on your deposit. The trade-off is usually that cards with lower fees or higher deposit interest rates have higher APRs on balances.

If you have access to a credit-builder loan through a credit union or nonprofit lender, that may be an alternative to a secured card. Credit-builder loans work differently — you borrow money that sits in a savings account, make payments over time, and receive the money at the end. Some people find this structure easier to manage than a credit card.

Frequently Asked Questions

Can I use my deposit to pay my credit card bill?

No. Your deposit is held separately in a savings account and does not automatically pay your statement. You must make a separate payment from your checking account, debit card, or bank transfer. If you do not pay your bill, Chase charges interest on the unpaid amount, and your deposit remains untouched.

What happens if I miss a payment on the secured card?

Missing a payment damages your credit score and appears on your credit report. Chase charges late fees (typically $25 to $35 for the first late payment) and a higher APR may apply. Repeated missed payments can lead to account closure. Your deposit is not automatically used to cover missed payments.

Can I increase my credit limit without adding more money to my deposit?

No. With a secured card, your credit limit is tied directly to your deposit amount. To raise your limit, you must add more money to your deposit account. After conversion to an unsecured card, Chase may increase your limit based on your creditworthiness without requiring additional deposits.

Does Chase offer a secured card with no annual fee?

Currently, the Chase Secured Visa Card carries a $39 annual fee. Chase occasionally runs promotions that waive the first-year fee, but this is not may provide. Check Chase's website or speak with a representative about current offers before opening an account.

How long does it take to build credit with a secured card?

Most people see measurable credit score improvement within 3 to 6 months of on-time payments and low utilization. Significant improvement typically takes 12 to 18 months. The timeline depends on your starting credit score, how much you use the card, and whether you have other accounts reporting to the bureaus.