Yes, Chase offers secured credit cards, but availability depends on your location and current banking relationship
Chase offers the Chase Secured Visa Card, which requires a cash deposit that becomes your credit limit. This card is designed for people building or rebuilding credit history. The deposit stays in a separate account at Chase and earns a small amount of interest while you hold the card.
However, Chase does not always market this card prominently on its main website. You may need to call Chase directly at 1-800-935-9935 or visit a Chase branch in person to learn whether you can open one. Availability can vary based on your credit history, existing Chase accounts, and your state.
If Chase's secured card is not available to you, other banks offer secured cards with similar terms. The key difference between Chase and competitors is that Chase reports your payment history to all three credit bureaus (Equifax, Experian, and TransUnion), which helps build your credit score over time.
Key Takeaways
- The Chase Secured Visa Card requires a cash deposit ranging from $200 to $2,500, which becomes your credit limit.
- Your deposit earns interest while held at Chase, though the rate is typically very low (currently under 0.5% annually).
- Chase reports your payment activity to all three credit bureaus, so on-time payments help build your credit history.
- You may graduate to an unsecured card after 6 to 18 months of responsible use, at which point Chase returns your deposit.
- If you cannot open a Chase secured card, other banks like Capital One, Discover, and US Bank offer secured cards with comparable features.
How the Chase Secured Card deposit works
When you open a Chase Secured Visa Card, you deposit money into a savings account that Chase holds as collateral. That deposit amount becomes your credit limit. For example, if you deposit $500, your credit limit is $500. Chase currently requires a minimum deposit of $200 and a maximum of $2,500.
The deposit is not a fee — it remains your money. Chase holds it separately from your checking or savings accounts, and you cannot withdraw it while the card is active. The account earns interest, though the rate fluctuates. As of early 2024, Chase's rate on secured card deposits is below 0.5% annually, which means you earn very little.
If you close the card or default on payments, Chase can use the deposit to cover what you owe. If you pay on time and eventually graduate to an unsecured card, Chase returns the full deposit to you.
What happens after you use the card responsibly
Chase does not automatically convert your secured card to an unsecured card. Instead, you must request a conversion, usually after 6 to 18 months of on-time payments. The exact timeline depends on your credit score improvement and payment history.
When you request conversion, Chase reviews your account. If approved, they return your deposit and issue you an unsecured Chase card with a new credit limit (often higher than your deposit amount). Your credit limit on the unsecured card is based on your creditworthiness at that time, not your deposit.
Some cardholders never request conversion and keep the secured card indefinitely. This is a valid choice if you want to maintain a low-limit card for specific spending or if you prefer the structure of a secured product.
Annual fees and interest rates on the Chase Secured Card
The Chase Secured Visa Card has an annual fee of $39. This is charged once per year and is deducted from your available credit, so it reduces the amount you can spend. Some competing secured cards charge no annual fee, so this is a factor to weigh against Chase's advantage of reporting to all three bureaus.
The card carries a variable interest rate (APR) that changes with market conditions. As of early 2024, the APR ranges from 18.99% to 24.99%, depending on your creditworthiness at the time of approval. This is higher than most unsecured cards, but typical for secured products aimed at people with limited or damaged credit.
If you carry a balance, interest accrues daily on any amount you do not pay in full by the due date. To avoid interest charges, pay your full statement balance each month.
How to open a Chase Secured Card
You can begin the process by calling Chase at 1-800-935-9935 or by visiting a Chase branch in person. Online applications for the secured card are not always available on Chase's website, which is why a phone call or branch visit is often the fastest route.
When you contact Chase, have the following information ready: your Social Security number, current address, employment status, and annual income. Chase will pull your credit report and make a decision within a few minutes if you call, or within a few business days if you apply in branch.
If approved, you will need to fund the deposit. Chase typically allows you to transfer money from an existing Chase account or to set up a new deposit account. The card is usually mailed within 7 to 10 business days after your deposit clears.
When Chase might decline you for a secured card
Chase may decline your application if you have a very recent bankruptcy, active fraud disputes, or a history of defaults with Chase specifically. Having poor credit does not automatically disqualify you — secured cards exist for people with limited credit history — but Chase does review your overall banking behavior.
If Chase declines you, ask why. Sometimes the reason is temporary (for example, a recent late payment that will age off your report). You can reapply after 30 to 90 days if circumstances have changed.
If Chase declines you and you need a secured card, Capital One Secured Mastercard, Discover Secured Card, and US Bank Secured Visa Card are alternatives that often approve applicants with lower credit scores or shorter credit histories.
Comparing Chase to other secured card options
| Card | Minimum Deposit | Annual Fee | Reports to All Three Bureaus | Typical APR Range |
|---|---|---|---|---|
| Chase Secured Visa | $200 | $39 | Yes | 18.99%–24.99% |
| Capital One Secured Mastercard | $200 | $0 | Yes | 18.9%–24.9% |
| Discover Secured Card | $200 | $0 | Yes | 16.99%–24.99% |
| US Bank Secured Visa | $300 | $29 | Yes | 18.99%–24.99% |
The main advantage of Chase is that it reports to all three bureaus and has a low minimum deposit. The main disadvantage is the $39 annual fee. Capital One and Discover charge no annual fee, which saves you money over time if you keep the card for several years. US Bank charges a lower annual fee ($29) but requires a higher minimum deposit ($300).
All four cards report to the three major bureaus, so your payment history will build your credit score regardless of which you choose. The decision often comes down to whether you already have a relationship with Chase (which can make approval easier) or whether you want to avoid the annual fee.
Frequently Asked Questions
Can I use my Chase Secured Card everywhere a regular credit card is accepted?
Yes. The Chase Secured Visa Card works anywhere Visa is accepted, both in stores and online. Merchants cannot tell it is a secured card. The only limitation is your credit limit, which equals your deposit amount.
What happens if I miss a payment on my secured card?
A missed payment is reported to the credit bureaus and damages your credit score. If you miss a payment by 30 days or more, Chase may use your deposit to cover the debt. You will also face late fees and a higher interest rate on any remaining balance.
Can I increase my credit limit without adding more money?
Not on a secured card. Your credit limit is tied to your deposit. If you want a higher limit, you must deposit more money. Once you graduate to an unsecured card, Chase may increase your limit based on your creditworthiness.
How long does it take to build credit with a Chase Secured Card?
Credit score improvement depends on your starting point and payment behavior. Most people see measurable improvement within 6 to 12 months of on-time payments. Your score will also improve as negative items age off your credit report over time.
What if I want to close my secured card before graduating to unsecured?
You can close the card at any time. Chase will return your deposit within 7 to 10 business days. Closing the card does not hurt your credit score, but it does reduce your available credit, which may slightly lower your score in the short term.