Yes, Chase offers secured credit cards through two main products
Chase Bank does offer secured credit cards. The primary option is the Chase Secured Visa Card, which requires a cash deposit that serves as your credit limit. Chase also offers the Chase Sapphire Secured Credit Card in some cases, though availability varies and it may not be marketed as actively as the standard secured card.
Both cards report to the three major credit bureaus — Equifax, Experian, and TransUnion — so your payment history builds your credit score over time. The cards work like any other credit card: you charge purchases, receive a monthly statement, and make payments. The difference is that your deposit sits in a Chase savings account and backs the credit line.
Chase secured cards are designed for people rebuilding credit or establishing a credit history for the first time. They are not the same as prepaid cards — you are borrowing against your deposit, not spending it directly.
Key Takeaways
- Chase Secured Visa requires a cash deposit between $500 and $25,000 that becomes your credit limit.
- You need a Chase checking or savings account to open the card, and the deposit sits in a separate savings account.
- The card reports to all three credit bureaus, so on-time payments build your credit score.
- After 18 months of on-time payments, you may be able to convert to an unsecured card or have your deposit returned.
How the Chase Secured Visa Card works
When you open a Chase Secured Visa, you deposit money into a dedicated savings account. That deposit amount becomes your credit limit — if you deposit $2,000, your limit is $2,000. You cannot withdraw the deposit while the card is active, and Chase holds it as collateral.
You use the card to make purchases just like a regular credit card. Each month, Chase sends you a statement showing what you charged and what you owe. You make a payment (at least the minimum due) from your regular checking account, not from the secured savings account. The deposit stays untouched in the background.
The card carries an annual fee, which varies. As of the last update, Chase charged around $39 per year, though this can change. There is no interest charged on the deposit itself — it earns minimal interest in the savings account, typically a very low rate.
What you need to open the card
You must have an existing Chase checking or savings account to open a secured card. If you do not have one, you will need to open that first. Chase will verify your identity and run a credit check, though secured cards are designed for people with limited or poor credit history, so the credit check is less strict than for unsecured cards.
You will need a valid government-issued ID, your Social Security number, and proof of address. Chase will ask about your income and employment, though they do not verify these as strictly as they do for unsecured products.
The minimum deposit is typically $500, and the maximum is $25,000. You choose the amount you want to deposit, and that becomes your limit. There is no requirement to deposit the maximum.
Timeline and conversion to unsecured credit
After you open the card, your payment history starts building when ready. Chase reports your account to the credit bureaus each month, so on-time payments begin raising your credit score right away.
After 18 months of on-time payments, you become a candidate for conversion to an unsecured card. This is not automatic — Chase reviews your account and decides whether to offer you an upgrade. If approved, your deposit is returned to you, and you move to a regular unsecured card with a new credit limit that Chase determines.
Some customers convert sooner than 18 months, and some take longer. It depends on your payment history, credit score improvement, and Chase's internal policies at the time of review. You can contact Chase to ask about conversion, but they will not convert before you have demonstrated consistent on-time payments.
Fees and interest rates
The Chase Secured Visa Card charges an annual fee, currently around $39, though you should confirm the current amount when you open the account. There are no other monthly fees for holding the card.
The card carries a variable interest rate (APR) that applies to any balance you carry month to month. This rate is higher than unsecured cards because the card is designed for people with limited credit history. As of recent updates, the APR ranges from around 18% to 24%, depending on your creditworthiness at the time of approval.
If you pay your full statement balance each month, you pay no interest — the APR only applies to balances you carry. The deposit itself earns interest in the savings account, but the rate is typically very low, often less than 0.01% annually.
How the card affects your credit score
The Chase Secured Visa reports to Equifax, Experian, and TransUnion each month. This means every payment you make — on time or late — shows up on your credit report. On-time payments are the single biggest factor in building credit, so consistent payments help raise your score over time.
Your credit utilization also matters. If your limit is $2,000 and you charge $500 per month, your utilization is 25%, which is good for your score. Keeping utilization below 30% helps your score more than maxing out the card.
Late payments hurt your score significantly and stay on your report for seven years. Even one late payment can set back your credit-building progress, so setting up automatic payments or calendar reminders helps protect your score.
Alternatives if Chase is not available to you
If you do not have a Chase account or prefer not to use Chase, other banks offer secured cards with similar terms. Capital One, Discover, and Bank of America all offer secured credit cards with comparable deposit requirements and conversion timelines.
Some secured cards require lower minimum deposits — as low as $200 — while others have higher annual fees. The core mechanics are the same: you deposit money, use the card, make payments, and work toward conversion to unsecured credit.
If you are comparing options, look at the annual fee, the APR, and the minimum deposit amount. Also check whether the card reports to all three credit bureaus, since that affects how quickly your credit score improves.
Frequently Asked Questions
Can I use my deposit to make payments on the card?
No. Your deposit sits in a separate savings account and cannot be used to pay your monthly bill. You must make payments from your regular checking account or another source. The deposit is collateral only.
What happens if I miss a payment?
A missed payment is reported to the credit bureaus and damages your credit score. Chase may charge a late fee and increase your APR. If you miss multiple payments, Chase may close the account and keep your deposit to cover the debt, though this is rare if you contact them quickly.
Can I increase my credit limit without adding more money?
Not on a secured card. Your limit is tied directly to your deposit. To raise your limit, you must deposit more money. Once you convert to an unsecured card, Chase may increase your limit without requiring additional deposits.
How long does it take to get approved?
Chase typically approves secured card applications within a few business days if you already have a Chase account. If you need to open a checking or savings account first, that may add a few days. Once approved, your card arrives by mail within 7 to 10 business days.
Will closing the card hurt my credit score?
Closing any credit card can lower your score slightly because it reduces your total available credit and may increase your utilization ratio on other cards. However, closing a secured card after you have converted to unsecured credit or built your score is usually less damaging than closing a long-standing account.