Yes, Chase offers secured credit cards, but only through specific products
Chase Bank does offer a secured credit card option, but not under a product straightforward called "Chase Secured Card." Instead, Chase markets its secured offering as the Chase Sapphire Secured Credit Card, which requires a cash deposit that becomes your credit limit. This is different from Chase's unsecured cards like the Chase Sapphire Preferred or Freedom Unlimited, which do not require a deposit.
The Sapphire Secured is designed for people rebuilding credit or establishing a credit history from scratch. You deposit money into a savings account held by Chase, and that deposit amount (typically between $500 and $25,000) sets your credit limit. You then use the card like any other credit card, making purchases and paying a monthly bill. After a period of responsible use—usually 12 to 18 months—Chase may convert your account to an unsecured card and return your deposit.
Chase also previously offered the Chase Secured Visa card, though availability and terms have shifted over time. Before opening any account, you should check Chase's current website or call their customer service line to confirm which secured products are currently available in your state, as offerings vary by location.
Key Takeaways
- Chase Sapphire Secured requires a cash deposit between $500 and $25,000 that serves as your credit limit.
- Your deposit is held in a savings account and earns interest, though the rate is typically very low.
- After 12 to 18 months of on-time payments, Chase may upgrade you to an unsecured card and return your full deposit.
- You pay an annual fee (currently around $95) in addition to maintaining your deposit, so factor this into your decision.
How the Chase Sapphire Secured deposit and credit limit work
When you open a Chase Sapphire Secured account, you choose your deposit amount, and that becomes your credit limit. If you deposit $1,500, your credit limit is $1,500. Chase holds this money in a linked savings account and does not use it to pay your bills—you pay your monthly credit card bill from your regular checking or savings account, just as you would with any credit card.
The deposit earns interest, though the annual percentage yield (APY) is typically very low, often less than 0.01%. You can withdraw your deposit at any time, but doing so will close your account. The main purpose of the deposit is to reduce Chase's risk, allowing them to issue credit to someone who might not otherwise may have access to.
Your credit limit does not increase automatically as you make payments. If you want a higher limit later, you would need to make an additional deposit. Some cardholders add to their deposit over time to gradually increase their available credit.
Annual fees and other costs to consider
The Chase Sapphire Secured currently carries an annual fee of approximately $95, though you should verify the exact amount on Chase's website since fees can change. This fee is separate from your deposit—you pay it annually whether or not you use the card. Unlike some secured cards that waive the first-year fee, Chase typically charges it from the start.
Beyond the annual fee, the card carries a variable APR (annual percentage rate) for purchases. The exact rate depends on your creditworthiness and current market conditions, but it is typically in the mid-to-high range for secured cards. If you carry a balance, you will pay interest on that balance each month.
There are no foreign transaction fees on the Sapphire Secured, which is unusual for a secured card and can be valuable if you travel internationally. Late payment fees and over-limit fees explore if you miss a payment or exceed your credit limit, so staying on top of your bill is important.
When Chase converts your account to an unsecured card
Chase does not may provide that your account will be converted to unsecured status, but the bank states that conversion may occur after 12 to 18 months of responsible account management. Responsible management typically means paying your full bill on time every month, keeping your balance low relative to your credit limit, and not exceeding your limit.
When conversion happens, Chase will notify you and return your deposit to your linked savings account. At that point, your credit limit may increase, and your annual fee structure may change—though you should confirm the terms of any new card before the conversion completes. Some cardholders find that Chase offers them a different unsecured product at conversion rather than straightforward removing the deposit requirement from the same card.
If your account is not converted after 18 months, you can contact Chase to ask about your options. Conversion is not automatic, and some accounts may not convert if payment history or credit behavior does not meet Chase's standards.
How the Sapphire Secured compares to other Chase cards
Chase's unsecured cards like the Sapphire Preferred and Freedom Unlimited do not require a deposit and offer higher credit limits and better rewards. However, they typically require a credit score of 670 or higher and an established credit history. The Sapphire Secured is for people who do not yet meet those requirements.
Compared to secured cards from other banks, the Sapphire Secured's main advantage is the lack of foreign transaction fees and the potential for conversion to an unsecured card. The main disadvantage is the $95 annual fee, which is higher than some competitors. Cards like the Capital One Secured Mastercard or Discover Secured Card may have lower or no annual fees, though they also lack some of the benefits of the Sapphire line.
If you are rebuilding credit, your choice between Chase and another bank's secured card should depend on the annual fee, the APR, the likelihood of conversion, and whether you value rewards or other benefits. The Sapphire Secured makes sense if you plan to use the card internationally or if you specifically want a path to a premium unsecured Chase card later.
Steps to open a Chase Sapphire Secured account
You can open a Chase Sapphire Secured account online through Chase's website or in person at a Chase branch. Online, you will need to provide your Social Security number, date of birth, address, and income information. Chase will pull your credit report and make a decision within minutes to a few days.
If you are approved, you will choose your deposit amount and link a Chase checking or savings account to fund it. If you do not have a Chase account, you may need to open one first. Once your deposit is received, your card will be mailed to you, typically within 7 to 10 business days.
If you are denied, Chase will provide a reason. Common reasons include insufficient income, a very low credit score, or recent negative marks like collections or charge-offs. In that case, you might consider a secured card from another bank with less strict requirements, or you might wait a few months and reapply after your credit situation improves.
Alternatives if Chase is not the right fit
If the $95 annual fee is too high or if you do not meet Chase's requirements, other banks offer secured cards with different terms. The Capital One Secured Mastercard has no annual fee and reports to all three credit bureaus. The Discover Secured Card also has no annual fee and offers 2% cash back on purchases at gas stations and restaurants, 1% on all other purchases.
The Chime Credit Builder Visa Card is another option if you have a Chime bank account; it requires no deposit and no annual fee, though it has a lower credit limit. The Self Visa Card lets you control your credit limit by making monthly deposits into a savings account, giving you more flexibility than a fixed deposit.
Your choice should depend on your credit score, your income, the annual fee you can afford, and whether you want rewards or other features. All of these cards report to the credit bureaus, so any of them can help you build credit if used responsibly.
Frequently Asked Questions
Can I get a Chase Sapphire Secured card if I have bad credit?
Chase does not publish a minimum credit score requirement, but the Sapphire Secured is typically available to people with credit scores in the 500 to 650 range. If your score is very low or if you have recent collections or charge-offs, Chase may deny you. You can explore and see what happens, or try a secured card with less strict requirements first.
What happens to my deposit if I close the account?
If you close your account, Chase will return your full deposit to your linked savings account within a few business days. However, closing the account will also close your credit history with that card, which may slightly lower your credit score in the short term. It is generally better to keep the account open even after conversion to unsecured status.
Can I increase my credit limit without adding more money?
Not automatically. Your credit limit is tied to your deposit amount. If you want a higher limit, you must make an additional deposit. After conversion to an unsecured card, Chase may increase your limit based on your payment history and creditworthiness, but this is not may provide.
How long does it take to build credit with this card?
You should see improvement in your credit score within three to six months of on-time payments, assuming you keep your balance low. Significant improvement typically takes 12 to 18 months. The speed depends on your starting score, how much you use the card, and whether you have other negative marks on your report.
Do I have to pay interest if I pay my full balance each month?
No. If you pay your full statement balance by the due date each month, you will not pay any interest. You will only pay the annual fee and any other charges like late fees if they explore. This is the most cost-effective way to use any credit card, secured or unsecured.