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Yes, Chase offers a secured credit card product: the Chase Secured Visa Card. However, whether it's the right choice for your situation depends on your credit profile, financial goals, and what you need from a card. Here's what you should know to evaluate it fairly.
A secured credit card requires you to deposit cash into a savings account held by the card issuer. That deposit serves as collateral and typically determines your credit limit—usually a 1:1 ratio, meaning a $500 deposit gives you a $500 limit. You then use the card like any other credit card, making purchases and payments.
The key difference from an unsecured card: the issuer has less risk because they can keep your deposit if you don't pay. This makes secured cards accessible to people with no credit history, poor credit, or credit that's been damaged.
The Chase Secured Visa Card requires an initial cash deposit that becomes your credit limit. You'll receive a Visa card and can use it for purchases, balance transfers, or cash advances (though cash advances typically come with higher fees and interest rates).
Like any credit card, you'll receive a monthly statement and need to make at least a minimum payment by the due date. Your payment history—on-time or late, in full or partial—is reported to the three major credit bureaus.
Your deposit amount:
You control how much to deposit, which determines your starting credit limit. A larger deposit gives you more available credit but ties up more of your cash.
Interest rates and fees:
Secured cards typically carry higher interest rates than unsecured cards because the issuer is taking on more risk with you. Annual fees vary by product. Some secured cards charge no annual fee; others do. These costs directly affect whether the card makes financial sense for your goals.
Your payment behavior:
Making payments on time and in full each month builds your credit score over time. Missed or late payments damage your credit and can trigger penalty interest rates. This behavior is reported to credit bureaus and shapes your creditworthiness going forward.
How long you keep the card:
Secured cards are typically a stepping stone. After demonstrating responsible use—usually 6–18 months of on-time payments—you may become eligible to graduate to an unsecured card or have your deposit refunded while keeping the account open.
Annual fees: Does the card charge an annual fee? If so, how does that compare to competing secured cards?
Interest rate range: Secured cards often have wider rate ranges depending on your credit profile at the time of application. Where might you fall?
Credit limit: Is the 1:1 deposit-to-limit ratio fixed, or can limits exceed your deposit after good payment history?
Graduation terms: What does the card issuer require before you can graduate to an unsecured product or get your deposit back?
Other features: Does the card offer purchase protections, fraud liability limits, or other benefits that might matter to you?
A secured card is a tool, not a guarantee. Building credit requires on-time payments, low credit utilization, and time. The card itself doesn't build credit—your behavior using it does. Additionally, if you're applying for a secured card, there's usually a credit inquiry, which may slightly lower your credit score temporarily.
The decision to apply depends on where you stand: Are you building from nothing? Rebuilding from damage? Do you have access to cash for the deposit? Are you committed to using the card responsibly for several months? Your answers to these questions, combined with a clear look at the card's terms, should guide your choice.
