Chase offers secured credit cards, but only through specific products and with requirements you need to know upfront
Yes, Chase Bank offers secured credit cards. The main product is the Chase Secured Visa Card, which requires you to put down a cash deposit that becomes your credit limit. This card is designed for people rebuilding credit or establishing a credit history for the first time. Unlike unsecured cards that banks issue based on your creditworthiness, a secured card uses your own money as collateral, which means Chase takes on less risk.
The secured card works like this: you deposit money into a savings account that Chase holds, and that deposit amount becomes your spending limit. If you deposit $500, your credit limit is $500. You then use the card like any other credit card—make purchases, receive a monthly statement, and pay your bill. The deposit stays in the account and earns a small amount of interest. After you demonstrate responsible use over time (typically 6 to 18 months), Chase may convert your account to an unsecured card and return your deposit.
Chase also offers the Chase Sapphire Secured Credit Card in some cases, though availability varies. You should contact Chase directly or visit their website to see which secured products are currently available to you, since offerings change and may depend on your location or credit profile.
Key Takeaways
- Chase Secured Visa Card requires a cash deposit ranging from $200 to $2,500, which becomes your credit limit.
- You pay an annual fee (the amount varies by product), and the deposit earns interest at a rate Chase sets each year.
- Responsible use—paying on time and keeping your balance low—can lead to conversion to an unsecured card within 6 to 18 months.
- Chase reports your payment activity to the three major credit bureaus, so the card can help you build or rebuild credit history.
Deposit requirements and credit limits
The Chase Secured Visa Card requires a minimum deposit of $200. The maximum deposit is $2,500, which means your credit limit will not exceed $2,500 even if you have more money available. Your deposit is held in a savings account and is not used to pay your bill—you must make monthly payments from your regular checking or savings account, just as you would with any credit card.
The deposit earns interest, but the rate is low. Chase sets this rate annually and it changes based on market conditions. You can check the current rate on Chase's website or by calling their customer service line. The interest accrues in your deposit account and is yours to keep, even if you close the card later.
One important detail: your deposit is separate from your monthly payment. If you charge $300 on a $500 limit, you still owe the full $300 at the end of the billing cycle. Your $500 deposit does not pay that bill automatically. This is a common point of confusion for new secured card users.
Annual fees and other costs
Chase charges an annual fee for the Secured Visa Card. The exact amount depends on which version of the card you hold, and Chase adjusts these fees periodically. You should confirm the current annual fee before opening an account, as it will appear on your first statement and every year after that.
Beyond the annual fee, there are no other required costs if you use the card responsibly. However, if you miss a payment, carry a balance, or go over your limit, you may face late fees, interest charges, or over-limit fees. These work the same way as on any credit card. The interest rate (APR) on purchases and cash advances is set by Chase and will be disclosed in your account agreement.
Some people worry that the deposit itself is a "fee," but it is not—it is your money held in reserve. You get it back when you close the account or when Chase converts you to an unsecured card.
How the conversion to unsecured status works
After you demonstrate responsible credit behavior, Chase may automatically convert your secured card to an unsecured card. This typically happens between 6 and 18 months of account ownership, though there is no may provide timeline. Conversion depends on your payment history, how much of your credit limit you use, and other factors Chase evaluates.
When conversion happens, Chase will return your deposit to you—usually within 5 to 7 business days. Your credit limit on the new unsecured card may be higher than your original deposit amount, or it may stay the same. Chase will notify you before the conversion takes place, so you will not be surprised.
You do not have to wait for automatic conversion. If you believe you have rebuilt your credit sufficiently, you can contact Chase and request conversion earlier. They will review your account and decide whether to approve the request. Requesting early does not may provide approval, but it does not hurt to ask.
Credit reporting and building your credit history
Chase reports your account activity to Equifax, Experian, and TransUnion—the three major credit bureaus. This means every on-time payment you make helps build your credit history, and every late payment or missed payment will be reported as well. For someone starting from scratch or rebuilding after past problems, this reporting is the main benefit of the card.
To maximize the credit-building effect, pay your full statement balance on time every month. Even if you only charge $50 on the card, paying it in full and on time shows lenders that you can manage credit responsibly. Keeping your balance well below your limit (ideally under 30% of your credit limit) also helps, because credit utilization—the percentage of available credit you are using—affects your credit score.
Do not close the account when ready after conversion to an unsecured card. Closing it can hurt your credit score because it reduces the total amount of available credit you have. Instead, keep the account open and use it occasionally, paying the balance in full each month.
Who should consider a Chase secured card
A Chase secured card makes sense if you have no credit history, a very low credit score, or a recent history of missed payments or defaults. It is also useful if you have been denied for unsecured cards from other banks. The card gives you a way to prove you can handle credit responsibly, with your own deposit protecting Chase if you do not pay.
If you already have a decent credit score (generally 650 or higher) and a history of on-time payments, you may be able to may have access to for an unsecured card without the deposit requirement. In that case, a secured card is unnecessary. You can check your credit score for free through many websites, including some that do not require a credit card.
If you are considering a secured card from Chase but want to compare other options, other banks also offer secured cards with different deposit requirements, annual fees, and conversion terms. Shopping around before you explore is worth your time.
How to open a Chase secured card account
You can open a Chase Secured Visa Card online through Chase's website, by phone, or at a Chase branch if you have one nearby. Online is usually the fastest option. You will need to provide basic personal information, your Social Security number, and proof of income or employment. Chase will pull your credit report as part of the process process.
If you are approved, you will need to fund your deposit account. Chase will give you instructions on how to do this—you can typically transfer money from another bank account or deposit cash at a branch. Your card will be mailed to you once the deposit is received and processed, which usually takes 5 to 10 business days.
If you are denied, Chase will send you a letter explaining why. Common reasons include insufficient income, too many recent credit inquiries, or a very low credit score. If you are denied, you can reapply after addressing the issue—for example, by waiting a few months for old inquiries to age or by improving your income documentation.
Frequently Asked Questions
Can I use my deposit to pay my monthly bill?
No. Your deposit is held separately and earns interest. You must pay your monthly statement balance from your regular bank account, just as you would with any credit card. If you do not pay, the late payment is reported to credit bureaus and you may face late fees.
What happens if I close the card before it converts to unsecured?
You can close the card at any time. Chase will return your deposit within 5 to 7 business days. However, closing the account early means you have less time to build credit history, and closing any account can temporarily lower your credit score because it reduces your available credit.
Is there a minimum income requirement?
Chase does not publish a specific minimum income requirement, but they do verify that you have income. You may need to provide a recent pay stub, tax return, or bank statement showing regular deposits. If you are unemployed or have very low income, approval may be difficult.
Can I increase my credit limit after I open the account?
Yes, but only by increasing your deposit. If you deposit an additional $300, your credit limit increases by $300. You cannot increase your limit without increasing your deposit—Chase does not grant unsecured credit increases on secured cards.
How long does it take to build credit with this card?
You will see activity on your credit report within 30 to 45 days of opening the account. However, meaningful credit score improvement typically takes several months of on-time payments. Most people see noticeable improvement within 6 to 12 months if they pay on time and keep their balance low.