Yes, Chase offers a secured credit card called the Chase Slate Secured Credit Card
Chase offers the Chase Slate Secured Credit Card, which is designed for people building or rebuilding credit. With a secured card, you deposit money into a savings account that becomes your credit limit — typically between $200 and $2,500. You then use the card like a regular credit card, and Chase reports your payment activity to the three major credit bureaus (Equifax, Experian, and TransUnion). After you demonstrate responsible use over time, Chase may convert your account to an unsecured card and return your deposit.
The card itself carries an annual fee of $0, which is unusual for secured cards — many competitors charge $25 to $95 per year. Chase also does not charge interest on your security deposit, meaning the money sits in an account earning no return but costing you nothing either.
Key Takeaways
- The Chase Slate Secured Credit Card requires a cash deposit between $200 and $2,500 that becomes your credit limit.
- There is no annual fee, which saves you money compared to most other secured cards on the market.
- Chase reports your payment history to all three credit bureaus, which helps build your credit score if you pay on time.
- After you show responsible use, Chase may upgrade your account to an unsecured card and release your deposit back to you.
How the security deposit works
When you open the Chase Slate Secured Credit Card, you choose how much to deposit, and that amount becomes your credit limit. If you deposit $500, your credit limit is $500. The deposit sits in a Chase savings account, and you cannot withdraw it while the card is active — it serves as collateral in case you stop paying your bills.
You are not charged interest on the deposit, and Chase does not use it to pay your monthly bill. Instead, you make regular payments from your checking account or another source, just as you would with any credit card. The deposit stays untouched unless you close the account or Chase converts it to an unsecured card.
The minimum deposit is $200, so even if you have limited savings, you can open an account. The maximum is $2,500, which means your credit limit tops out at that amount. If you want a higher limit later, you would need to explore for a different Chase card or wait until your account is converted to unsecured status.
Building credit with the secured card
The main reason to use a secured card is to build credit history. Chase reports your account to Equifax, Experian, and TransUnion every month, which means your on-time payments show up on your credit report. If you pay your bill in full and on time each month, your credit score should improve over time — typically within 6 to 12 months of consistent payments.
The card charges a variable interest rate on any balance you carry, which means the rate changes based on market conditions. As of now, rates vary, so you should check Chase's website or call their customer service line for the current rate. To avoid paying interest altogether, pay your full statement balance by the due date each month.
Using only a small portion of your credit limit — ideally 10 to 30 percent — also helps your credit score. If your limit is $500 and you charge $50 per month and pay it off, you are using 10 percent of your available credit, which looks good to credit scoring models.
When Chase converts your account to unsecured
Chase does not publish a specific timeline for when your account will be converted to an unsecured card, but the bank reviews accounts periodically based on your payment history and credit score. Some customers report conversion happening after 6 to 12 months of on-time payments, while others wait longer. The stronger your payment record and the higher your credit score climbs, the sooner conversion may happen.
When Chase decides to convert your account, they will notify you by mail. At that point, your security deposit is released back to you — usually within 7 to 10 business days — and your card becomes a regular unsecured card. Your credit limit may stay the same or increase, depending on Chase's assessment of your creditworthiness.
You do not have to wait for Chase to convert your account. If your credit improves enough, you can explore for a different Chase card and close the secured card yourself. Just know that closing the account will not hurt your credit score as much as you might think — the account will remain on your credit report for years, still showing your positive payment history.
Comparing Chase Slate Secured to other options
The Chase Slate Secured Card stands out because it has no annual fee. Many competitors, like the Capital One Secured Mastercard or the Discover it Secured Credit Card, charge annual fees ranging from $25 to $95. Over several years, that fee difference adds up.
However, other secured cards offer benefits the Chase card does not. The Discover it Secured card, for example, offers cash back on purchases — typically 2 percent at gas stations and restaurants, and 1 percent on everything else. The Capital One Secured Mastercard reports to all three bureaus but does not offer cash back. If you want rewards while building credit, Discover might be worth the annual fee; if you want the lowest cost, Chase is hard to beat.
All three cards report to the major credit bureaus, so any of them will help you build credit if you use them responsibly. The choice often comes down to whether you value no annual fee (Chase), cash back rewards (Discover), or other specific features.
What happens if you miss a payment
Missing a payment on the Chase Slate Secured Card works the same way as missing a payment on any credit card. If you do not pay by the due date, Chase charges a late fee — typically $25 to $35 depending on how late you are — and reports the late payment to the credit bureaus. A single late payment can lower your credit score by 50 to 100 points or more.
If you miss multiple payments, Chase may close your account and use your security deposit to cover the unpaid balance. Any remaining deposit is returned to you, but the damage to your credit report is significant. A collection account or charge-off stays on your credit report for seven years.
If you are struggling to make a payment, contact Chase before the due date. They may be able to work with you on a payment plan or temporarily lower your interest rate, though they are not required to do so.
Frequently Asked Questions
Can I use my security deposit as a payment?
No. Your security deposit is locked in a savings account and cannot be used to pay your credit card bill. You must make payments from a separate bank account or payment method. This separation is what makes the deposit "find" — it stays in place regardless of your card activity.
What credit score do I need to open a Chase Slate Secured card?
Chase does not publish a minimum credit score requirement. The card is designed for people with limited or damaged credit, so you may be approved even with a low score or no credit history. Your approval depends on factors like income, existing debts, and banking history with Chase, not just your credit score.
Can I increase my credit limit after I open the account?
Yes, you can increase your security deposit, which increases your credit limit. Contact Chase to request a higher deposit amount. There is no set timeline for when you can request an increase, but waiting at least a few months of on-time payments makes approval more likely.
Does the Chase Slate Secured card have a foreign transaction fee?
Yes. Chase charges a 3 percent foreign transaction fee on purchases made outside the United States. If you travel internationally or make online purchases from foreign merchants, that fee applies to each transaction.
What if I want to close my account before it converts to unsecured?
You can close your account anytime by calling Chase. Your security deposit will be returned to you within 7 to 10 business days. Closing the account does not hurt your credit score significantly, and the account remains on your credit report showing your payment history for years afterward.