Yes, Chase offers secured credit cards for people building or rebuilding credit
Chase offers the Chase Secured Visa Card, a secured credit card that requires a cash deposit as collateral. The deposit becomes your credit limit—put down $500, and you get a $500 limit. You use it like any other credit card, and Chase reports your payment activity to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit history.
A secured card is not the same as a prepaid card. You are borrowing against your own deposit, not spending money you already set aside. You still make monthly payments, pay interest if you carry a balance, and can be charged late fees if you miss a due date. The deposit sits in a savings account earning a small amount of interest, but you cannot touch it while the card is active.
Chase also offers the Chase Sapphire Secured Card in some cases, though availability varies and it may require a higher deposit. Check Chase's website or call 1-800-935-9935 to see which secured cards are currently available to you based on your credit profile.
Key Takeaways
- Chase Secured Visa Card requires a cash deposit of $500 or more, which becomes your credit limit.
- You make monthly payments and pay interest on balances, just like a regular credit card—the deposit is collateral, not prepaid funds.
- On-time payments are reported to all three credit bureaus, building your credit score over time.
- After 6 to 18 months of responsible use, you may be able to convert to an unsecured card and recover your deposit.
Deposit requirements and credit limits
The minimum deposit for the Chase Secured Visa Card is $500, and you can deposit up to $25,000. Your credit limit equals your deposit amount—if you deposit $2,000, your limit is $2,000. Chase holds the deposit in a non-interest-bearing account, though some versions may earn a small amount of interest; confirm the current terms when you open the account.
You cannot increase your credit limit without increasing your deposit. If you want a higher limit later, you would need to add more money to the deposit account. Conversely, you cannot withdraw part of the deposit while the card is open—it stays locked until you close the card or convert it to an unsecured product.
Interest rates, fees, and costs
The Chase Secured Visa Card carries an annual percentage rate (APR) that varies based on your creditworthiness at the time you open the account. As of the most recent information, rates typically range from around 19% to 24%, though this can change. You will see your exact rate in the terms and conditions before you complete the application.
There is an annual fee of $39. If you carry a balance month to month, you will also pay interest on that balance. Late payments trigger a late fee (typically $25 to $35 for the first late payment, higher for subsequent ones) and may cause your APR to increase. There is no fee for paying on time or for keeping a zero balance.
The cost of using this card depends on your behavior: if you pay your full statement balance each month, you pay only the annual fee and no interest. If you carry a balance, interest charges add up quickly at these rates.
How the conversion to unsecured credit works
After you have demonstrated responsible payment behavior—typically 6 to 18 months of on-time payments—Chase may automatically convert your secured card to an unsecured card. When this happens, your deposit is released back to you, usually within 7 to 10 business days. You keep the card and the account history, which continues to help your credit score.
Conversion is not may provide and depends on your payment history, credit score improvement, and Chase's internal policies. Some cardholders convert sooner; others take longer or do not convert at all. If you want to know where you stand, contact Chase customer service and ask whether your account is may be able to access for conversion.
You can also request a conversion manually if you believe you are ready. Chase will review your account and may approve it even if you have not hit the automatic timeline. If denied, you can reapply later or simply continue using the secured card while building credit.
How to open a Chase Secured Visa Card
You can apply online at Chase.com, by phone at 1-800-935-9935, or in person at a Chase branch. The online application is fastest and takes about 10 minutes. You will need to provide your Social Security number, income information, and employment details. Chase will pull a hard credit inquiry, which temporarily lowers your credit score by a few points.
If you are approved, you will be asked to fund the deposit. You can transfer money from an existing Chase account, link an external bank account, or mail a check. The deposit must clear before your card is activated, which usually takes 3 to 5 business days after you submit it.
Once activated, your card arrives in the mail within 7 to 10 business days. You can set up online account access immediately and begin using the card as soon as it arrives.
Who should consider a secured card from Chase
A Chase secured card makes sense if you have no credit history, a very low credit score (typically below 620), or a history of missed payments that you are now ready to move past. The card gives you a way to borrow money and prove you can repay it on time, which is the foundation of building credit.
It is less useful if you already have access to unsecured credit cards or if you cannot afford to lock up a deposit for several months. The annual fee and high interest rate mean this is an expensive way to borrow if you carry a balance, so use it only if you can pay your statement in full each month or pay it off quickly.
If you have a very thin credit file but decent income, you might also explore Chase's other entry-level cards (such as the Chase Freedom Student Card if you are in school) before committing to a secured card. But if you have been denied for unsecured cards, a secured card is often the most direct path forward.
Alternatives to Chase secured cards
Other banks offer secured cards with different terms. Capital One Secured Mastercard, for example, has a lower minimum deposit ($200) and may convert to unsecured status faster for some users. Discover Secured Card reports to all three bureaus and has no annual fee, though it requires a $200 minimum deposit. The tradeoff is that these cards may have higher APRs or less generous rewards (if any).
If you have a bank account at Chase already, opening a secured card there may be simpler because you can fund the deposit from your existing account. But if another bank's terms are significantly better for your situation, the extra effort to open an account elsewhere may be worth it.
You can also explore becoming an authorized user on someone else's credit card account. If that person has good payment history and a low balance, their account activity will show up on your credit report and may help your score without requiring a deposit. However, you have no control over the account, and if the primary cardholder misses a payment, it damages your credit too.
Frequently Asked Questions
Can I use my deposit as a payment?
No. Your deposit is held separately and cannot be used to pay your monthly bill. You must make payments from your bank account or by check. The deposit stays locked until you close the card or it converts to unsecured.
What happens if I miss a payment on a secured card?
A missed payment is reported to the credit bureaus and damages your credit score. You will be charged a late fee, your APR may increase, and Chase may freeze your account or close it. The deposit does not cover missed payments—you still owe the full amount.
How long does it take to build credit with a secured card?
Credit score improvement depends on your starting point and payment behavior. Most people see a noticeable increase (20 to 100 points) within 6 to 12 months of on-time payments. The longer your account stays open and active, the more it helps your score.
Can I have more than one Chase secured card?
Chase typically limits you to one secured card at a time. If you want multiple secured cards to build credit faster, you would need to use different banks. Check with Chase directly about their current policy.
What if Chase denies my application?
If you are denied, Chase will send you a letter explaining why. Common reasons include too many recent credit inquiries, a very recent bankruptcy, or an existing Chase account in default. You can reapply after 30 to 90 days, or you can try a secured card from another bank in the meantime.