Yes, Chase offers secured credit cards, but availability depends on your current banking relationship
Chase Bank does offer secured credit cards through two main products: the Chase Secured Visa and access to secured options through its broader credit card lineup. However, Chase does not advertise a dedicated secured card the way some other banks do. Instead, secured credit products are available primarily to existing Chase customers or those who open a Chase checking or savings account first.
A secured card requires you to deposit cash as collateral, which becomes your credit limit. Chase typically holds this deposit in a savings account while you use the card. The deposit itself does not count as a down payment — you pay your monthly bill separately, just as you would with an unsecured card. After you demonstrate responsible use over time (usually 6 to 18 months), Chase may convert your account to an unsecured card and return your deposit.
The key difference between Chase and competitors like Capital One or Discover is that Chase's secured offerings are less prominently marketed and often require an existing relationship with the bank. If you do not already bank with Chase, you may need to open a checking account to be considered for their secured card.
Key Takeaways
- Chase offers secured credit cards primarily to existing customers or those willing to open a Chase bank account first.
- Your cash deposit becomes your credit limit, and you make monthly payments on purchases separately from that deposit.
- Chase typically requires a deposit of at least $500, though the exact minimum may vary by account type.
- After 6 to 18 months of on-time payments, Chase may upgrade your account to unsecured and return your deposit.
- If you do not have an existing Chase relationship, Capital One, Discover, or other banks may have more straightforward secured card paths.
How Chase's Secured Card Deposit Works
When you open a Chase secured credit card, you deposit money into a Chase savings account, and that amount becomes your credit limit. If you deposit $1,000, your credit limit is $1,000. Chase holds the deposit in a savings account earning a small amount of interest — currently a fraction of a percent, though rates change. You cannot withdraw this money while the card is active and secured.
Your monthly bill works like any other credit card: you use the card to make purchases, receive a statement, and pay what you owe by the due date. The deposit sits separately and does not pay your bill. If you miss a payment, Chase reports it to the credit bureaus just as they would for an unsecured card, and the missed payment can damage your credit score. The deposit does not protect you from the consequences of late payments.
Chase's minimum deposit amount is typically $500, though this can vary depending on the specific product and your banking history with them. Some customers report being offered higher limits with larger deposits, but Chase does not publicly state a maximum deposit amount.
may be able to access and Account Requirements
Chase's secured card is not openly marketed to the general public the way unsecured cards are. To be considered, you typically need to either have an existing Chase checking or savings account, or be willing to open one. This is different from competitors like Capital One, which markets secured cards directly to people with no banking relationship required.
Chase also runs a credit check when you apply, so even for a secured card, they review your credit history. If you have very recent negative marks (such as a recent bankruptcy or charge-off), Chase may decline you even with a deposit ready. The bank does not publish specific credit score minimums for secured cards, but applicants generally report better approval odds with a score above 500.
You must be at least 18 years old and a U.S. resident with a valid Social Security number or Individual Taxpayer Identification Number (ITIN). If you are under 21, Chase may require a co-signer or proof of income.
Timeline for Converting to an Unsecured Card
Chase does not may provide conversion to an unsecured card, but many customers report it happening after 6 to 18 months of on-time payments. The bank reviews accounts periodically and may proactively offer an upgrade, or you can request one after meeting their internal criteria. There is no set formula Chase publishes for when conversion happens.
When Chase converts your account, they return your deposit to your linked savings account. You keep the same card number and account, but the credit limit may change — it could stay the same, increase, or decrease depending on your payment history and current creditworthiness. After conversion, the card functions like any other Chase credit card, and you are no longer required to maintain the deposit.
If conversion does not happen after 18 months, you can contact Chase directly to ask what additional steps might help. Some customers have reported success by requesting a credit limit increase, which sometimes triggers a review for unsecured status.
Comparing Chase to Other Secured Card Providers
Chase's secured card is less accessible than competitors' offerings because it typically requires an existing banking relationship. Capital One Secured Mastercard and Discover Secured Card are marketed directly to people with no prior relationship with those banks and have straightforward online applications. Both require a deposit (typically $200 to $2,500) and report to all three credit bureaus.
The trade-off is that Chase may offer better rewards or lower fees if you are already a Chase customer. Some Chase secured cards earn cash back on purchases, whereas Capital One and Discover secured cards typically earn no rewards. However, if you are starting from scratch with no Chase account, the application process is simpler with Capital One or Discover.
Another consideration is interest rates. Chase's APR on secured cards varies by creditworthiness, as does Capital One's and Discover's. You should compare the specific rates offered to you before deciding, as they can range from around 18% to 24% depending on your credit profile.
Fees and Costs to Know
Chase secured cards typically charge an annual fee, though the amount varies by product. Some Chase secured cards charge $39 to $95 per year, while others may have no annual fee if you maintain certain account balances or meet other conditions. You should confirm the exact fee structure before applying, as it affects the true cost of building credit.
Late payment fees, foreign transaction fees, and other standard credit card fees apply just as they would on an unsecured card. If you miss a payment, Chase charges a late fee (typically $25 to $35 for the first offense) and reports the miss to credit bureaus. Interest accrues on any balance you carry from month to month at your card's APR.
The deposit itself earns interest, but the amount is minimal — often less than 0.01% annually. This is not a meaningful source of income, but it is better than keeping cash in a non-interest-bearing account.
How to Apply for a Chase Secured Card
If you already have a Chase checking or savings account, you can apply online through Chase's website or mobile app. Navigate to their credit card section, look for secured card options, and complete the application. Chase will perform a hard credit inquiry, which temporarily lowers your credit score by a few points.
If you do not have a Chase account, you will need to open a checking or savings account first. You can do this online or at a Chase branch. Once your account is open and funded with your deposit, you can then apply for the secured card. This two-step process takes longer than applying directly with a competitor, but it is the path Chase requires.
After you apply, Chase typically notifies you of approval or denial within a few business days. If approved, your card arrives in the mail within 7 to 10 business days. You can activate it online or by phone, and you are ready to use it immediately.
Frequently Asked Questions
Can I use my Chase savings account deposit as my credit card payment?
No. Your deposit and your credit card bill are separate. You must make monthly payments from your checking account or another source. The deposit stays locked in savings and only returns to you when your account is converted to unsecured or you close the card.
What happens if I close my Chase secured card before it converts?
Chase returns your deposit to your linked savings account, usually within 5 to 7 business days. However, closing the card early may hurt your credit score because it reduces your available credit and shortens your credit history. It is generally better to keep the card open and active even after conversion.
Does Chase report secured card activity to credit bureaus?
Yes. Chase reports your payment history, credit limit, and account status to all three major credit bureaus (Equifax, Experian, and TransUnion). This is how a secured card helps build credit — your on-time payments are recorded and improve your credit score over time.
Can I increase my credit limit on a Chase secured card?
Yes, but it requires depositing more money. If you want a higher limit, you deposit additional funds into your savings account, and Chase increases your credit limit accordingly. You cannot request a limit increase without adding to your deposit.
What is the difference between a secured card and a prepaid card?
A secured credit card reports to credit bureaus and builds your credit history. A prepaid card does not report to bureaus and does not build credit — it is simply a way to spend money you have already loaded onto the card. Secured cards are designed for credit building; prepaid cards are not.