Yes, Chase offers a secured credit card called the Chase Secured Visa
Chase Bank offers the Chase Secured Visa, a secured credit card designed for people building or rebuilding credit. You deposit cash into a savings account held by Chase, and that deposit becomes your credit limit — typically between $200 and $2,500. The card works like any other Visa, but Chase reports your payment history to the three major credit bureaus, which means on-time payments build your credit score over time.
The card is not the same as a debit card. You are borrowing against your own deposit, and Chase charges interest on any balance you carry. The purpose is to create a record of responsible borrowing that eventually lets you move to an unsecured card with better terms.
Chase also offers the Chase Freedom Secured Credit Card in some markets, though availability varies by state and by your credit profile. Both cards require you to open a new Chase checking or savings account if you do not already have one.
Key Takeaways
- The Chase Secured Visa requires a cash deposit of $200 to $2,500, which becomes your credit limit and stays in a Chase savings account.
- You pay interest on any balance you carry month to month, just like a regular credit card, even though the money is your own deposit.
- Chase reports your payment activity to Equifax, Experian, and TransUnion, so on-time payments build your credit history.
- After a period of responsible use — typically 6 to 18 months — you may be able to convert to an unsecured card or have your deposit returned.
- You must have a Chase checking or savings account to open the card, and you need a Social Security number and valid ID.
How the deposit and credit limit work
Your deposit is held in a Chase savings account and earns a small amount of interest. That deposit amount becomes your credit limit — if you deposit $500, your limit is $500. Chase does not use the deposit to pay your bill automatically; you still make monthly payments from your checking account or another source, just like with a regular credit card.
The deposit stays frozen in the savings account for as long as you hold the card. You cannot withdraw it without closing the account. If you miss a payment or default on the card, Chase can use the deposit to cover what you owe, but that is a last resort — the goal is for you to pay your bill on time each month.
If you want a higher credit limit later, you can request an increase and deposit more money. Chase will review your account history and may approve a limit increase up to $2,500 total.
Interest rates and fees
The Chase Secured Visa carries a variable interest rate (APR) that changes based on market conditions. As of recent updates, the rate typically ranges from 19% to 24%, though your actual rate depends on your creditworthiness at the time you open the account. This is higher than rates on unsecured cards, which reflects the higher risk Chase takes on people with limited or damaged credit.
There is an annual fee of $39. This fee is charged once per year and appears on your statement. There is no foreign transaction fee, which is unusual for a secured card and can be useful if you travel internationally.
Late fees explore if you miss a payment — typically $25 for the first late payment and $35 for subsequent ones within six months. Returned payment fees also explore if a check or electronic payment bounces.
When you can graduate to an unsecured card
Chase does not publish a fixed timeline for converting a secured card to unsecured, but the bank typically reviews your account after 6 to 18 months of on-time payments. The review is automatic — you do not need to request it. If Chase approves the conversion, your deposit is returned to your savings account, and you keep the card with a new credit limit and (usually) a lower interest rate.
Conversion is not may provide. Chase looks at your payment history, credit score improvement, and overall account behavior. Missing even one payment can delay or prevent conversion. Some cardholders never convert and eventually close the card to move to a better option elsewhere.
If conversion does not happen after 18 months, you can contact Chase to ask about your options. Some customers choose to close the secured card and move to an unsecured card from another issuer once their credit score has improved enough to meet that issuer's requirements.
How to open a Chase Secured Visa account
You can open the card online at Chase.com or in person at a Chase branch. You will need a valid government-issued ID, a Social Security number, and proof of address (a recent utility bill or lease works). Chase will run a hard inquiry on your credit report, which temporarily lowers your score by a few points.
If you do not already have a Chase checking or savings account, you must open one at the same time. This requires a minimum opening deposit — typically $25 for a savings account — which is separate from the secured card deposit. Some Chase branches waive the minimum if you set up direct deposit.
Once your account is open, you fund the secured card deposit by transferring money from your Chase savings account or by depositing cash at a branch. The card itself usually arrives within 7 to 10 business days. You can use it when ready once it arrives, even if you have not received a PIN yet.
Comparing Chase to other secured card options
Chase is one of several banks offering secured cards. The Capital One Secured Mastercard has no annual fee and a lower deposit minimum ($200), making it cheaper to start. The Discover Secured Card also has no annual fee and offers cash back on purchases, which Chase does not. However, both Capital One and Discover have higher interest rates in most cases.
The advantage of Chase is brand recognition and the possibility of converting to a premium unsecured card like the Chase Freedom or Chase Sapphire. If you already bank with Chase, opening the secured card is simpler because you already have the required checking or savings account.
If your credit score is very low or you have recent negative marks, some issuers (including Capital One) may be more willing to approve you than Chase. If your credit is slightly damaged but not severely, Chase may be the better long-term choice because conversion to an unsecured card opens more rewards and benefits.
What happens if you close the account
If you close the Chase Secured Visa, your deposit is returned to your Chase savings account within 7 to 10 business days. Closing the card does not hurt your credit score directly, but it does remove an active account from your credit report, which can lower your score slightly because it reduces the average age of your accounts and your total available credit.
If you close the card before converting to unsecured, you lose the opportunity to build a relationship with Chase that might lead to better offers later. However, if you have improved your credit score enough to move to a better card elsewhere, closing the secured card is the right move.
Chase does not penalize you for closing early. There is no early termination fee or penalty for paying off the balance and closing the account.
Frequently Asked Questions
Can I use the deposit to pay my bill?
No. Your deposit sits in a separate savings account and is not linked to your monthly payment. You must pay your bill from your checking account, another bank account, or by mailing a check. The deposit is collateral only — it stays frozen until you close the account or convert to unsecured.
What credit score do I need to open a Chase Secured Visa?
Chase does not publish a minimum score, but the card is designed for people with limited or poor credit. You typically need a score below 600 to be a strong candidate, though some people with scores in the 600 to 650 range are approved. The only way to know is to explore.
Does the interest rate ever go down?
Not automatically. Your APR is set when you open the account and stays the same unless you request a review or Chase offers a promotional rate. After conversion to an unsecured card, your new rate is usually lower, but that is a different card with different terms.
Can I have more than one Chase secured card?
Chase typically limits you to one secured card at a time. If you want a second card, you usually need to convert the first one to unsecured or close it. Check with Chase directly about your specific situation.
What if I miss a payment?
A missed payment is reported to the credit bureaus and damages your credit score. Chase charges a late fee ($25 for the first miss, $35 for later ones) and may increase your interest rate. Missing payments also delays or prevents conversion to an unsecured card. If you miss a payment by 60 days or more, Chase can use your deposit to cover the debt.