Yes, Chase offers a secured credit card called the Chase Secured Visa Card
Chase does offer a secured credit card, which is a card backed by cash you deposit with the bank. The card is called the Chase Secured Visa Card. It works like this: you put money into a savings account held by Chase, and that becomes your credit limit. If you charge $500 to the card, you have $500 sitting in that account as security. You make monthly payments like you would with any credit card, and Chase reports your payment history to the credit bureaus.
A secured card is different from a regular credit card because the bank has less risk — if you stop paying, they keep the money in your account. This is why secured cards exist for people rebuilding credit or starting from scratch. Chase uses the same payment reporting system for secured cards as for regular cards, so on-time payments help your credit score the same way.
Key Takeaways
- The Chase Secured Visa Card requires a cash deposit that becomes your credit limit, usually between $500 and $25,000.
- You make monthly payments on charges just like a regular credit card, and Chase reports this to credit bureaus to help build your credit history.
- The card has an annual fee, which varies and should be confirmed when you check current terms.
- After a period of responsible use, you can request to convert the secured card to a regular unsecured card and get your deposit back.
How the Chase Secured Visa Card works
When you open the account, you choose how much to deposit — this amount becomes your credit limit. Chase currently requires a minimum deposit, though the exact amount changes over time, so you should check their current terms. Your deposit sits in a savings account that earns a small amount of interest, though the rate is typically low.
You use the card to make purchases, just like any credit card. At the end of the month, you get a bill. You can pay the full balance, make a minimum payment, or pay anything in between. If you carry a balance, Chase charges interest on it. Every payment you make gets reported to the three major credit bureaus — Equifax, Experian, and TransUnion — so responsible use builds your credit history.
The card comes with an annual fee. This fee is charged to your account each year and is separate from any interest you might owe. You should confirm the current fee amount before opening the account, as it can change.
What deposit amount you need
Your deposit and your credit limit are the same amount. If you deposit $1,000, your limit is $1,000. Chase sets a minimum deposit requirement, which you should verify when you look at the current offer, and a maximum, which is typically around $25,000.
The deposit stays in your account the entire time you hold the card. You cannot use it to pay your bill — you have to make actual payments from your checking account or another source. The money sits there as security for Chase. You earn interest on the deposit, though the rate is usually quite small.
When you can convert to a regular credit card
After you have used the secured card responsibly for a period of time — usually at least 6 to 18 months of on-time payments — you can ask Chase to convert it to a regular unsecured card. There is no may provide they will agree, but responsible payment history makes it likely.
When the conversion happens, your deposit is released back to you. You keep the card and the credit history you built with it. The new unsecured card may have different terms, a different annual fee, or different rewards, so read the offer carefully before accepting the conversion.
Comparing Chase secured cards to other banks
Chase is not the only bank offering secured cards. Capital One, Discover, and other banks also offer them. The main differences between banks are the minimum deposit, the annual fee, the interest rate on the deposit, and how quickly you can convert to an unsecured card.
Some secured cards offer cash back or other rewards, while others offer none. Some banks convert customers to unsecured cards faster than others. If you are considering a secured card, it makes sense to look at what a few banks offer before deciding. The Chase Secured Visa Card is one option, but not the only one.
What happens if you miss a payment
If you miss a payment on a secured card, the same consequences explore as with any credit card. Late fees are charged, interest accrues on your balance, and the missed payment is reported to the credit bureaus. A late payment hurts your credit score, which defeats the purpose of using a secured card to build credit.
If you fall far enough behind, Chase can use your deposit to cover what you owe. This is the main difference between a secured card and a regular card — the bank has a way to recover money directly. However, this should be a last resort. The goal of a secured card is to make on-time payments and build a positive credit history.
Frequently Asked Questions
Can I use my deposit as a payment?
No. Your deposit sits in a separate savings account and cannot be used to pay your bill. You must make payments from your checking account or another source. The deposit stays untouched as security for Chase.
What credit score do I need to open a Chase Secured Visa Card?
Chase does not publish a specific credit score requirement for the secured card. However, because the card is designed for people rebuilding credit or starting from scratch, approval is usually possible even with a low score or no credit history. You should check Chase's current terms to see what they require.
How long does it take to convert to an unsecured card?
There is no set timeline. Most people see conversion offers after 6 to 18 months of on-time payments, but it varies. Chase reviews your account periodically and may contact you with an offer, or you can ask them to review your account after several months of responsible use.
Do I lose my credit history if I close the card?
No. The credit history you built with the secured card stays on your credit report even after you close it. However, closing the account does affect your credit score in other ways, so think carefully before closing it.
Can I increase my credit limit?
Yes, by depositing more money into your savings account. Your credit limit will increase to match the new deposit amount. You cannot increase your limit without increasing your deposit.