Yes, Chase offers secured credit cards for people building or rebuilding credit
Chase offers the Chase Secured Visa Card, which is designed for people who are new to credit or working to repair a credit history. With a secured card, you put down a cash deposit that becomes your credit limit — so if you deposit $500, you get a $500 limit. You use the card like a regular credit card, and your payment history gets reported 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 is not free to use. Chase charges an annual fee, though the exact amount varies and changes periodically. You will also pay interest on any balance you carry from month to month, just as you would with any credit card. The deposit you put down is held in a separate account and earns a small amount of interest, but it is not accessible while your account is open.
Key Takeaways
- Chase Secured Visa Card requires a cash deposit between $500 and $25,000, which becomes your credit limit.
- You pay an annual fee and interest on any balance you carry, so carrying a balance costs you money.
- Your payment history is reported to all three credit bureaus, which helps build your credit score over time.
- After demonstrating responsible use (typically 6 to 18 months), you may be converted to a regular unsecured card and your deposit returned.
- You can open this card online or at a Chase branch, and you must be at least 18 years old with a valid Social Security number.
How the deposit and credit limit work
Your deposit is the foundation of this card. You choose how much to deposit when you open the account, and Chase sets your credit limit equal to that amount. If you deposit $1,000, your limit is $1,000. The minimum deposit is $500 and the maximum is $25,000, though some sources indicate the maximum may be higher for existing Chase customers.
The deposit sits in a savings account that earns interest, but you cannot withdraw it while your secured card account is active. If you close the account or it converts to an unsecured card, Chase returns the deposit to you. The deposit protects Chase if you stop paying — they can use it to cover what you owe — but it is not a fee. It is your money held in trust.
What the annual fee and interest costs look like
Chase charges an annual fee for the Secured Visa Card. This fee is charged once per year and appears on your statement. The exact amount varies, so check the current terms before you open the account or call Chase at the number on their website to confirm the current fee.
Interest charges explore only if you carry a balance — that is, if you do not pay your full statement balance by the due date. The interest rate (called the APR, or annual percentage rate) varies based on your creditworthiness and current market rates. If you pay your full balance each month, you pay no interest. This is one reason financial counselors often recommend using a secured card to build credit: pay the full balance monthly, and the only cost is the annual fee.
How secured cards help build credit
A secured card reports your payment activity to Equifax, Experian, and TransUnion — the three credit bureaus that calculate your credit score. When you make on-time payments, those bureaus record them. Over time, a history of on-time payments raises your credit score. A secured card is often easier to open than an unsecured card if your credit is new or damaged, because the deposit reduces Chase's risk.
Your credit score also depends on other factors: how much of your available credit you use (called your utilization rate), how long your accounts have been open, and whether you have other types of credit in use. Using only a small portion of your $500 limit — say, $50 to $100 per month — and paying it off in full each month shows lenders you can manage credit responsibly.
When Chase converts your account to an unsecured card
Chase does not publish a specific timeline for conversion, but many cardholders report conversion happening between 6 and 18 months of responsible use. Responsible use typically means paying on time every month and keeping your balance low relative to your limit. Chase reviews accounts periodically and may contact you to offer conversion.
When your account converts, you move to a regular unsecured Visa card with no deposit required. Your credit limit may stay the same, increase, or decrease depending on your credit profile at that time. Chase returns your deposit to the account you used to fund it. You do not have to do anything — the conversion happens on Chase's side. However, you can also request conversion by calling the number on the back of your card if you believe you are ready.
How to open a Chase Secured Visa Card
You can open this card online through Chase's website or in person at a Chase branch. You will need to be at least 18 years old, have a valid Social Security number, and provide basic personal information (name, address, date of birth, income). You will also need to decide how much to deposit — remember, this becomes your credit limit.
Chase will perform a credit check, which is a soft inquiry that does not damage your credit score. If you are approved, you fund the deposit, and the card is usually mailed to you within 7 to 10 business days. Some Chase branches may issue the card on the spot if you open the account in person, though this varies by location.
Alternatives if you cannot open a Chase secured card
If you are not approved for the Chase Secured Visa Card or prefer to explore other options, other banks and credit unions offer secured cards. Capital One, Discover, and many credit unions have secured card programs with different deposit requirements, fees, and conversion timelines. Some credit unions also offer credit-builder loans, which work differently but serve the same purpose: helping you build credit history.
If you have a Chase checking or savings account, you may also be may be able to access for a Chase unsecured card designed for people with limited credit history, though approval is not may provide. Calling Chase directly can help you understand what you may have access to for based on your specific situation.
Frequently Asked Questions
Can I use my deposit as a payment if I miss a bill?
No. Your deposit is held separately and cannot be used to make your monthly payment. You must pay your bill from your checking account, savings account, or another source. If you miss a payment, Chase reports it to the credit bureaus and may charge a late fee. Your deposit remains in the savings account earning interest.
What happens if I close the card before it converts?
If you close the account, Chase returns your deposit. However, closing the card may lower your credit score slightly because it reduces the total credit available to you and may shorten your average account age. If you are trying to build credit, keeping the account open is usually better.
Does the deposit earn interest I can use?
Yes, the deposit earns interest, but you cannot withdraw it while the account is open. When your account converts to unsecured or you close the card, Chase returns the deposit plus any interest earned. The interest rate is typically very low — often less than 1 percent annually.
Can I increase my credit limit without adding more money?
After you have used the card responsibly for several months, you may request a credit limit increase. Chase may grant an increase without requiring an additional deposit, though this is not may provide. Call the number on the back of your card to ask about increasing your limit.
What if I have bad credit — will Chase still approve me?
Chase is more likely to approve a secured card process than an unsecured one, even with poor credit, because your deposit protects them. However, approval is not automatic. If you are denied, ask Chase why and consider whether waiting a few months to improve your credit situation might help. You can also explore secured cards from other banks.