Chase offers two secured credit cards: the Chase Secured Visa and the Chase Secured Mastercard
Yes, Chase offers secured credit cards. The two main options are the Chase Secured Visa and the Chase Secured Mastercard. Both require a cash deposit that becomes your credit limit, and both report to all three credit bureaus. The deposit stays in a savings account at Chase while you use the card, and you can graduate to an unsecured card after you build a payment history.
A secured card is designed for people rebuilding credit or starting from scratch. You put down a deposit—typically between $200 and $2,500—and that amount becomes your spending limit. You then use the card like a regular credit card, making monthly payments. After 6 to 18 months of on-time payments, Chase may convert your account to an unsecured card and return your deposit.
The main difference between Chase's two secured cards is the rewards structure. The Secured Visa earns 1% cash back on all purchases. The Secured Mastercard earns 1.5% cash back on all purchases. Both charge an annual fee, though the amount varies and can change.
Key Takeaways
- Chase Secured Visa and Chase Secured Mastercard both require a cash deposit between $200 and $2,500 that becomes your credit limit.
- Your deposit sits in a Chase savings account while you use the card; you do not lose access to the money, but you cannot withdraw it while the account is open.
- Both cards report to Equifax, Experian, and TransUnion, so on-time payments build your credit score.
- After 6 to 18 months of consistent on-time payments, Chase may convert your account to an unsecured card and return your full deposit.
- The Secured Mastercard offers higher cash back (1.5%) than the Secured Visa (1%), but both charge an annual fee.
How the deposit works and what happens to your money
When you open a Chase secured card, you choose your deposit amount. Chase requires a minimum deposit of $200, and the maximum is typically $2,500, though this can vary. Your deposit is held in a Chase savings account and earns a small amount of interest—currently around 0.01% APY, though rates change. The deposit is yours; Chase is not keeping it as a fee.
While your secured card account is open, you cannot withdraw the deposit. It stays locked in the savings account. This protects Chase if you stop paying your bill. Once Chase converts your account to an unsecured card—or if you close the account and pay off the balance—Chase returns the full deposit to you, plus any interest it earned.
Your credit limit equals your deposit amount. If you deposit $500, your limit is $500. You can request a credit limit increase after you have made on-time payments for several months, but any increase beyond your original deposit requires an additional deposit.
Annual fees and interest rates
Both Chase secured cards charge an annual fee. The exact amount depends on your creditworthiness and can range, but you should expect to pay between $25 and $39 per year. Chase deducts this fee from your account once a year, usually on your card anniversary. The fee is separate from interest charges on any balance you carry.
If you carry a balance from month to month, you pay interest on that balance. The APR (annual percentage rate) varies based on your credit profile and current market rates. You can find the current APR range on Chase's website or by calling their customer service line. Paying your full balance each month avoids interest charges entirely.
There are no foreign transaction fees on either card, which can be useful if you travel or make purchases from international merchants online.
Building credit and graduating to an unsecured card
The purpose of a secured card is to demonstrate that you can use credit responsibly. Every payment you make—on time or late—is reported to Equifax, Experian, and TransUnion. On-time payments build your credit score over time. Late payments damage it and can trigger a higher interest rate.
Chase does not publish a specific timeline for converting your account to unsecured, but most cardholders see an offer after 6 to 18 months of on-time payments. The conversion is not automatic; Chase reviews your account and decides whether to offer it. When they do, you receive a notice in the mail or through your online account. If you accept, your deposit is returned to you, and your card becomes a regular unsecured card with a new credit limit.
Even if Chase does not offer conversion automatically, you can request it after a certain period. Call the number on the back of your card and ask whether you are may be able to access. Some cardholders have reported success requesting conversion after 12 months of perfect payment history.
Comparing Chase secured cards to other banks
Chase is not the only bank offering secured cards. Capital One, Discover, and US Bank all have secured card products. The main differences are deposit minimums, annual fees, cash back rates, and how quickly they convert to unsecured cards.
Capital One Secured Mastercard has a lower minimum deposit ($200) and no annual fee, but it earns no cash back. Discover Secured Cashback Card also has no annual fee and earns 2% cash back in the first year on all purchases, then 1% after that, but requires a $200 minimum deposit. US Bank Secured Visa has a $300 minimum deposit and charges an annual fee, but offers 1% cash back.
Chase's secured cards are competitive on cash back but not the cheapest option if you want to avoid an annual fee. If building credit is your only goal and you do not care about rewards, a no-fee card from another bank may save you money. If you want cash back and are willing to pay an annual fee, Chase's rates are in line with the market.
What you need to open an account
To open a Chase secured card, you need a Social Security number or ITIN, a valid government-issued ID, and proof of address. You also need to be at least 18 years old and a U.S. resident. Chase will check your identity and may run a soft credit inquiry, which does not affect your credit score.
You can open the account online through Chase's website or in person at a Chase branch. The online process typically takes 10 to 15 minutes. Once approved, you choose your deposit amount and fund it. Chase then mails your card, which usually arrives within 7 to 10 business days.
If you already have a Chase checking or savings account, opening a secured card is faster because Chase already has your information on file. If you do not have a Chase account, you will need to open one or provide banking information for the deposit to be transferred from another bank.
Common reasons Chase might deny a secured card application
Chase may deny your application if you have unpaid collections, recent charge-offs, or fraud on your credit report. A very recent bankruptcy can also result in denial, though secured cards are often easier to get approved for than unsecured cards even with damaged credit. If you are denied, Chase will send you a letter explaining the reason.
Having no credit history does not automatically disqualify you. Many people with no credit score open secured cards successfully. However, if you have a history of not paying bills, Chase may view you as too risky even with a deposit backing the card.
If you are denied, you can reapply after addressing the issue on your credit report—such as paying off collections or waiting for negative items to age. You can also try a different bank's secured card in the meantime.
Frequently Asked Questions
Can I use my Chase secured card right away after opening it?
No. You can use the card once it arrives in the mail, which typically takes 7 to 10 business days after approval. You cannot use it online or in stores before the physical card reaches you, even though your account is open.
What happens if I miss a payment on my secured card?
A missed payment is reported to the credit bureaus and damages your credit score. Chase may also charge a late fee and increase your interest rate. If you miss multiple payments, Chase may close your account and use your deposit to cover the debt. This defeats the purpose of building credit.
Can I increase my credit limit without adding more money?
Chase may increase your limit without requiring an additional deposit after you have made on-time payments for several months, but this is not may provide. Any increase beyond your original deposit amount typically requires you to deposit more money. Call Chase to ask about your options.
Do I have to keep the card open after it converts to unsecured?
No. Once your account converts to unsecured and your deposit is returned, you can close the card if you want. However, closing it may lower your credit score slightly because it reduces your available credit and shortens your average account age. Keeping it open and using it occasionally is better for your credit.
What is the difference between a secured card and a prepaid card?
A secured card is a credit card backed by a deposit; it reports to credit bureaus and helps you build credit. A prepaid card is not a credit product—you load money onto it and spend that money, but it does not build credit because it is not reported to the bureaus. Secured cards are better if your goal is to improve your credit score.