Chase Bank's Secured Credit Card: What You Get and How It Works

Yes, Chase offers a secured credit card called the Chase Secured Visa

Chase Bank does offer a secured credit card called the Chase Secured Visa. It works the way secured cards typically do: you put down a cash deposit that becomes your credit limit, and Chase reports your payments to the three major credit bureaus. The deposit stays in a separate account while you use the card, so it's not the same as prepaying for purchases.

The card is designed for people rebuilding credit or starting from scratch. You're not borrowing against your deposit—you're using the card like any other credit card, and your monthly payments go toward the balance you charge, not toward releasing your deposit. After you've shown responsible use over time, Chase may convert the card to an unsecured card and return your deposit.

Key Takeaways

• The Chase Secured Visa requires a cash deposit between $200 and $2,500, which becomes your credit limit.
• You pay an annual fee of $39, and the card has no introductory period waiving that fee.
• Chase reports your payment history to all three credit bureaus, which helps build or rebuild your credit score over time.
• After meeting certain conditions—typically 6 to 18 months of on-time payments—you may be able to convert to an unsecured card and get your deposit back.
• The card has no rewards program, so you earn no cash back or points on purchases.

How the deposit and credit limit work

When you open the Chase Secured Visa, you choose your deposit amount between $200 and $2,500. That deposit becomes your credit limit. If you deposit $500, your credit limit is $500. The money sits in a separate savings account that earns a small amount of interest—currently around 0.01% APY, though this rate changes with market conditions.

Your deposit is not at risk if you miss a payment or carry a balance. Chase cannot take the deposit to cover what you owe on the card. The deposit is collateral, which is why the card exists for people with limited or damaged credit history. It reduces Chase's risk, which is why they're willing to issue the card to someone who might not otherwise may have access to.

Annual fee and interest rates

The Chase Secured Visa charges a $39 annual fee with no waiver period. This fee appears on your first statement and every year after that. There is no introductory period where the fee is waived, so you pay it from the start.

The card's interest rate (called the APR, or annual percentage rate) varies based on your creditworthiness at the time you apply. Chase typically offers rates between 19.99% and 24.99% APR. This is higher than what you'd pay on an unsecured card, but it's standard for secured cards because the lender is taking on more risk with someone who has limited credit history. If you carry a balance, interest charges add up quickly, so paying your full statement balance each month is the most cost-effective way to use the card.

How it helps you build credit

The Chase Secured Visa reports to Equifax, Experian, and TransUnion—the three major credit bureaus. Every month, Chase sends information about your account to these bureaus, including whether you paid on time, how much of your credit limit you're using, and your total balance. This information is used to calculate your credit score.

To build credit effectively with this card, make at least your minimum payment on time every month. Paying the full balance is better, because it keeps your credit utilization ratio low. Credit utilization is the percentage of your available credit that you're using. If your limit is $500 and you carry a $250 balance, your utilization is 50%. Keeping utilization below 30% helps your score more than carrying higher balances.

When Chase converts the card to unsecured

After you've demonstrated responsible use, Chase may offer to convert your secured card to a regular unsecured Visa. There's no set timeline—it typically happens between 6 and 18 months of on-time payments, though some people wait longer. Chase reviews accounts periodically and makes the decision based on your payment history and credit score improvement.

When the conversion happens, your deposit is returned to you. The card itself changes, but your account history stays the same, which means the credit-building work you've done continues to help your score. You may also see the annual fee waived or the APR lowered after conversion, though this varies by individual circumstances.

Comparing Chase Secured Visa to other secured cards

The Chase Secured Visa is one option, but other banks offer secured cards too. Capital One Secured Mastercard, for example, has a lower annual fee ($39 for Capital One as well, but some versions have no annual fee in the first year) and similar deposit requirements. Discover Secured Card requires a minimum deposit of $200 and also reports to all three bureaus.

The main differences between secured cards are the annual fee, the deposit range, the APR, and how quickly the issuer converts to unsecured. If you're comparing, look at the total cost: deposit amount plus annual fee plus interest if you carry a balance. Chase's $39 annual fee is standard, and its deposit range is typical. The deciding factor for many people is whether they already bank with Chase, which can make the application and account management simpler.

What happens if you miss a payment

Missing a payment on the Chase Secured Visa has the same consequences as missing a payment on any credit card. Chase reports the late payment to the credit bureaus, which damages your credit score. A payment 30 days late stays on your credit report for seven years. Chase also charges a late fee, typically $25 to $35 depending on your account history.

If you miss payments repeatedly, Chase may close the account. Even after closing, you still owe the balance, and the late payments remain on your credit report. The deposit is not used to cover missed payments—it stays separate. This is why using the card responsibly from the start is important. If you're worried about making payments, set up automatic payments for at least the minimum amount due each month.

Frequently Asked Questions

Can I use my deposit as a down payment on purchases?

No. Your deposit is held separately and never touches your card balance. It's collateral, not prepaid money. You charge purchases to the card like you would any credit card, and you pay the bill from your regular income or bank account.

What's the minimum credit score needed to get approved?

Chase does not publish a minimum credit score for the Secured Visa. People with no credit history, poor credit, or credit in recovery have all been approved. The deposit is what makes approval possible when credit history is limited. Your approval depends more on your income and banking history with Chase than on a specific score.

Can I increase my credit limit without adding more money?

Not on the secured card itself. Your limit is tied to your deposit. If you want a higher limit, you would need to increase your deposit. After conversion to an unsecured card, Chase may increase your limit without requiring additional money, based on your account performance.

How long does it take to convert to an unsecured card?

There's no may provide timeline. Most people see conversion offers between 6 and 18 months of on-time payments, but some wait longer. Chase reviews accounts periodically. Consistent on-time payments and a rising credit score improve your chances, but the decision is Chase's to make.

Do I earn rewards or cash back?

No. The Chase Secured Visa has no rewards program. You don't earn cash back, points, or miles on any purchases. This is typical for secured cards, which focus on credit building rather than rewards.