Chase Secured Credit Cards: What You Can Actually Get

Yes, Chase offers a secured credit card, but only one option right now

Chase offers the Chase Secured Credit Card, which is their only secured card product. It works the way secured cards do: you put down a cash deposit (your security deposit), and that deposit becomes your credit limit. If you have limited credit history or past credit problems, this card lets you build or rebuild your credit score while using it like a regular card.

The card itself is straightforward — you spend money, you get a bill, you pay it. The difference is that Chase holds your deposit as collateral. As long as you make on-time payments and keep your balance low, Chase will eventually convert this card to an unsecured card (meaning you get your deposit back and the card works like any other credit card). That conversion usually happens after you've shown responsible use for several months.

Key Takeaways

• Chase's secured card requires a cash deposit that becomes your credit limit, ranging from $500 to $25,000 depending on what you deposit.
• You'll pay an annual fee (currently $39), which is typical for secured cards but worth comparing against other banks' options.
• The card reports to all three credit bureaus, so your payment history actually builds your credit score if you use it responsibly.
• After several months of on-time payments, you can request conversion to an unsecured card and get your deposit back.

How the deposit and credit limit work

When you open the Chase Secured Credit Card, you choose how much to deposit. That amount becomes your credit limit. If you deposit $1,000, your limit is $1,000. Chase currently allows deposits between $500 and $25,000, so your limit can be anywhere in that range.

The deposit sits in a special savings account that Chase holds. You don't earn interest on it, and you can't touch it while the card is active. Think of it as money set aside to back up the card — it protects Chase if you don't pay your bill. Once Chase converts your card to unsecured (which usually happens after 6 to 18 months of on-time payments), they release the deposit back to you.

Annual fee and other costs

The Chase Secured Credit Card charges a $39 annual fee. This is a real cost you'll pay every year the card is active, and it comes out whether you use the card or not. There's no interest-free period on purchases, so if you carry a balance, you'll pay interest on top of the annual fee.

The card has no foreign transaction fees if you use it abroad, which is useful if you travel. There are also no fees for late payments, over-limit fees, or returned payment fees — but that doesn't mean you should miss a payment. Missing payments will hurt your credit score and may prevent Chase from converting your card to unsecured.

How this card reports to credit bureaus

The Chase Secured Credit Card reports your payment history to Equifax, Experian, and TransUnion — all three major credit bureaus. This is the whole point of using a secured card: every on-time payment you make gets recorded and helps build your credit score. If you miss payments or carry a high balance, that also gets reported and can hurt your score.

Because the card reports to all three bureaus, lenders and credit companies can see your payment history when they check your credit. This means the card actually works to rebuild credit, rather than just sitting there. The better you use it (paying on time, keeping your balance low), the faster your credit score will improve.

When Chase converts your card to unsecured

Chase doesn't publish an exact timeline for conversion, but it typically happens after 6 to 18 months of responsible use. "Responsible use" means paying your bill on time every month and keeping your balance well below your limit. Some customers report conversion happening after just 6 months; others wait longer.

You don't have to request conversion — Chase reviews your account automatically and converts it when they decide you've shown enough credit history. Once they do, they'll close the secured card and open a new unsecured card (usually a regular Chase card like the Chase Freedom or Chase Sapphire), and they'll return your deposit to your bank account. You'll then have two cards if you want to keep both, or you can close the old one.

How to decide if this card is right for you

The Chase Secured Credit Card makes sense if you're building credit from scratch or rebuilding after past problems, and you have $500 to $25,000 available to deposit. The $39 annual fee is standard for secured cards, though some competitors charge less or nothing. If you can't afford the deposit or the annual fee, or if you already have a decent credit score, a regular unsecured card might be a better fit.

The card is also worth considering if you bank with Chase already. Having your deposit and your checking account at the same bank can make it easier to manage, and Chase customers sometimes get faster service or easier conversion to unsecured status. If you don't have a Chase account, you'll need to open one to get the card.

Comparing Chase to other secured card options

Chase is not the only bank offering secured cards. Capital One, Discover, and several credit unions also offer them, and some charge lower annual fees or offer different deposit ranges. Capital One's Secured Mastercard has no annual fee, for example, though it reports to credit bureaus the same way Chase does. Discover's secured card also has no annual fee and offers cash back on purchases.

The main reason to choose Chase over competitors is if you already have a relationship with Chase or prefer their app and customer service. If you're comparing purely on features and cost, spend 10 minutes looking at Capital One and Discover's secured cards to see if their terms fit your situation better. The difference in annual fees alone can add up over time.

Frequently Asked Questions

Can I use the Chase Secured Card right away after opening it?

Yes. Once your account is approved and your deposit is received, you can use the card immediately. There's no waiting period. You'll get your physical card in the mail within 7 to 10 business days, but you can often use the card number online or through Apple Pay or Google Pay before the physical card arrives.

What happens if I miss a payment on the secured card?

A missed payment will be reported to the credit bureaus and will hurt your credit score. Chase may also charge a late fee (though the card terms specify no late fees, so confirm current terms). Missing payments also makes conversion to an unsecured card much less likely. If you're struggling to pay, contact Chase before the due date to discuss options.

Can I increase my credit limit without adding more money?

Not on a secured card. Your limit is tied directly to your deposit. If you want a higher limit, you'd need to deposit more money. Once Chase converts your card to unsecured, you can request a credit limit increase the way you would with any regular credit card.

Do I get my deposit back if I close the card before conversion?

Yes. If you close the card yourself before Chase converts it to unsecured, Chase will return your deposit. However, closing the card early may hurt your credit score because it shortens your credit history and can raise your credit utilization ratio on other cards. It's usually better to keep the card open and wait for conversion.

Is there a way to speed up conversion to an unsecured card?

Chase doesn't publish a way to request early conversion, and the timeline depends on their internal review process. The best approach is to use the card responsibly: pay every bill on time, keep your balance under 10% of your limit, and avoid applying for multiple new cards at once. Some customers report that calling Chase after 6 months of perfect payments and asking about conversion status can help, though there's no may provide.