Yes, Chase offers secured credit cards, but only through specific products and with conditions that vary by your banking history with them
Chase does not have a dedicated secured card in their main product lineup the way some other banks do. However, Chase does offer the Chase Secured Visa to customers who meet certain requirements—primarily, you need to be a Chase checking or savings account holder, and you typically need to have had an account with them for at least 60 days. The card requires a cash deposit that becomes your credit limit, ranging from $200 to $2,500 depending on what Chase approves.
If you do not may have access to for the Chase Secured Visa or do not have an existing Chase account, you have two other paths: you can open a Chase checking account first and then request the secured card after meeting their waiting period, or you can look at secured cards from other issuers. Chase also occasionally offers unsecured cards to people with limited or damaged credit, so your situation may not require a secured card at all.
Key Takeaways
- Chase Secured Visa requires a cash deposit of $200 to $2,500 that serves as your credit limit, and you must be a Chase account holder for at least 60 days before you can request it.
- The card charges an annual fee (the amount varies and changes periodically), so factor that into whether the card makes sense for your situation.
- You build credit history with the Chase Secured Visa the same way you do with any credit card—by making on-time payments and keeping your balance low relative to your limit.
- If you do not have a Chase account or do not want to wait 60 days, other banks offer secured cards with different deposit requirements and fee structures.
How the Chase Secured Visa deposit and credit limit work
When you open a Chase Secured Visa, you deposit money into a savings account that Chase holds as collateral. That deposit amount becomes your credit limit. If you deposit $500, your credit limit is $500. You cannot use that deposit to pay your credit card bill—it stays in the savings account, and you pay your card bill from your checking account or another source.
Chase holds the deposit for the life of the account unless you close the card or graduate to an unsecured card. If you stop paying your credit card bill, Chase can use the deposit to cover what you owe, but they will not automatically do so. The deposit earns interest at whatever rate Chase is currently paying on savings accounts, which is typically very low.
Annual fees and other costs on the Chase Secured Visa
The Chase Secured Visa charges an annual fee. The exact amount changes periodically, so you should check Chase's current terms before you open the account. Unlike some secured cards that waive the first year's fee, Chase typically charges the fee every year you hold the card.
The card does not charge a foreign transaction fee if you use it outside the United States, which can be useful if you travel. There is no late fee or over-limit fee structure published separately—those would follow standard credit card penalty rules, but the best approach is to pay on time and stay under your limit.
Building credit history with a Chase secured card
A secured card reports to all three credit bureaus (Equifax, Experian, and TransUnion) the same way an unsecured card does. Every payment you make on time gets reported, and every late payment also gets reported. Your credit utilization—the percentage of your limit you are using—also factors into your credit score, so keeping your balance well below your limit helps more than maxing out the card and paying it off.
There is no set timeline for graduating from a secured card to an unsecured one. Some people move within 6 to 12 months of on-time payments; others take longer. When Chase decides you have built enough credit history, they may contact you about converting to an unsecured card, or you can request conversion yourself. At that point, your deposit is returned to you.
Who qualifies for the Chase Secured Visa
You must have a Chase checking or savings account that has been open for at least 60 days. You also need a Social Security number and a valid government ID. Chase will pull your credit report, so having a very recent bankruptcy or fraud on your record may disqualify you, but the bank does not publish exact cutoff scores.
If you have never banked with Chase, you can open a checking account first—many of their checking accounts have no monthly fee—and then request the secured card after the 60-day window passes. This is often the fastest path if you do not already have a relationship with Chase.
Alternatives if you cannot get the Chase Secured Visa
If you do not have a Chase account or do not want to wait 60 days, other banks offer secured cards with different requirements. Capital One, Discover, and Bank of America all have secured card products that may have lower deposit minimums, no annual fee, or faster approval timelines. Some of these cards also offer cash back or other rewards, though secured cards typically have fewer perks than unsecured ones.
You can also explore whether Chase has any unsecured cards you might may have access to for. Chase sometimes approves people with limited credit history or past credit problems for cards like the Chase Freedom Flex or Chase Sapphire Preferred, depending on your specific situation. Calling Chase directly or visiting a branch can help you understand what you may have access to for without having to apply and get a hard inquiry on your credit report.
What happens after you close a Chase Secured Visa
When you close the card or convert it to an unsecured product, Chase returns your deposit to the savings account it was held in. If you have closed your Chase savings account, they will mail you a check or deposit the funds into another account you specify. The process usually takes a few business days to a week.
Closing the card itself does not hurt your credit score in the short term, but it does reduce your total available credit, which can slightly raise your credit utilization ratio if you still have balances on other cards. If you are building credit and do not have other cards, keeping the account open even after you graduate to an unsecured card can help your credit score over time.
Frequently Asked Questions
Can I use my Chase Secured Visa deposit to pay my credit card bill?
No. The deposit stays in a separate savings account and serves as collateral only. You pay your credit card bill from your checking account or another source, just like you would with any credit card. The deposit earns interest but cannot be withdrawn while the account is open.
How long does it take to get approved for a Chase Secured Visa?
If you already have a Chase account that is at least 60 days old, approval typically takes a few business days to a week. If you need to open a Chase account first, add 60 days to that timeline. You can open a checking account online or at a branch, and many Chase checking accounts have no monthly fee.
Will the Chase Secured Visa help me rebuild credit after a bankruptcy?
Yes, as long as Chase approves you. A secured card reports to all three credit bureaus, so on-time payments will show up on your credit report and gradually improve your score. However, Chase may decline you if your bankruptcy is very recent. Waiting 6 to 12 months after discharge and then applying can increase your chances.
What is the difference between a Chase Secured Visa and a regular Chase credit card?
The main difference is the deposit requirement. A secured card requires collateral; an unsecured card does not. Both report to credit bureaus the same way. The secured card typically has a lower credit limit and may have a higher annual fee, but it serves the same purpose of building credit history through on-time payments.
Can I increase my credit limit on a Chase Secured Visa?
Yes, but only by increasing your deposit. If you want a higher limit, you deposit more money into the collateral savings account, and your credit limit rises by that amount. You cannot get a credit limit increase without adding to the deposit, unlike unsecured cards where the bank may raise your limit based on payment history alone.