Chase offers secured cards, but not under a single "secured card" product name
Chase does not market a card specifically labeled as a secured credit card the way some banks do. Instead, Chase offers the Chase Slate Edge, which functions as a secured card for people rebuilding credit. You deposit cash as collateral, and that deposit becomes your credit limit — typically between $200 and $2,500. The card reports to all three credit bureaus, so on-time payments build your credit history.
Chase also offers the Chase Secure Credit Card in some states, though availability varies by location and current product lineup. Both cards charge an annual fee (currently $0 for Slate Edge, though this can change) and carry a higher interest rate than Chase's standard cards. The key difference from a regular card is that you control the risk by putting money down first.
If you already have an existing Chase account or credit history with Chase, you may be offered a different path — sometimes a regular Chase card with a lower starting limit rather than a secured product. Chase's approach depends on your credit profile and which products are currently available in your state.
Key Takeaways
- Chase Slate Edge is Chase's primary secured card option, requiring a cash deposit between $200 and $2,500 that becomes your credit limit.
- Your deposit sits in a separate account and earns no interest, but you keep it while using the card — you do not lose the money.
- The card reports to all three credit bureaus each month, so consistent on-time payments directly build your credit score.
- After 6 to 18 months of on-time payments, you may be able to graduate to an unsecured Chase card and recover your deposit.
- Chase Slate Edge currently has no annual fee, but interest rates run higher than standard Chase cards because the bank is taking on credit risk.
How the deposit and credit limit work
When you open a Chase secured card, you deposit cash into a savings account that Chase holds. That deposit amount becomes your credit limit — if you deposit $500, your limit is $500. You use the card like any other credit card: make purchases, receive a bill, and pay it back. The deposit stays in the bank's account the entire time you hold the card.
You do not lose access to the deposit money. You can withdraw it at any time, but if you do, your credit limit drops by the same amount. Most people leave the deposit untouched while they build credit, then close or convert the card after demonstrating reliable payment history.
Chase sets minimum and maximum deposit amounts. The current range is $200 to $2,500, though these limits can shift. If you want a higher limit, you would need to deposit more money — there is no way to get a limit higher than your deposit on a secured card.
Annual fees and interest rates on Chase secured cards
Chase Slate Edge currently carries no annual fee, which is one of its competitive advantages. However, the interest rate is significantly higher than Chase's standard cards — typically in the 18% to 24% range depending on your creditworthiness at the time you open the account. This higher rate reflects the fact that you are rebuilding credit, and the bank sees you as higher risk despite the deposit.
The deposit itself does not earn interest. Your $500 deposit sits in Chase's account and generates no returns for you. This is standard across the industry — the bank uses your deposit as insurance against default, not as an investment account.
If you carry a balance month to month, the interest charges will be substantial. The best strategy is to keep your balance low or pay it off in full each month. Even small purchases reported as paid on time help your credit score without costing you interest.
How Chase secured cards report to credit bureaus
Chase reports your account activity to Equifax, Experian, and TransUnion — all three major credit bureaus. This means every on-time payment, late payment, and balance you carry gets recorded in your credit file. That reporting is the entire point of a secured card: building a positive payment history that raises your credit score over time.
The card reports your payment status (on time, late, or missed), your current balance, and your credit limit. Keeping your balance low relative to your limit helps your credit utilization ratio, which is one factor credit scoring models use. Paying on time every month is the most important factor.
You will typically see credit score improvements within 3 to 6 months of consistent on-time payments, though the exact timeline depends on your starting score and overall credit profile. Some people see movement sooner; others take longer.
When you can graduate from a secured card to an unsecured one
After 6 to 18 months of on-time payments, Chase may offer to convert your secured card to an unsecured card. This means you get your deposit back and the card functions like a standard credit card — no collateral required. The conversion is not automatic; Chase reviews your account and decides whether to offer it based on your payment history.
When the conversion happens, Chase returns your deposit to your bank account. Your credit limit may stay the same, increase, or decrease depending on your credit score at that time. The interest rate may also change — usually downward if your credit has improved.
If Chase does not offer a conversion, you can request one by calling the customer service number on the back of your card. There is no harm in asking, and some people successfully convert after demonstrating a strong payment record even if Chase did not proactively offer it.
Comparing Chase secured cards to other banks' options
Chase Slate Edge's main advantage is the zero annual fee and Chase's brand recognition. However, other banks offer secured cards with different features. Capital One Secured MasterCard charges a $49 annual fee but may offer a higher maximum deposit limit. Discover it Secured has no annual fee and offers cash back rewards — unusual for a secured card. Bank of America Secured Card charges $29 annually.
The choice depends on what matters most to you: lowest cost, highest deposit limit, rewards, or the convenience of banking with Chase if you already have accounts there. If you are starting from a very low credit score, any of these cards will work; the differences are relatively small. If you already bank with Chase and have a relationship there, staying within Chase may be simpler.
One factor to consider: some banks convert secured cards to unsecured faster than others. Chase's timeline of 6 to 18 months is typical, but you may want to check current customer reviews to see how quickly people are actually graduating from the card.
What happens if you miss a payment on a secured card
Missing a payment on a Chase secured card has the same consequences as missing a payment on any credit card: it gets reported to the credit bureaus, damages your credit score, and may trigger late fees. The deposit does not protect you from these consequences — it protects Chase, not you.
If you miss a payment by 30 days or more, Chase may use your deposit to cover the missed payment. This reduces your available credit limit. If your account goes to collections, Chase can apply the deposit to the debt, and you would lose that money.
The secured card is designed to help you build credit by making on-time payments, not to give you a safety net if you cannot pay. Treat it like any other credit card: budget for the payment before you make the purchase.
Frequently Asked Questions
Can I use a Chase secured card if I have no credit history?
Yes. Secured cards are specifically designed for people with no credit history, poor credit, or credit that has not been used recently. Chase does not require a minimum credit score to open Slate Edge. You will need to pass Chase's identity verification and fraud checks, but the credit requirement is minimal or nonexistent.
What is the difference between a secured card and a prepaid card?
A secured card requires a deposit that stays in a bank account, and you borrow against it using a credit card. A prepaid card is funded directly with your own money, and you spend down that balance. Secured cards report to credit bureaus and build your credit score; prepaid cards do not. Secured cards have interest rates and fees; prepaid cards typically do not.
Can I increase my credit limit on a Chase secured card without depositing more money?
No. Your credit limit is tied directly to your deposit amount. The only way to raise your limit is to deposit more money. However, after you graduate to an unsecured card, Chase may increase your limit based on your credit score and payment history.
How long does it take to get approved for Chase Slate Edge?
Chase typically approves or denies secured card applications within a few minutes to a few hours if you apply online. Once approved, you fund the deposit and receive the card within 7 to 10 business days. The entire process from application to using the card usually takes 2 to 3 weeks.
What happens to my deposit if I close the card?
When you close a Chase secured card, Chase returns your deposit to the bank account you used to fund it. This typically happens within 5 to 7 business days. You do not forfeit the deposit by closing the account — it is always yours to withdraw or keep on deposit.