Yes, Chase offers a secured credit card, but only one active option
Chase's Secured Credit Card is their main product for people building or rebuilding credit. It requires a cash deposit that becomes your credit limit — typically between $200 and $2,500 — and reports to all three credit bureaus each month. The deposit stays in a separate account and earns a small amount of interest while you hold the card.
This is different from a prepaid card. With Chase's secured card, you're borrowing against your own deposit, not spending money you've already set aside. That distinction matters because the monthly payments and account activity show up on your credit report, which is the whole point of using a secured card to build history.
Chase also used to offer the Chase Slate Secured, but that product is no longer available to new cardholders. If you're looking at Chase specifically, the Secured Credit Card is your current choice.
Key Takeaways
- Chase's Secured Credit Card requires a cash deposit between $200 and $2,500 that becomes your starting credit limit.
- Your monthly payments and balance are reported to Equifax, Experian, and TransUnion, so responsible use builds your credit history.
- The deposit earns interest while held and is returned when you graduate to an unsecured card or close the account.
- You'll pay an annual fee (the amount varies), so factor that into whether a secured card makes sense for your situation.
- Chase may offer you an unsecured card after several months of on-time payments, at which point you get your deposit back.
How the deposit and credit limit work
When you open the account, you choose how much to deposit, and that amount becomes your credit limit. If you deposit $500, your limit is $500. Chase sets a minimum deposit of $200 and a maximum of $2,500, though the exact range may depend on your creditworthiness at the time you apply.
The deposit sits in a separate savings account that earns interest. You don't touch this money to pay your bill — you make regular monthly payments from your checking account, just like any other credit card. The deposit is collateral, not your spending money.
If you miss a payment, Chase can use the deposit to cover it, though they typically won't do this without warning. The bigger risk is that a missed payment gets reported to the credit bureaus, which defeats the purpose of building credit in the first place.
Annual fees and other costs
Chase charges an annual fee for the Secured Credit Card. The exact amount varies based on your creditworthiness and the current offer, so you'll see the fee clearly stated before you complete your application. This is a real cost — it comes out of your account once a year, usually on your card anniversary.
There is no interest charged on purchases if you pay your full balance by the due date, just like a regular credit card. If you carry a balance, you'll pay interest at a variable rate that depends on your creditworthiness and current market rates. Chase publishes their current rates on their website.
There are no foreign transaction fees if you use the card overseas, which is useful if you travel. There's also no penalty APR — if you miss a payment, your rate won't jump to a punitive level, though the missed payment itself will still be reported to the credit bureaus.
When Chase offers you an unsecured card
After several months of on-time payments — typically six months to a year, though Chase doesn't publish an exact timeline — they may automatically upgrade you to an unsecured card. When this happens, your deposit is returned to you, and you keep the new card with its own credit limit.
This upgrade is not may provide. It depends on how you use the card, whether you've missed any payments, and how your credit profile looks overall. Some people graduate quickly; others stay on the secured card longer. You can also request an upgrade if you think you're ready, though Chase will review your account before deciding.
If you're upgraded, the new card may have different terms, a different annual fee, and different rewards (if any). Read the offer carefully before accepting it. You're not obligated to take the upgrade — you can keep the secured card if it still works for you.
How this compares to other secured cards
Chase's Secured Credit Card is straightforward but not the only option. Other banks offer secured cards with lower annual fees, higher deposit limits, or better rewards. Some secured cards offer cash back on purchases; Chase's card does not offer rewards.
The main reason to choose Chase is if you already bank there or plan to — having all your accounts in one place can make it easier to manage. If you're comparing purely on features, you may find a better fit elsewhere. Look at the annual fee, the interest rate, and whether the card reports to all three bureaus (most do, but it's worth confirming).
If you're rebuilding from a very low credit score, some secured cards are easier to get approved for than Chase's. If you have no credit history at all, a secured card from any issuer — including Chase — is a solid starting point.
What happens if you close the account
If you close the card, your deposit is returned to you within a few weeks, usually by check or direct deposit to the account you provided. The card's history stays on your credit report for up to seven years, so closing it doesn't erase the positive payment history you've built.
Closing a credit card can lower your credit score temporarily because it reduces your total available credit and may increase your credit utilization ratio on other cards. If you're planning to close the account, do it after you've built enough credit history that the impact is smaller, or after you've graduated to an unsecured card.
Frequently Asked Questions
Can I use my deposit as a payment if I can't pay my bill?
No. Your deposit is collateral held separately and is not accessible to you. You must make payments from your own funds. If you miss a payment, Chase may eventually use the deposit to cover it, but only after reporting the missed payment to the credit bureaus.
What credit score do I need to get approved?
Chase doesn't publish a minimum credit score for the Secured Credit Card. People with no credit history, poor credit, or credit in recovery have all been approved. The deposit is what secures the card, so approval is more about your identity and banking history than your credit score.
Can I increase my credit limit without adding more money?
Not on a secured card. Your limit is tied to your deposit. You can request a higher limit by depositing more money, but you can't increase it without additional collateral. Once you graduate to an unsecured card, you can request limit increases without depositing more.
How long does it take to build credit with this card?
You'll see activity on your credit report within one to two months of opening the account. Meaningful improvement typically takes six months to a year of on-time payments. The longer your history and the lower your balances, the faster your score will rise.
What if I'm denied?
Chase may deny you if you have recent fraud or identity theft on your record, or if you've defaulted on a Chase account in the past. If you're denied, ask Chase why — they're required to tell you. You can also try a different secured card issuer, as approval standards vary.