Yes, Chase offers a secured card, but only one option
Chase Bank offers the Chase Secured Credit Card. It is their only secured product — they do not have multiple secured cards under different names. You put down a cash deposit between $200 and $2,500, and that deposit becomes your credit limit. Chase reports your payment history to all three credit bureaus, which means on-time payments build your credit score over time.
The card has an annual fee of $95. There is no introductory period where the fee is waived. You pay it in the first year and every year after, whether you keep the card or close it. The interest rate (APR) varies based on your creditworthiness at the time you open the account, but secured cards typically carry higher rates than unsecured cards from the same bank.
Chase does not automatically convert your secured card to an unsecured card after a set period. Conversion is possible, but it happens only if you request it and Chase approves you — usually after 6 to 12 months of responsible use. There is no may provide this will happen.
Key Takeaways
- Chase's secured card requires a deposit of $200 to $2,500 that serves as your credit limit, and the deposit stays in a Chase account while you use the card.
- The card charges a $95 annual fee with no waiver period, so you will pay this fee in year one even if you only use the card briefly.
- Chase reports all your payments to the three major credit bureaus, so consistent on-time payments will raise your credit score over months.
- Conversion to an unsecured card is not automatic and requires you to request it after demonstrating responsible payment history.
How the deposit works and what happens to your money
When you open the Chase Secured Credit Card, you choose how much to deposit. The minimum is $200 and the maximum is $2,500. This money goes into a savings account held by Chase, and your credit limit equals that deposit amount. If you deposit $500, your limit is $500.
Your deposit is not a payment toward the card. It sits in the savings account untouched unless you close the card or fail to pay your bill. If you make all your payments on time and in full, the deposit stays yours and earns a small amount of interest (the rate changes with market conditions). If you stop paying and Chase closes the account, they may use the deposit to cover what you owe.
You cannot use the deposit as a payment. You must pay your monthly bill from your regular checking or savings account, just like any other credit card. The deposit is collateral, not a prepaid balance.
Annual fee, interest rate, and other costs
The $95 annual fee is the main cost beyond interest. This fee posts to your account once per year on your account anniversary. You cannot avoid it by paying off your balance or using the card minimally. If you close the card within the first year, you still owe the full $95 fee.
The APR (interest rate) is not fixed. Chase sets it based on your credit score and credit history at the time you open the account. Secured cards typically have APRs between 18% and 24%, but your rate could be different. If you carry a balance, you will pay interest on that balance at your APR. If you pay your full statement balance by the due date each month, you will not pay interest.
There are no other regular fees listed for this card — no foreign transaction fees, no late fees beyond standard credit card penalties, no inactivity fees. Late payments do incur a fee (typically $25 to $35 for the first late payment), and your APR may increase if you pay late.
Who Chase accepts and what they check
Chase does not publish a minimum credit score requirement for the secured card. In practice, people with poor credit, no credit history, or recent negative marks (like a bankruptcy or collections account) have been approved. The secured deposit is what makes approval possible — it reduces Chase's risk because they hold collateral.
Chase will pull your credit report and check your credit score. They also verify your identity and review your banking history with them if you are already a Chase customer. If you have an open fraud dispute or an account in collections with Chase, you may be denied.
You must be at least 18 years old and a U.S. citizen or permanent resident with a valid Social Security number or ITIN. You need a valid mailing address and a phone number.
How to open the card and what documents you need
You can open the Chase Secured Credit Card online through Chase's website, by phone, or in person at a Chase branch. The online process takes about 10 minutes. You will need your Social Security number, date of birth, current address, and employment information (or income source if you are not employed).
Chase will ask for proof of identity, which they verify electronically using the information you provide. You do not need to mail in documents unless Chase specifically requests them after your process. This happens rarely with the online process.
Once approved, you choose your deposit amount and fund it. If you explore online, you can often link an existing Chase checking or savings account to fund the deposit when ready. If you do not have a Chase account, you will need to open one or provide banking details to transfer the deposit. The card typically arrives within 7 to 10 business days after your deposit clears.
Building credit and moving to an unsecured card
The secured card reports to Equifax, Experian, and TransUnion — the three major credit bureaus. Every month, Chase reports your payment status (on time, late, or missed), your balance, and your credit limit. This information is used to calculate your credit score.
On-time payments are the single largest factor in your credit score. If you pay your full balance or at least the minimum payment by the due date every month, your score will improve over time. Most people see measurable improvement within 6 to 12 months of consistent on-time payments.
Conversion to an unsecured card is not may provide. After 6 to 12 months of responsible use, you can contact Chase and request conversion. Chase will review your account and decide whether to approve. If approved, your deposit is returned to you and your credit limit may increase or stay the same. If denied, you keep the secured card and can request conversion again later.
Comparing Chase to other banks' secured cards
Other banks offer secured cards with different terms. Capital One's Secured Mastercard has a $49 annual fee (lower than Chase) and accepts deposits from $200 to $2,500 (same range). Discover's Secured Card has no annual fee but requires a minimum deposit of $200 and a maximum of $2,500. Bank of America's Secured Card charges $0 annual fee and accepts deposits from $300 to $2,500.
The trade-off is often between annual fee and approval odds. Chase's higher fee may come with slightly better approval odds for people with very poor credit, though this varies by individual. If you have any credit history at all, a card with no annual fee (like Discover or Bank of America) may save you money over time.
The key difference to check is whether the card reports to all three bureaus. Chase, Capital One, Discover, and Bank of America all do. Some smaller banks or credit unions may report to only one or two bureaus, which slows credit-building.
Frequently Asked Questions
Can I use my deposit as a payment if I can't pay my bill?
No. Your deposit is held separately and cannot be used to pay your monthly statement. You must pay from your checking or savings account. If you cannot pay and miss your due date, Chase will charge a late fee and report the late payment to the credit bureaus, which will hurt your credit score.
What happens to my deposit if I close the card?
Chase returns your deposit to the account you used to fund it, usually within 5 to 7 business days after the card is closed. If you still owe a balance on the card when you close it, Chase may hold the deposit until the balance is paid in full, then return any remainder.
Does Chase automatically graduate me to an unsecured card?
No. You must request conversion yourself, usually after 6 to 12 months of on-time payments. Chase will review your account and decide whether to approve. There is no automatic upgrade, and approval is not may provide even with perfect payment history.
Can I increase my credit limit without adding more money?
Not on the secured card. Your limit is always equal to your deposit. If you want a higher limit, you must increase your deposit. Some people do this after a few months of on-time payments to show more credit activity, though it is not required.
What is the interest rate on the Chase Secured Card?
Chase does not publish a fixed rate. Your APR is determined at the time you open the account based on your credit score and history. Secured cards typically range from 18% to 24%, but your rate could fall outside this range. You can ask Chase for your rate before you open the account.