Does Chase Bank Have a Secured Credit Card? 2023 Guide
Are you looking to improve your credit, but can’t get approved for a traditional credit card? A secured credit card could be a solution worth considering.
In this article, I’m about to explore this question, does chase bank have a secured credit card? And gives you all the information you need to decide whether a Chase Bank-secured credit card is right for you.
What is a Secured Credit Card?
A secured credit card requires you to deposit cash as security. Your security deposit box serves as your credit limit and an insurance policy for the lender. This ensures they won’t lose money if you don’t make timely payments. This makes getting approved for a secured credit card easier, even if you have poor credit or no credit.
Does Chase Bank Have a Secured Credit Card?
Yes, Chase Bank does offer a secured credit card. The Chase Secured Visa® Credit Card helps you build a credit history for future access to traditional unsecured cards. It offers an APR of 21.74%, no annual fee, and requires a security deposit of $200-$2,000 based on your creditworthiness.
Pros
- A low APR (21.74%).
- No annual fee.
- You can access your FICO® Score for free to track your progress.
- You can earn rewards points on purchases with this feature.
Cons
- It can take time to build your credit with this card.
- You need to make a security deposit to open the account, which can be challenging if you don’t have the extra money.
- The card doesn’t offer any rewards or cashback programs.
Alternatives to Chase Bank’s Secured Credit Card
There are other secured credit cards available from different banks and financial institutions. Some of these cards have lower interest rates or bigger rewards than the Chase Secured Credit Card. To find the right card for you, compare all your options and choose the one that meets your needs.
Building Credit with Chase Bank
Although Chase Bank does not offer a secured credit card. They have many credit card options to help you build or rebuild your credit effectively.
Their diverse range of credit cards caters to individuals with different credit profiles and spending habits, ensuring you can find a card that suits your needs.
You can establish a positive credit history by adopting responsible credit management practices, such as making payments on time and keeping your credit utilization ratio low.
Over time, this upbeat track record may open doors to more favorable credit terms and opportunities in the future.
FAQs
Is there an annual fee for Chase Secured Visa® Credit Card?
No, is no annual fee for this card.
How much is the security deposit required to open the account?
The least security deposit required is $200-$2,000, depending on your creditworthiness.
Can I earn rewards with this card?
You can earn rewards points when you purchase Chase Secured Visa® Credit Card.
How quickly can my credit score improve with this card?
Responsible use and timely bill payments can improve your credit score over time. But, it may take several months or longer to see an improvement.
Does Chase Bank offer any other secured credit cards?
No, the Chase Secured Visa® Credit Card is the only secured credit card offered by Chase Bank.
What kind of checking account does Chase offer?
Chase offers different checking accounts:
Chase Total Checking:
A basic account with online and mobile banking. $12 monthly fee, waived under certain conditions.
Chase Premier Plus Checking:
A high-tier account with additional benefits, and a $25 monthly fee, is waived with certain conditions.
Chase College Checking:
Designed for college students, with no monthly service fee.
What is the minimum balance for Chase checking?
Minimum balance for Chase checking:
Chase Total Checking: No set “minimum balance”, but a $12 monthly fee can be waived with $500 in direct deposits or a $1500 minimum daily balance.
Does Chase offer a secured credit card for business?
Chase does not offer a secured credit card specifically for businesses. For the latest info, please check with Chase directly.
Conclusion
Chase Bank offers a secured credit card, which can greatly improve your credit score. But you should compare all the available options before deciding which suits you.