Chase Secured Credit Card: Where’s The Application?!

Posted by CreditCardGuru

Q: Does Chase have a secured credit card? The website doesn’t show the application.

Chase bank logoA: Chase has long favored above-average credit scores, but over the last few years they have really ratcheted it up even further.

With the exception of their Slate card (for average credit) these days the credit score requirements for their credit cards are basically on par with American Express; you need to have excellent credit to be approved.

The Chase secured Visa and MasterCard was discontinued several years ago. I asked my local branch if Chase plans on bringing it back, and they said there are no plans for a secured credit card. The last time they offered it was in 2005, so I think it’s safe to conclude that we won’t be seeing one again.

My recommendation? Capital One and some credit unions offer secured cards with low fees and security deposits. Go here to see my favorite secured card for 2014. With this card, a deposit of $49, $99 or $200 could get you a credit line of between $200 and $3,000 (depending on your creditworthiness).

When JP Morgan Chase acquired Washington Mutual in 2008, there was a brief period of time that a secured credit card was available through WaMu. However within just a couple months of the acquisition, Chase axed the card and mailed refund checks to the inherited cardholders (refunding their security deposit and pro-rated annual fee).

So is there any chance we will see a secured credit card from Chase bank again? Highly unlikely and here’s why I say that:

  • With the Fed keeping interest rates low, deposit accounts are no longer money makers for the banks. Why would they want to pay you interest when instead, they can borrow from the Fed for next to nothing? For this reason, having a secured card with a deposit of say, $500 to $2,000, is no longer enticing for banks. Simply put, there’s more money to be made elsewhere… such as with premium credit cards.
  • When it comes to premium cards, in many regards Chase is tied with American Express nowadays. Because of the heavy advertising I’m sure you already know about their Sapphire, but they also issue cards for luxury hotels Hyatt and Ritz-Carlton and a high-status card called the Palladium. In short, the Chase brand = premium cards, so I doubt they would issue secured credit cards because that might dilute the perception of their brand.

If a Chase bank secured credit card ever does come out, I will definitely update this post. But don’t hold your breath. As an alternative, I highly recommend the one from Capital One…

Written or last updated June 10, 2014


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Editorial Disclosure: The editorial content on this page is not provided by any bank, credit card issuer, airline or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

3 comments... read them below or add your own

  1. Jane Doe September 24, 2014 at 3:00PM

    The Capital One will not ever graduate you to an unsecured card. If you want your deposit back you must close the account. This will ding your credit score, especially if it one of your older reported cards.

  2. Zahid Imran January 8, 2014 at 3:34AM

    I m Interested in chase secure card

  3. Joella VigilJoella Vigil January 2, 2014 at 6:01PM

    I am interested in a chase security credit card. Thank you lb

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