There is no Chase secured credit card available right now. In fact, there’s never been a secured credit card from Chase. Chase offers unsecured credit cards for people with good credit or better. That’s it. So you won’t have to place a deposit to get a Chase credit card, but you will need a 660+ credit score (700+, to be safe).
Although there is no Chase secured credit card, the same cannot be said for many of Chase’s competitors. Capital One, Citi, Discover and Wells Fargo are just some of the major banks that offer secured credit cards.
Secured Credit Card Options & Info
No Chase secured credit card: Chase doesn’t have a secured card. The easiest Chase credit card to get requires at least good credit.
Good for low deposits: Capital One Secured Mastercard has a $0 annual fee. It requires a deposit of $49, $99 or $200, based on your credit history.But you always start with a $200 credit limit.
Easiest approval: OpenSky Secured Visa has no credit check. It charges a $35 annual fee and requires a $200+ deposit.
Best cash back rewards: Discover it Secured has a $0 annual fee and 1-2% cash back on purchases: 2% cash back on $1,000 spent at restaurants and gas stations each quarter (1% everywhere else). And Discover matches your first year’s rewards. There is a $200+ deposit.
So even though you’re not able to get a Chase secured credit card, you still have plenty of options. And they’ll all help you start rebuilding your credit, plus save some money. Once you get your credit score to 700+, you can start thinking about applying for a Chase credit card.
Yes, you can be denied for a secured credit card, but it’s typically avoidable by choosing the right card to apply for. Secured credit cards are much easier to get than unsecured cards because they require a refundable deposit that also serves as your credit limit. Because there’s less risk for the issuer, secured cards are able to offer nearly guaranteed approval, even to people with damaged credit. But that doesn’t mean everyone is accepted. The … read full answermost common reasons people are denied for a secured credit card are having a bankruptcy or tax lien on their credit report, not having enough income to meet their monthly obligations, and having an extremely low credit score. Past delinquencies with the issuing bank, current delinquencies anywhere, and invalid application information could all be reasons as well.
The specifics vary by card, though. Some secured credit cards don’t even check your credit when you apply. So you’ll only be denied if you don’t have a U.S. mailing address, a Social Security number or Individual Taxpayer Identification Number, or enough money to fund your deposit.
With that being said, if you’ve already been denied for a secured card, you will receive a rejection letter explaining why. And that will help you determine what to do next.
Here’s what to do if you were denied for a secured credit card:
Apply somewhere else: Just because you didn’t meet one credit card company’s requirements doesn’t necessarily mean you’re disqualified from every secured card on the market. And if your credit is already damaged, another hard inquiry shouldn’t be too big of a concern.
Become an authorized user: If someone adds you to their account as authorized user, you’ll get a card and be able to make charges, but the primary cardholder will be responsible for paying them. And if they pay on time, your credit standing will improve.
Get a co-signer: Bank of America and Wells Fargo both allow you to get a credit card with a co-signer. The co-signer is legally responsible for payment if you default, and it’s their credit rather than yours that determines acceptance.
Focus on your open accounts: If you have a mortgage, student or auto loan, or an open line of credit, making your payments on time will help build up your credit score.
Apply for a credit builder loan: Many credit unions and banks offer small loans to help people build or rebuild their credit. Much like a secured card, you’ll need to make a deposit when you apply for one.
A number of smaller banks and credit unions offer secured credit cards, too. They include Capital Bank, First Progress and Green Dot, among others. The major banks that do not offer secured cards are American Express, Barclaycard, Chase, PNC and Synchrony Bank.… read full answer But remember, it’s not a secured credit card’s issuer that really matters. Your goal should be to find the card with the lowest possible annual fee, no matter who offers it. And you can achieve that goal by comparing secured credit cards using WalletHub's free comparison tool. You can also try our free CardAdvisor to get a personalized recommendation based on your answers to a few simple questions.
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