Looking for a secured credit card to help you build or rebuild your credit? Chime’s secured credit card and Capital One’s secured credit card are two choices worth considering, but they work very differently — especially when it comes to fees, interest, rewards, and how you fund the card.
Below, we’ll walk through how secured cards work and how Chime’s secured Chime Visa® Credit Card compares to the Capital One Platinum Secured Credit Card.
Note: Specific card details (like APRs and rewards) can change. Details here are for informational purposes only and are accurate as of September 2026. Always review the latest terms and conditions from each issuer before you apply.
What is a secured credit card?
A secured credit card is a credit card that typically requires a refundable cash deposit (your security deposit) to open the account. That deposit usually becomes your initial credit limit — for example, a $200 deposit often means a $200 limit.
Once the account is open, you use the card for purchases just like an unsecured card. Each purchase reduces your available credit; payments restore it. Many secured cards:
Report your activity to the three major credit bureaus, helping you build credit with on‑time payments.
Charge interest if you carry a balance and may have annual fees.
Don’t offer rewards programs, though there are some exceptions, such as the Chime Card.
Over time, responsible use can help you qualify for unsecured cards with higher limits and more perks.
How secured credit cards help build credit
Most credit scores (including FICO® scores) are based on five main factors:
Payment history (35%)
Credit utilization (30%)
Length of credit history (15%)
Credit mix (10%)
New credit/inquiries (10%)
A secured card can help your credit if you:
Pay on time every month, and
Keep your balances manageable relative to your available credit (this is a non-issue for Chime’s secured card, which doesn’t report your credit utilization)
Some issuers also offer upgrades to unsecured cards and may refund your deposit after a period of responsible use.
Secured Chime Visa® Credit Card (Chime Card)
Chime’s secured credit card (see disclosure 1) was originally launched as the Chime Credit Builder Secured Visa® Credit Card and has since evolved into the secured Chime Visa® Credit Card (or “Chime Card™”) with additional features like cash‑back rewards (see disclosure 2) and rent reporting (see disclosure 3) for eligible members.
Key features
With the secured Chime Visa® Credit Card, eligible members get:
No annual fee
No interest (0% APR) — The money you add is your spending limit, so there’s no interest charged on purchases (see disclosure 4)
No minimum security deposit requirement (see disclosure 5) — you choose how much to move into your secured deposit account (see disclosure 6)
No credit check to apply
No preset spending limit — you set how much you can spend by moving money to your Chime Checking Account (up to program limits)
Reporting to all three major credit bureaus (Experian®, Equifax®, and TransUnion®), but does not report a credit utilization percentage (see disclosure 7)
You’ll need:
A Chime Checking Account, which you must open before applying for Chime Card. When you open Chime Card, you’ll also get a Chime Secured Deposit Account.
How the Chime secured card works
Open a Chime Checking Account and then apply for the secured Chime Visa® Credit Card (no credit check required). You’ll also get a Chime Secured Deposit Account.
Money moved into your Chime Checking Account automatically moves to your secured deposit account and becomes your available spending power on the card.
Use the card for everyday purchases anywhere Visa credit cards are accepted.
Turn on Safer Credit Building to automatically pay your full statement balance from your secured deposit account each month, helping you avoid missed payments.
Because Chime doesn’t report a utilization ratio for this card, (see disclosure 7) carrying a higher balance on your secured Chime Visa® Credit Card doesn’t hurt your score the way it might on a traditional revolving credit card. Instead, your on‑time payment history is the primary lever you’re pulling with this product.
Rewards and rent reporting (what’s new)
Chime has added rewards and rent‑reporting benefits to its secured card program for eligible members:
With qualifying direct deposits, Chime PrimeTM members can earn 5% cash back on a monthly category of choice on eligible secured Chime Visa® Credit Card purchases. (see disclosure 2)
The secured Chime Visa® Credit Card now supports additional credit‑building tools like rent reporting (see disclosure 3) which is available to eligible Chime Card members who enroll in the feature and make rent payments through Chime using a supported payment method. It can help you build credit by adding certain bill payments to your credit history.
Pros and cons of Chime’s secured card
Consider these pros and cons of Chime’s secured card if you’re thinking of applying.
Pros | Cons |
No annual fee or interest, and no minimum security deposit requirement. | You must open a Chime Checking account to be eligible for Chime Card. |
No credit check to apply. | No revolving balance, so there’s less flexibility if you’re trying to finance a large purchase. |
Flexible limit – you control how much you can spend by how much you move into the secured deposit account. | No utilization reporting, so you may want to pair this card with other lines of credit If you’re trying to improve your utilization ratio. |
No utilization reporting, so you won’t be penalized for spending the money you have available. | |
5% cash back rewards on eligible purchases for qualifying members (see disclosure 2) | |
Safer Credit Building auto‑pay feature helps you avoid late payments. |
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is another secured card designed for people who are building or rebuilding credit.
Key features
The Capital One Platinum Secured Credit Card (see disclosure 8) offers:
No annual fee
After approval, Capital One assigns a refundable minimum security deposit of $49, $99, or $200, based on your creditworthiness. You must fund the required deposit to open the account, and each amount provides at least a $200 initial credit line. You can deposit more to increase your credit line, up to $1,000. (see disclosure 9)
You can increase your initial credit line by depositing more than the required minimum, up to $1,000.
A variable purchase APR of 28.99%, with no intro 0% period (see disclosure 8)
No rewards program or welcome bonus
No foreign transaction fees
Reporting to all three major credit bureaus
May upgrade you to an unsecured Platinum card and refund your deposit after consistent on‑time payments
Capital One does run a hard credit check when you apply, which can result in a small, temporary dip in your credit score.
Pros and cons of Capital One Platinum Secured Card
Here are the pros and potential downsides of Capital One’s secured card.
Pros | Cons |
No annual fee and no foreign transaction fees. | 28.99% variable APR, so carrying a balance can be expensive if you don’t pay in full each month. |
Low minimum deposit compared with many secured cards | No rewards — you won’t earn cash back, points, or miles on your spending. |
May be considered for a credit-line increase in as little as six months with responsible use and on-time payments and potential upgrade to an unsecured Capital One card over time. | Requires a hard credit inquiry and minimum deposit, which may be a hurdle for some applicants. |
Widely accepted Mastercard® network and full online and mobile account management tools. |
Source: https://www.capitalone.com/credit-cards/platinum-secured/
Side‑by‑side comparison: Chime vs. Capital One secured cards
Here’s a high‑level comparison of the secured Chime Card and the Capital One Platinum Secured Credit Card:
Reminder: Terms can change. Always check each issuer’s current disclosures and card agreements before applying.
Feature | Secured Chime Visa® Credit Card | Capital One Platinum Secured Credit Card |
Minimum deposit | No minimum security deposit requirement; you choose how much to move into your secured account | Capital One may require a refundable security deposit of $49, $99, or $200 to receive at least a $200 initial credit line, depending on the offer you receive. |
Initial credit line | Your available spending power is based on the amount held in your Chime Secured Deposit Account. | Typically $200 to start (more if you deposit extra, up to about $1,000 in some cases) |
Annual fee | $0 annual fee | $0 annual fee |
Foreign transaction fees | $0 foreign transaction fees | $0 foreign transaction fees |
APR on purchases | No interest (0% APR) — you must pay your balance in full each month from your secured funds | Variable purchase APR of 28.99% if you carry a balance |
Rewards | Yes, for eligible members with qualifying direct deposits: 5% cash back with Chime Prime status or 2% cash back with Chime Plus status on eligible secured Chime Visa® Credit Card purchases (see disclosure 2) | No rewards program; $0 back on purchases |
Credit check to apply | No credit check | Hard credit check required |
Other requirements | Must have an eligible Chime Checking Account (or you must open one when you apply for Chime Card) | Must meet Capital One’s credit and income criteria and fund the required security deposit |
Credit reporting | Reports to all three major credit bureaus; does not report utilization ratio | Reports to all three major credit bureaus, including balance and utilization |
Upgrade path | Doesn’t currently offer a built‑in path to an unsecured credit card; you continue to use the secured card model plus rewards and rent‑reporting features | Potential to upgrade to an unsecured Capital One Platinum card and refund your deposit after consistent, responsible use |
Which secured card is better for you?
Both Chime and Capital One offer strong secured card options, but the right fit depends on your priorities.
You might prefer the secured Chime Card if you:
Want no annual fee, no interest, no minimum security deposit requirement, and no credit check.
Like the idea of a single spending balance you fund yourself, without worrying about utilization on this particular tradeline.
Want to earn cash back on eligible purchases as a qualifying member and potentially benefit from rent‑reporting features in addition to standard card reporting.
Are comfortable depositing money into your Chime checking and secured deposit accounts.
You might lean toward the Capital One Platinum Secured Credit Card if you:
Already bank with Capital One and prefer to keep your existing checking account
Don’t mind a refundable security deposit and a hard credit check.
Want a possible path to upgrade path to an unsecured Capital One card over time.
Are confident you’ll pay your balance in full every month to avoid high interest charges.
Either way, a secured card can be a powerful tool for building or rebuilding credit when used responsibly. The most important step is choosing the product that best fits how you actually manage money — then focus on making consistent, on‑time payments over time.