Chime's Credit Builder Card is a secured credit card designed to help people build or improve their credit scores. We think it's a fantastic secured card for those that are looking to build, or rebuild their credit.
That means that if you have little-to-no credit history, or have recently filed bankruptcy; this secured card may be a fit for you.
Let's dive into some of the details.
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Chime Credit Builder Visa: Quick Details
Requires no credit check: Chime does not require a credit check when you apply for the card, making it accessible to people with poor or no credit history. Anytime you can get a credit card without a credit check there are pros and cons (which we'll discuss later), with the primary pros being...
your credit score doesn't matter in terms of eligibility and you don't have a hard pull on your credit report.
And the con's being...
This usually comes at a steeper price, such as higher APR and fees.
Thankfully, the Chime Credit Builder doesn't have any fees or an APR!
So far, that's zero cons, but we have to dive a little deeper to find the negatives.
Is a secured card: The Credit Builder Card is a secured credit card, which means you need to provide a refundable security deposit to open an account. This deposit becomes your credit limit and determines your spending capacity. Think of it like a bank account that reports to credit bureaus and helps you establish, or re-establish credit.
Chime has no annual or hidden fees: Chime's Credit Builder Card does not charge annual fees, late payment fees, or other hidden fees, which is pretty unique, and we like this feature. Seriously, most credit cards, secured or unsecured, have fees, so it's nice that Chime doesn't.
Chime reports to the 3 major credit bureaus: Chime reports your payment history to the three major credit bureaus (Experian, TransUnion, and Equifax) every month. This helps you build your credit score as long as you make on-time payments and maintain a low balance. As you can imagine, late payments and a high balance would do the exact opposite.
Chime Card Financial Details
- APR: There's NO APR with the Chime card, so no interest.
- Minimum Security Deposit: $200* (optional)
- Fees (spoiler alert: There are none)
- One-Time Charges: $0
- Yearly Fee: $0
- Recurring Monthly Fee: $0
- APR on Purchases: N/A
- Cash Advance Fee: $0
- Cash Advance APR: N/A
- Foreign Transaction Fee: 0%
- Maximum Late Fee: $0
- Maximum Overlimit Fee: $0
- Maximum Penalty APR: N/A
How to qualify for the Chime secured card
Eligibility requirements for the card include having a Chime Checking Account and receiving a payroll direct deposit of at least $200 within 365 days of applying.
This is the catch, and in our opinion the only potential negative.
You have to open a checking account at Chime and then setup direct deposit for your paycheck. The amount has to be at least $200 and you have to do this all within 1 year of applying for the card.
Honestly, if you have a job this is an easy step and shouldn't be too much of a hurdle to pull off, especially if your goal is to build your credit.
So, is it really a negative? We don't think so.
Ok, so what are the Pros and Cons of the Chime card?
- Accessibility: The card doesn't require a credit check, making it suitable for individuals with poor or no credit history.
- Affordability: No annual fees, late payment fees, or hidden charges, offering a cost-effective credit-building option.
- Credit reporting: Regular reporting to major credit bureaus aids in building or improving credit scores with responsible use.
- Safer Credit Building feature: Automatically moves funds from your Chime Spending Account to the secured card balance, helping manage credit utilization effectively.
- User-friendly mobile app: Enables easy account management, spending tracking, and credit score monitoring.
- Transparent fee structure: Chime's clear pricing model helps users avoid unexpected charges.
- Security deposit: Being a secured credit card, it requires an upfront refundable deposit, which may be inconvenient for some users.
- Limited rewards: The card does not offer cashback, points, or other reward incentives commonly found in other credit cards.
- No balance transfers: The card does not support balance transfers, making it unsuitable for users seeking to consolidate credit card debt.
- SpotMe limitations: While the Chime Spending Account offers the SpotMe overdraft protection feature, it's not available for the Credit Builder Card.
- Requires Chime Spending Account: To use the Credit Builder Card, you must also have a Chime Spending Account, which may not be ideal for those who don't wish to switch banks or open a new account.
- Potential for low credit limits: The credit limit is determined by the refundable deposit amount, which could lead to lower credit limits if users can't afford a higher deposit.
Frequently Asked Questions
Q: What is the initial credit limit for the Chime Credit Card?
A: The Chime Credit Card does not have a predetermined starting credit limit. Instead, it depends on the amount transferred from your Chime Spending Account to the Credit Builder Secured account. The card's maximum credit limit is $10,000.
Q: Is the Chime Credit Card classified as a secured card?
A: Indeed, the Chime Credit Card is a secured card. It necessitates a refundable security deposit, which determines your spending limit. Although there is no minimum deposit requirement, it is advised to add a minimum of $200.
Q: How can the PIN of my Chime Credit Card be altered?
A: To modify the PIN for your Chime Credit Card, contact customer support at (844) 244-6363 and provide the necessary card details.
Q: Is the Chime Credit Card accepted universally?
A: The Chime Credit Card is accepted at all locations where Visa is accepted. Additionally, it has a 0% foreign transaction fee, making it suitable for global usage.
Q: Is it possible to obtain a cash advance with the Chime Credit Card?
A: The Chime Credit Card does not offer cash advances.
Q: Can the initial $200 deposit be increased?
A: Certainly, you can increase your deposit by transferring additional funds from your Chime Spending Account to your Credit Builder Secured account.
Q: What is the method for checking the balance of my Chime Credit Card?
A: To view your Chime Credit Card balance, access your online account, utilize the Chime mobile app, or call customer service at (844) 244-6363.
Q: Is a payroll deposit required?
A: To qualify for the Chime Credit Card, you must have a Chime Checking Account and receive a payroll direct deposit of at least $200 within 365 days of applying.
Q: Will applying for the Chime Credit Card result in a hard pull on my credit report?
A: No, the Chime Credit Card application process does not involve a hard pull on your credit report. In fact, no credit check is conducted during the application process.
Q: What is the average credit score needed to get approved for a Chime Credit Builder Secured Visa® Credit Card?
A: The Chime Credit Builder Secured Visa® Credit Card does not require a specific credit score for approval. It is designed for individuals with bad credit or no credit history.
Q: Does the Chime Card report to all three credit bureaus?
A: Yes, the Chime Credit Builder Secured Visa® Credit Card reports your payment history to all three major credit bureaus, helping you build your credit over time.
Q: Is the Chime Credit Card application process lengthy? Can you prequalify?
A: The application process for the Chime Credit Builder Secured Visa® Credit Card is relatively quick and simple. However, pre-qualification is not available for this card.
Q: What information is needed to apply for a Chime Credit Card?
A: To apply for the Chime Credit Builder Secured Visa® Credit Card, you will need to provide personal information such as your name, address, Social Security number, and details about your Chime Checking Account and payroll direct deposit.
Q: Does the Chime have good customer service or helpful information online?
A: Chime Credit Builder Secured Visa® Credit Card offers customer service via phone at (844) 244-6363 and provides helpful information through their website and online resources.
Q: Does the Chime Credit Builder Card have a mobile app or the option to pay or manage your account online?
A: Yes, the Chime Credit Builder Secured Visa® Credit Card offers a mobile app and online account management, allowing you to monitor your balance, make payments, and manage your account conveniently.
Q: Does the Chime Secured Card raise credit limits automatically or charge for limit increases?
A: The Chime Credit Builder Secured Visa® Credit Card does not automatically raise credit limits. However, you can increase your credit limit by transferring additional funds from your Chime Spending Account to your Credit Builder Secured account without incurring additional fees.
Q: Does the Chime Card offer the option to freeze your credit/account or have other security features?
A: Yes, the Chime Credit Builder Secured Visa® Credit Card provides security features such as the ability to freeze your account, set up transaction alerts, and enable two-factor authentication for added protection.
What We Think About The Chime Secured Visa Credit Card
In our opinion, the Chime secured credit card is the perfect match for those with bad credit looking to build or rebuild their credit score.
What sets this card apart is its accessibility - no credit check required, making it an excellent option for anyone looking to get back on track.
But what really makes the Chime secured card a winner is its affordability. No annual fees, late payment fees, or hidden charges - just a straightforward pricing model that makes credit-building a cost-effective journey.
The Safer Credit Building feature automatically moves funds from your Chime Spending Account to the secured card balance, helping manage credit utilization effectively.
Plus, with regular reporting to major credit bureaus, responsible use of the Chime secured card can boost your credit score in no time.
The Chime secured card is like a friend who's got your back, always looking out for your best interest.
Its transparent fee structure and user-friendly mobile app make it easy to track your progress and avoid any unexpected charges.
In our view, the Chime secured card is a top pick for anyone looking to build or rebuild their credit score.