Chime® Credit Builder Secured Credit Builder Visa® Card

Chime Credit Builder Card: Is it worth it?

The Chime Credit Builder is worth it if you meet at least one of the following criteria:

• You have a limited credit history and need to prove yourself before a bank will give you an unsecured credit card.
• Your credit report has a few blemishes, making it difficult to qualify for an unsecured card.
• You want to use a secured card to build good habits before you apply for other credit products. 

Like all credit cards, the Chime Credit Builder has both pros and cons. 

Here’s what to expect if you sign up for one of these cards.

How does the Chime Credit Builder Secured Credit Card work?

To use the Chime Credit Builder Secured Credit Card, all you have to do is open a Chime checking account and receive at least one qualifying direct deposit.

If your employer doesn’t offer direct deposit, or you don’t want to use your Chime checking account to manage your paycheck, you may be able to meet the direct deposit requirement by transferring money from Apple Cash, PayPal, SoFi Money or Circle Pay. If you’re not sure if your financial institution qualifies, contact a Chime support agent.

Once you meet this requirement, you need to fund your credit builder account. You can do this by transferring money from your Chime checking account to your Credit Builder Card. The amount you transfer becomes your initial spending limit. For example, if you transfer $2,000, you can spend up to $2,000 on your card.

Is the Chime Credit Builder Card a good way to build credit?

Overall, the Chime Credit Builder is a good credit card to build credit.

Chime reports on-time payments to the major credit bureaus (Equifax, Experian and TransUnion), which may help you increase your credit score. 

This credit builder also has a feature called Safer Credit Building. If you turn it on, Chime will automatically pay your monthly balance with the money you have in your Chime Credit Builder secured account. The Safer Credit Building feature eliminates the need to worry about missing a payment and hurting your credit score instead of improving it.

Chime Credit Builder Card rewards

Unlike other credit builder cards, the Chime Credit Builder doesn’t come with a rewards program.

You won’t earn cash back or accumulate points when you use your Chime-branded secured credit card. This makes the Chime Credit Builder a little less attractive than other card options. If you’re set on earning cash, gift cards or other perks, another card may be a better fit.

Chime Card fees and other costs

Chime is somewhat unusual because it’s one of only a few credit builders that have no annual fee and no foreign transaction fees.

If you plan to travel overseas, the lack of foreign transaction fees may make your trip a little more affordable. Additionally, Chime charges no late fees on its secured credit cards. You should still make your payments on time, but if you miss a due date for some reason, you can catch up without incurring a financial penalty.

However, you do have to pay fees for the following:

• Expedited card replacement: If you lose your secured credit card and need a replacement quickly, you’ll pay a $20 fee for expedited service.
• Out-of-network ATM transactions: You’ll pay $2.50 for each transaction made at an ATM that isn’t in Chime’s network. This fee applies to all cash withdrawals, and may it also apply to balance inquiries and other transactions.
• Other services: Chime reserves the right to charge fees for additional services.

Who is the Secured Chime Credit Builder Visa® Credit Card best for?

This credit builder works best for three types of users.

You can only spend as much as you deposit, so there’s no risk of going over your credit limit. The Chime Credit Builder Secured Visa also comes with autopay and the Safer Credit Building feature, giving you extra peace of mind.

How do I apply for a Chime Credit Builder Card?

You can learn more about the Chime Credit Builder Secured Visa Card and apply online at your convenience.

Opening a secured Visa with Chime requires just four steps:

1. Open a Chime checking account. Be prepared to provide proof of identity, such as a driver’s license, state-issued ID card or passport.
2. Set up a qualifying direct deposit. Remember, if you don’t want to deposit your paycheck into your Chime account, you may be able to use a transfer from PayPal, Apple Cash or another source as your qualifying deposit.
3. Fill out the application and submit it. Chime doesn’t do hard credit checks, so applying does not affect your credit history.
4. Transfer funds from your checking account to your secured Visa. You may deposit up to $10,000 on your Chime credit card.

How does the Chime Credit Card compare to other secured cards?

The Chime Credit Builder Secured Visa is a bit different from other secured credit products.

One of the biggest differences is that many banks require you to pay a security deposit to open a secured card. You don’t get your security deposit back unless you pay off your balance and close your account. Chime doesn’t require a security deposit, making the Chime Credit Builder Secured Visa a little more accessible.

Chime also makes it much easier to increase your credit limit. Instead of applying for an increase and waiting for approval, you can increase your limit at any time by adding more money to your Chime Credit Card. You can do this as many times as you want until you reach the maximum limit of $10,000.

Additionally, the Chime Card comes with helpful features to prevent overspending and improve your ability to budget and track expenses. For example, the mobile app delivers transaction alerts, ensuring that you never forget you just spent $20 on pizza or $50 on a movie date.