Chime provides a much-needed credit-building opportunity for less financially flexible people who traditional banks and secured cards don’t reach. There’s no credit check or minimum secured account balance required whatsoever, so this card provides an exceptionally accessible path to help steadily improve credit without credit utilization or fees getting in your way.
However, the Chime Credit Builder card may take a bit more effort to manage than a typical secured card, since you need to regularly refill the accompanying deposit account to make purchases with the card These requirements may not be feasible for you if you aren’t paid via direct deposit or have trouble getting the $200 minimum deposit for a standard secured card in the first place.
The Chime Credit Builder card is a wise pick if you want an extremely low-cost way to build credit and you think the fees, a low credit limit or credit check on other cards are an obstacle. Otherwise, a highly rated secured card may be a more rewarding, educational and faster way to climb the credit score ranks.
*No Interest: Out of network ATM withdrawal fees and over the counter advance fees may apply. See here for details.
**No Minimum Security Deposit: Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
-To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
**Safer Credit Building - On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.