| Last updated on September 20th, 2023
Chime Credit Builder Secured Visa® Credit Card
Chime Credit Builder Secured Visa® Credit Card
Chime Credit Builder Secured Visa® Credit Card
- See Terms Regular Purchase APR
- See Terms Cash Advance APR
At a Glance
The Chime Credit Builder Visa® Secured Credit Card is a credit-builder product from Chime – a fintech that offers an assortment of financial products and services with no hidden fees. The secured card functions harmoniously with Chime’s other products and services, including their high-yield savings account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee or interest
- No credit check performed when applying
- No minimum security deposit required
- Ideal for everyday purchases to help build credit with regular on-time payments
- Checking account required
- Regular Purchase APR: See Terms
- Cash Advance APR: See Terms
- Cash Advance Transaction Fee: $2.50 per transactio
- You're seeking to build your credit score
- You don’t want a credit check on your credit report
- You don’t want the hassle of a minimum security deposit
- You want access to high yield savings to help your money grow
- You don’t want to pay any additional fees
Chime Credit Builder Secured Visa® Credit Card Review
Chime is a financial technology company offering several services, including high-yield savings, checking, and credit-builder accounts. The credit-builder account also includes a secured card: the Chime Credit Builder Secured Visa® Credit Card.
Chime Savings
Grow Your Finances with High Yield Savings
Chime offers users accelerated savings versus most other institutions. Users enjoy access to a 0.50% APY high yield savings account, which is significantly higher than what most banks provide. Discover, for example, currently offers 0.44% APY on its savings product.
Fee-Free Overdraft
One of the best features of the Chime account is the $200 overdraft protection it offers. This fee-free, optional service provides up to $200 in overdraft protection through Spot Me.
However, keep in mind that Spot Me only applies when the account holder makes $500 in qualifying direct deposits to the Chime Spending Account each month. Initially, members have overdraft protection of $20 – an amount that will increase over time.
No Hidden Fees
Beyond fee-free overdraft protection, Chime also touts “no hidden fees.” No hidden fees mean Chime savings and spending account holders don’t have to worry about:
- Minimum balance requirements
- Monthly service fees
- Overdraft fees
- Foreign transaction fees
Accountholders will pay out-of-network fees for using ATMs outside of the 38,000 in-network locations, plus potential fees on third-party purchases or deposits. Unfortunately, that out-of-network fee is $2.50, which is frustrating. Fortunately, the 38,000 network ATMs are on par with many other institutions – though it trails the 55,000+ of the Aspiration Debit Card.
Chime Comparison
| Chime Credit Builder Secured Visa® Credit Card | Self Visa® Credit Card | |
|---|---|---|
| Annual fee | None | $25 annual fee |
| Credit check | No | No |
| Deposit | No minimum security deposit required | Start with a Credit Builder Account that reports monthly payments to all 3 major credit bureaus |
| Banking | Checking account required | Your money is secured and protected in a bank account |
Chime Credit Builder Visa® Secured Credit Card
Chime offers a spending account, a savings account, and a credit-builder account. The latter of these accounts operates similarly to the Self Visa in that it allows users to use funds to open a secured credit card account.
The Chime Credit Builder Visa® Secured Credit Card is unique in that it is a secured charge card. Charge cards and credit cards appear similar, but they differ in how users repay the balance. Unlike a credit card where you can carry a balance, charge cards require the full balance be paid every month or face financial penalties, including late fees and penalty APR.
Payments with the Chime Credit Builder Visa are made with the funds the user moves from their Chime savings account automatically, meaning users never have to worry about late fees or missed payments – their credit limit is their credit-builder account balance. If you add money to your credit builder account you can raise your credit limit – it’s that easy. This process means users can expect their FICO credit score to rise as much as 30 points, on average – opening up the opportunities for more lucrative rewards credit cards down the line.
Keep in mind that Credit-Builder and the Chime Credit Builder Visa® Secured Credit Card are only available to Chime savings account holders who meet eligible direct deposit requirements. According to Chime, this means applicants need to have received a qualifying direct deposit of $200 or more to their Spending Account within the last 365 days of your application.
How Does Chime Work?
Here’s a quick recap of how the Chime Credit Builder account works:
| ① Open a Chime checking account. The Chime account operates in the manner of any other checking account. To get a Chime Credit Builder card, you must receive at least one eligible direct deposit of at least $200 within the past year. |
| ② Once you open the checking account, you can opt for a “Credit Builder” account. Simply fill out the online form. |
| ③ Fund your Chime Card using funds from your checking account to your credit builder card account. This deposit will also act as the card account’s spending limit. |
FAQs About Chime
- No. There are no annual or monthly fees involved with Chime.
Both. Chime offers both a standard plastic credit card and a unique, all-metal card design for completing a spending target.
- Chime is currently available to all eligible US residents
Chime Card Ratings
How does the Chime Card stack up? Here are a selection of expert reviews for the card:
| BestCards | Better Business Bureau | TrustPilot |
|
5/5 |
5/5 |
4/5 |
Should You Consider Opening a Chime Account?
The value of a Chime account really depends on the user. The high-yield savings, for example, is competitive but not exceptional.
As mentioned, Discover also offers a similar APY on savings, which can be easily combined with a Discover Cashback Checking account that earns 1% cash back on all purchases. Similarly, Aspiration offers an APY as high as 1% on the Aspiration Plan Card, but with the added charge of $7.99 per month.
Chime’s spending account benefits from up to $200 in overdraft protection and no hidden fees, but lags behind other programs due to its lack of cash back rewards. Still, it does provide great value for the protection offered and the expansive nature of the Chime ATM network.
The Chime Credit Builder Visa® Secured Credit Card is the exciting member of the Chime family. The card is unique because it is a charge card ties to a direct deposit, meaning cardholders won’t have to worry about late fees or missed payments. Even better, Chime regularly reports payment history to the major credit bureaus. This regular reporting is essential for building a good credit score – something the Chime Secured Visa has been shown to do overtime.
The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.
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