Chime Credit Builder Credit Card Review – Build Credit
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If you have to start somewhere with your credit, the Chime Credit Builder credit card may be one of the most straightforward, accessible solutions for doing so.
9/10
Cost
9/10
Ease of Use
8/10
Features
9/10
Services
9/10
We all have to start somewhere. This age-old expression we’ve heard all of our lives from everyone and their brother is true regarding many facets of growing up, and personal finance is no exception. The Chime Credit Builder Visa® Credit Card is one option for those who need to start somewhere when it comes to building credit and starting your journey with personal finance.
Building a strong credit profile is an essential part of adulting. Not only does it open doors for you with mortgages, vehicle loans, and other forms of lending, but it also determines how much you pay in interest for some of these loans. The higher your credit score, the more likely you will pay the least interest and receive quick approval for your lending needs.
We may know this already. But where do we start? To build a credit profile, you need credit. But lenders and credit card companies don’t like to offer people without credit profile accounts. It’s a cruel financial form of catch-22.
The good news is that there are options for people who need a little nudge to start building up their credit, so you’re not stuck in this limbo forever. And the Chime Credit Builder credit card is one of those options.
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What is the Chime® Credit Builder Secured Credit Builder Visa® Card?
Chime is a fintech company, not a traditional bank or credit card company. However, Chime partners with major banks like The Bancorp Bank or Stride Bank to provide credit card services. By partnering with these companies, Chime can offer financial products under the FDIC protection umbrella while keeping the fees minimal.
Chime offers three types of accounts — a spending account (checking account), a savings account, and a credit-building option. All transactions with Chime are electronic, from the application process to managing your accounts through the Chime app.
How does Chime® Credit Builder Secured Credit Builder Visa® Card work?
The Chime® Credit Builder Secured Credit Builder Visa® Card is a secured Visa card. This means you must deposit a minimum amount of money to access the “credit line” of the card. Chime requires a minimum deposit from your Chime Spending Account to transfer this money to the Chime Credit Builder credit card.
The application process for a credit card is simple. Still, you have to supply your name, address, date of birth, other information, and possibly a copy of your driver’s license or additional identifying information. Once the application is complete, you set up your Credit Builder account by moving money from the Spending Account to fund the credit card account.
After you move money from your Spending Account to the Credit Builder, cardholders can use the card wherever Visa is accepted in stores, online, or at an ATM. There is also no preset credit limit or spending limit. You control how much money is available in your credit-builder account.
Each month you use the credit card, the on-time payment information is reported to the three credit reporting bureaus — Experian, Equifax, and TransUnion. Although you do not technically carry a balance (referred to as credit utilization), since the balance is funded by the amount you have transferred, your on-time payments can help improve your credit score.
Credit Saint takes action to fix unfair or inaccurate negative items harming your credit.
- 90-day money-back guarantee
- Free consultation
- 200k happy customers
- 19 years experience
- 11,000+ five-star reviews
Features
No fees
Chime does not charge any fees for the credit builder card. This means there are no overdraft or late fees. Since you are funding the balance upfront, it removes the need for fees like the ones charged by traditional financial institutions.
Easy to get started
Chime does not rely on a credit check to get started, which means there is no waiting period while your credit is checked. All you have is a Chime Spending Account, which takes two minutes to set up. Then, you fund your Chime Credit Builder credit card, and you can get started.
Safer credit building feature
The Safer Credit Building feature for this credit card reports the on-time payments you make each month. Chime uses your money in the secured account to automatically pay your monthly charges, guaranteeing on-time payment. This is reported to the major credit bureaus to help build your profile.
No interest rate
Since this card is secured, you must secure it with your money. As a result, you are not charged any interest fees on purchases.
Keeps you from overspending or racking up debt
Because this card is technically a charge card and not an actual credit card, you are limited to only spending what you have funded. This helps you avoid spending money you don’t have or charging too much credit card debt. It’s a great way to introduce safe spending habits with cards.
No minimum security deposit required
Although you must deposit money from your Chime Spending Account to the Chime Credit Builder to use the credit card, no minimum security deposit is required. This is a typical feature of other secured credit cards, but not with Chime.
Fee-free withdrawals from an ATM
You can use your Chime Credit Builder at any ATM to withdraw money. This is technically a cash advance, but Chime does not charge you any ATM fees or interest charges for drawing your own money from an in-network ATM. If you must make a cash advance from an out-of-network ATM, there is a $2.50 charge.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Who is the Chime® Credit Builder Secured Credit Builder Visa® Card best for?
As the name implies, this secured Visa credit card is a good option for those starting to build credit.
But it could also be a good option for those who need help repairing their credit if you need the discipline of moving money to use a credit card.
Who shouldn’t use the Chime® Credit Builder Secured Credit Builder Visa® Card?
If you are a credit card user who likes earning points, rewards, cashback, or any other perk by using a credit card, then Chime won’t be for you. Because it’s such a straightforward secured card, it doesn’t offer some of the benefits you might find with unsecured options.
Pros and cons
Pros
- Reports to all three credit bureaus
- No credit check required to get started
- No annual fee or other pesky charges for using the credit card
Cons
- No perks or rewards
- You don’t carry a balance, which means you must fund the card upfront
- Must open a Chime Spending Account to use the credit builder option
Chime vs. other competitors
Credit card | Annual Fee | APR | Security Deposit Required | Rewards |
Chime Credit Builder | $0 | 0% | None, but it must be funded from Spending Account | None |
Discover it® Secured | $0 | 29.99% | $200 minimum | Up to 2% unlimited cashback |
BankAmericard Secured Credit Card | $0 | 26.24% variable | $200 minimum | None |
Citi® Secured Mastercard® | $0 | 26.74% | $200 to $2,500 | N/A |
Discover it® Secured Credit Card
Discover It ® Secured Credit Card
Card Name
Discover It® Secured Credit Card
APR
28.24%
Recommended Credit Score
N/A
Annual Fee
$0
Rewards Rate
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all your other purchases automatically. 2x cash back with Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
Why We Like It
- Credit-building credit card with limit you set with your deposit.
- Automatic review in 7 months to see if you can transition into an unsecured line of credit and return your deposit.
BankAmericard Secured Credit Card
BankAmericard Secured
Card Name
BankAmericard Secured
APR
26.24%
Recommended Credit Score
690+
Annual Fee
$0
Intro Offer
0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account.
Why We Like It
- No annual fee.
- Free monthly access to your FICO Score.
- Credit education topics.
Citi® Secured Mastercard®
Citi® Secured Mastercard®
Card Name
Citi® Secured Mastercard®
APR
26.74%
Recommended Credit Score
Limited History, No Credit, New-to-Credit
Annual Fee
$0
Special Offer
N/A
Special Offer Terms
Rewards Rate
Why We Like It
- No annual fee.
Use Experian To Get Your Free Credit Score
- Free Credit Score, Credit Report & Identity Protection
- Simple & Secure. Sign Up In Less Than 90 Seconds
FAQs
How much does it cost to open a Chime Credit Builder credit card?
There is no cost to open a Chime Credit Builder account. Furthermore, there are no monthly maintenance fees, overdraft fees, interest charges, or other fees associated with a credit card.
Will it impact my credit score to open a Chime Credit Builder account?
In the beginning, your credit report may be dinged for opening a new account. However, these decreases are typically minor and only temporary. You can build a more positive credit profile as you begin to use your credit card each month, and the on-time payments are consistently reported to the credit bureaus.
What is the Chime Metal Credit Builder credit card?
Cardholders who use their Credit Builder card for 40 purchases within 60 days are rewarded with a new green metal credit builder card. It looks cool, and it sets you apart from other Chime cardholders, but other than that, there is no other difference from the regular Credit Builder card.
Is Chime Credit Builder legit?
If you have to start somewhere with your credit, the Chime Credit Builder credit card may be one of the most straightforward, accessible solutions. The lack of fees, ease of use, and transparency of the company make this a card worth considering for those starting their credit journey.
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JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.
Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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