Chime Credit Builder Visa Card Review

Get ready to take a powerful and positive step on your credit journey with the Chime Credit Builder Visa Secured Credit Card! 

The Chime Credit Builder card isn’t just about spending; it’s about building a stronger financial future. It’s designed with your success in mind, offering a “safer way to build credit” that helps you stay in control and avoid debt. 

With the security of Visa, the convenience of the Chime app, and a clear path towards better credit, this card is an exceptional tool for anyone looking to establish or improve their credit score in the United States. It’s time to build credit confidently!

CREDIT CARD

Chime Visa

EASY APPROBATION No annual fee

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Benefits: Your Pathway to a Better Credit Score

The Chime Credit Builder Visa offers a unique set of benefits focused entirely on making credit building accessible, safe, and effective.

1. Actively Helps Build Credit History: This is the card’s primary mission! Chime reports your payment activity to all three major U.S. credit bureaus—TransUnion, Experian, and Equifax.
2. No Annual Fee or Interest Charges: Say goodbye to costly fees! The Chime Credit Builder card has no annual fee and charges no interest (APR) because the amount you can spend is secured by money you’ve already moved to your Credit Builder secured account, and payments are typically made automatically from this account.
3. No Credit Check to Apply (for the Card): Once you have a Chime Checking Account with qualifying direct deposits, applying for the Credit Builder card does not involve a hard credit check. 
4. No Minimum Security Deposit Required (Beyond Your Transferred Funds): You are in complete control. There isn’t a set minimum security deposit amount like traditional secured cards. 
5. Safer Credit Building with Automatic Payments: Chime makes it easier to stay on track. When you enable the “Safer Credit Building” feature, your on-time monthly payments are automatically made using the money in your Credit Builder secured account, helping you avoid missed payments.
6. You Control Your Spending Limit: Your credit limit on the Credit Builder card is equal to the amount of money you transfer from your Chime Checking Account to your Credit Builder secured account. 
7. Access to SpotMe (with qualifying Chime Checking Account): While a feature of the Chime Checking Account, SpotMe can provide a fee-free overdraft safety net of up to $200 (limits start at $20 and can increase based on account activity) for debit card purchases and cash withdrawals, which is a helpful perk within the Chime ecosystem.
8. Get Paid Early (with Chime Checking Account): Another benefit of having the prerequisite Chime Checking Account is the ability to receive your direct deposit up to two days earlier than with some traditional banks. 

Who Can Apply: Eligibility Criteria 

Eligibility for the Chime Credit Builder Visa Secured Credit Card is designed to be accessible, particularly for those new to credit or looking to rebuild.

• Age: You must be at least 18 years old.
• U.S. Residency: You must have a valid U.S. residential address.
• Social Security Number (SSN): You must have a valid U.S. Social Security Number to open a Chime Checking Account and subsequently apply for the Credit Builder card. Chime does not currently support ITINs for opening accounts.
• Chime Checking Account with Qualifying Direct Deposit: You must first open a Chime Checking Account and receive a qualifying direct deposit of $200 or more into this account.

How to Apply: The Application Process

Applying for the Chime Credit Builder card involves becoming a Chime member first.

1. Open a Chime Checking Account: If you don’t already have one, download the Chime app or visit the Chime website to apply for a Chime Checking Account. This will require your SSN and other personal information.
2. Set Up a Qualifying Direct Deposit: Arrange for a direct deposit of $200 or more from your employer, gig work, or government benefits to be deposited into your new Chime Checking Account.
3. Apply for the Credit Builder Card: Once your qualifying direct deposit has been received, you will become eligible to apply for the Chime Credit Builder Visa Secured Credit Card through the Chime app. Since there’s no credit check for the card application itself, this part is usually quick.
4. Move Money to Your Secured Account: Once approved for Credit Builder, you can move money from your Chime Checking Account to your Credit Builder secured account. The amount you move becomes your spending limit on the card.
5. Receive and Activate Your Card: Your Chime Credit Builder Visa card will be mailed to you. Follow the instructions to activate it once it arrives.

Frequently Asked Questions (FAQ)

1. Does this card earn rewards like cash back or points?
   No, the Chime Credit Builder card does not offer a rewards program. Its sole focus is on helping you build or improve your credit history.
2. How quickly can this card help improve my credit score?
   Improvement varies by individual. Consistent on-time payments (which this card helps facilitate) and responsible credit utilization are key factors. Members have seen an average increase of 30 points to their FICO® Score 8 based on TransUnion data after approximately 8 months of Chime Credit Builder use, but individual results will differ.
3. Can I use the Chime Credit Builder card for cash advances?
   The Chime Credit Builder card does not support cash advances.
4. Do I get my money in the Credit Builder secured account back?
   Yes, the money in your Credit Builder secured account is still your money. You can use it to pay off your balance. If you close your Credit Builder account with a $0 balance, any remaining funds in the secured account will be returned to your Chime Checking Account.
   

CREDIT CARD

Chime Visa

EASY APPROBATION No annual fee

APPLY NOW You will be redirected