Chime Credit Builder Visa Review

Get ready to take control of your financial future with the Chime Credit Builder Visa Secured Card! 

The Chime Credit Builder card empowers you to build credit safely with your own money, reporting your on-time payments to all three major credit bureaus. With its straightforward approach and seamless integration with the Chime app, you can feel confident and enthusiastic about starting a positive credit journey today!

CREDIT CARD

Chime Visa

EASY APPROBATION No annual fee

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Fantastic Benefits of the Chime Credit Builder Card

The Chime Credit Builder Visa Secured Card is packed with features designed to make building credit simple, safe, and effective.

• No Credit Check to Apply: One of the biggest hurdles in building credit is eliminated! Chime does not perform a hard credit check when you apply for the Credit Builder card, making it accessible to those with limited or no credit history.
• No Annual Fees or Interest: Keep more of your money! The Chime Credit Builder card has no annual fee and doesn’t charge interest, as you can only spend what you’ve moved to your secured account.
• Reports to All Three Major Credit Bureaus: Your responsible habits get noticed! Chime reports your on-time payments to TransUnion®, Experian®, and Equifax®, which is essential for building a strong and comprehensive credit history.
• You Control Your Credit Limit: You’re in charge of your spending limit. Simply move money from your Chime Checking Account to your Credit Builder secured account, and that amount becomes your available credit limit. This helps prevent overspending.
• No Minimum Security Deposit Required: Get started without a large upfront cost. Unlike traditional secured cards that often require a minimum deposit of $200 or more, Chime has no minimum requirement to get started.
• Safer Credit Building Feature: Never miss a payment again! By turning on the Safer Credit Building feature, Chime will automatically use the money in your secured account to pay your balance on time each month, which is a key factor for a healthy credit score.
• No Impact on Credit Utilization: A unique and powerful feature! Because the Chime Credit Builder card doesn’t have a preset credit limit, your spending on the card doesn’t contribute to your credit utilization ratio, which is a significant factor in credit score calculations.
• No Foreign Transaction Fees: Travel internationally without the extra costs. Use your Chime Credit Builder card for purchases abroad without worrying about foreign transaction fees.
• Fee-Free ATM Withdrawals: Need cash? You can use your Credit Builder card to make fee-free cash withdrawals at over 50,000 in-network ATMs, including those at retailers like Walgreens, 7-Eleven, and CVS.
• SpotMe Eligibility: As a Chime member, using your Credit Builder card can also make you eligible for Chime’s SpotMe feature, which can provide fee-free overdraft protection on debit card purchases and cash withdrawals.

Who Can Apply?

The eligibility requirements for the Chime Credit Builder Visa Secured Card are straightforward and designed for accessibility:

• Chime Checking Account: You must have an active Chime Checking Account to be eligible to apply for the Credit Builder card.
• Qualifying Direct Deposit: You need to have received a single qualifying direct deposit of $200 or more into your Chime Checking Account.
• Age: You must be 18 years of age or older.
• Residency: You must be a U.S. citizen or a legal resident with a valid U.S. physical address in the United States or the District of Columbia.
• Social Security Number: A valid Social Security Number is required to open a Chime Checking Account.

How to Apply?

Getting started with the Chime Credit Builder Visa Secured Card is a simple, two-step process done entirely through the Chime app or website:

1. Open a Chime Checking Account: If you don’t already have one, your first step is to sign up for a Chime Checking Account. This can be done online in just a few minutes by providing your personal information.
2. Set Up a Qualifying Direct Deposit: Arrange for a direct deposit of $200 or more to be sent to your new Chime Checking Account from your employer, payroll provider, or benefits payer.
3. Apply for Credit Builder: Once your qualifying direct deposit has been received, you will be eligible to apply for the Credit Builder card. You can do this directly within the Chime app.
4. Agree to the Terms: Review and accept the terms and conditions for the Credit Builder account.
5. Receive Your Card: Your Chime Credit Builder Visa® Secured Card will be mailed to you.
6. Activate and Fund Your Card: Once your card arrives, activate it in the Chime app. Then, you can move money from your Chime Checking Account to your Credit Builder secured account to set your spending limit and start making purchases.

Frequently Asked Questions

1. Is the Chime Credit Builder card a real credit card?
   Yes, it is a real Visa credit card. However, it functions as a secured card, meaning your spending limit is determined by the amount of money you move into the card’s secured account.
2. How exactly does this card help build my credit?
   The Chime Credit Builder card helps build your credit in a few key ways. First, by making on-time payments each month, you establish a positive payment history, the most important factor in your credit score. Second, it helps increase the length of your credit history over time.
3. Do I have to pay back the money I spend on the Credit Builder card?
   Yes, but in a unique way. The money you move to your Credit Builder secured account acts as collateral. This ensures you are always making on-time payments. Because you are essentially spending your own secured funds, there is no interest charged.
4. Can I get my security deposit back?
   Yes. Since the money in your Credit Builder secured account is your own, you can use it to pay off your balance. If you decide to close your Credit Builder card and your account is in good standing with a zero balance, any remaining funds in your 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