Aside from the Chime Credit Builder Card being a Visa card that works like a debit card while also helping you to build your credit rating just like a credit card would, there is more. See it in detail!
Overview of Chime Credit Builder Card
Chime specializes in working with those who have poor credit or no credit at all. They offer savings and checking accounts specifically for consumers who have credit issues.
They can do this because they don’t run a credit check on consumers, nor do they pull a ChexSystems report to investigate negative impacts from your past.
It should come as no surprise that they offer the Chime Credit Builder Card for the same purpose.
Highlight of Chime Credit Builder
- No annual fee
- No annual interest charges
- Credit limit equal to the amount of your deposit with no minimum deposit amount required
- You can use your Credit Builder deposit to pay your balance each month
- No credit check requirement to apply
- Reports to all three credit bureaus
- Must have at least one direct deposit to your Chime Spending Account of $200 or more within 365 days before your application date for the Chime Credit Builder card
- Opt into automatic monthly payments from your Chime Credit Builder account, unlike other secured cards that retain your security deposit and require you to pay your bill with separate funds
- Card limit goes down if you pay your bill with funds from your original deposit
Chime Credit Builder Card Interest Rates and Fees
|Annual Percentage Rate (APR)
|Cash Advance APR
|Cash Advance Fee
|0% Introductory APR
|Balance Transfer Fee
|Foreign Transaction Fees
|Late Payment or Return Payment Fee
|None, but additional charges will be declined.
|Minimum monthly payment
|The full amount of your Credit Builder Account balance at the end of each billing cycle.
|Payment due dates
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Features and Benefits of Chime Credit Builder
Chime Credit Builder Card offers the following features and benefits:
No Interest or Fees
Chime Credit Builder Account, which can be managed from the Chime Mobile Banking app available on Google Play for Android devices 5.0 and up, and on the App Store for iOS devices, 11.0 and later, has no monthly or annual fees and 0% APY.
There are no qualifications: Chime will not pull a credit report and gives this card to those with bad credit or no credit.
Your credit limit is determined by the amount of money you have available to spend in your Chime Credit Builder Account, which can vary from month to month.
Since there is no credit limit connected to your Chime Credit Builder Card, you’ll never be in danger of having a high credit utilization ratio due to having a high outstanding balance against your established credit limit.
That removes one more factor that could potentially hurt your credit score (credit utilization is the second biggest factor affecting your credit score, accounting for up to 30% of your score).
“Available to Spend” Feature
Spending authorization within your Chime Credit Builder Card is determined by the money you’ve added to your Credit Builder account, less any amounts you charge on the Visa card.
But you can increase the Available to Spend amount at any time by moving money from your Chime Spending Account into your Credit Builder account.
That puts you in full control of the credit limit in your Credit Builder account. And equally important, the transfers take place in no more than 60 seconds.
“Move My Pay” Feature
This is an optional feature that allows you to move an amount you choose from your Chime Spending Account to your Credit Builder every payday.
That gives you the ability to immediately increase your credit limit each time you’re paid. What’s more, you also have the ability to move money back from the Credit Builder Account to the Chime Spending Account, should that become necessary.
“Safer Credit Building” Feature
There are three ways you can pay off your Credit Builder account each month. The first is to use manual payments, transferring funds directly to your Credit Builder account from your Spending Account.
The second is to use ACH payments from any bank into the Credit Builder Account. But the third option, and one that’s highly recommended, is to turn on the Safer Credit Building feature.
In that way, Chime uses the money you’ve already added to your Credit Builder account to cover your credit card charges each month.
How to Sign Up for the Chime Credit Builder Card
You need to have a Chime Spending Account to open the Chime Credit Builder. You can apply for a Chime Spending Account in as little as 2 minutes and you can even complete the process on your smartphone. You’ll start by entering your email.
You’ll need to provide identifying information that is a typical requirement for all financial accounts.
That may include a copy of your driver’s license and any other documentation needed to establish your identity. Other information you should expect to provide include the following:
- Your full name
- Email address
- Home address
- Your phone number
- Your date of birth
- A valid Social Security number
Once your account is open, you can link it to another bank account, or even fund it with payroll deposits.
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