Snapshot: TheSecured Chime Credit Builder Visa® Credit Card1 doesn’t have interest4 or an annual fee, which makes it a great credit-building2 option. You’ll have to open a Chime checking account and receive a qualifying direct deposit in order to apply.
Pros
Cons
No annual fee.
You can’t apply without a Chime checking account.
No interest4
You have to secure your credit limit with a deposit.
Chime reports to all three credit bureaus.
Chime doesn’t report credit utilization.
You can use your deposit to pay down your charges at the end of the month and move more money from your checking account to the secured account to secure future credit
Qualifying direct deposit of $200 or more. Chime Checking Account required.
No annual fee. No minimum security deposit*. No credit check to apply
*Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
Build credit history with your own money on everyday purchases and on-time payments**
**On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.
View and track your FICO® Score¹ right in the Chime app. FICO® Scores are used by 90% of top lenders
¹Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn More
***$2.50 Out-of-network ATM withdrawal fees may apply.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Credit Builder Visa® Credit 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.
Full Review of Secured Chime Credit Builder Visa Credit Card
The Secured Chime Credit Builder Visa® Credit Card is unique among secured credit cards. Most secured credit cards require an initial qualifying deposit that acts as collateral and determines your credit limit. The Secured Chime Credit Builder Visa® Credit Card works a little differently. By transferring funds from your Chime checking account to your secured account, you determine your own credit limit.
This means that you don’t have to worry about accruing credit card debt faster than you can pay it back. You’re essentially “borrowing” from the deposit that you initially submitted to set up the account, except that it appears on your credit reports as a credit account. This means that all on-time payments you make on this card will show up as positive items on your reports, helping you build up good credit.
Also, a credit check isn’t necessary to apply – which makes it a good option if you have a low or non-existent credit score.
To apply for the Secured Chime Credit Builder Visa® Credit Card, you will need to open a Chime checking account and receive a qualifying direct deposit of at least $200. So although the Secured Chime Credit Builder Visa® Credit Card has no security deposit minimum3, with the requirement for the Chime checking account, it’s essentially a $200 minimum requirement to get the secured card.
At the end of the day though, a $200 minimum deposit is right in line with other secured cards. And the lack of interest rate4, annual fee, and credit limit flexibility available with this card make it a great choice if you’re looking to build your credit.
What You’ll Like About This Card
No Minimum Security Deposit3 and an Adjustable Credit Limit
The money that you use as a security deposit for your Secured Chime Credit Builder Visa® Credit Card is transferred from your Chime Checking Account to your Credit Builder secured account. So even though you need to have a qualifying direct deposit of at least $200 in your Chime checking account in the last year to get the card, you don’t have to transfer the full $200 to your Credit Builder secured account – you can transfer however little you want.
One of the most unique features of the Secured Chime Credit Builder Visa® Credit Card is that there is no minimum security deposit3. You can also change your credit limit later if you decide to add more money into the Credit Builder secured account, which provides a lot of flexibility. You can start working to build your credit history right away. (There is a maximum deposit limit of $10,000 though).
No Interest Rates4 or Annual Fees
With Chime, you essentially get a checking account as well as a secured, credit building card. The benefit is that you get these things for free – no interest rates, no annual fees.
User-Friendly App
You can easily manage your Secured Chime Credit Builder Visa® Credit Card and your Chime checking account from the Chime app, including moving money from your spending account to your Credit Builder secured account.
Great for Building Credit2
There are two aspects of this card that make it a great option for building credit:
Because you’re spending your own money and Chime doesn’t have any interest rates, you don’t have to worry about racking up credit card debt. You can spend to your credit limit without any worries (although you will need to continue to make on-time payments).
Chime doesn’t report your credit utilization ratio to the credit bureaus (the ratio of available credit to used credit). Typically, with credit it’s a good practice to keep your credit utilization ratio below 30%. But with the Secured Chime Credit Builder Visa® Credit Card, you don’t have to worry about that.
The Drawbacks
You Need a Chime Checking Account
While you don’t need great credit to get this card, you do need a Chime checking account. You also have to continue to transfer money over to your secured account to secure future credit if you use your deposit to pay down your charges each month.
No Upgrade Path
Many secured credit cards offer an upgrade path after a period of “good behavior” where you’ve shown that you can make payments on-time and can be trusted with a line of credit. Typically, this is a great option if you’ve been struggling with a low credit score for a long time and are looking to work your way up to a larger line of credit.
Is the Secured Chime Credit Builder Visa® Credit Card Worth It?
Our opinion? Absolutely. Why? No interest4, no annual fees and total flexibility.
If you’ve never had a credit card before (maybe you’re a young adult or a college student) and you’re looking to build credit and avoid high interest rates while learning about how to manage a credit card, this is a great option. It can also be a tool to help those who’ve had significant negative credit items in their past, like bankruptcies, rebuild their credit.
It all depends on what you’re looking for. If you’re looking to rebuild and protect your credit, this card is a great option. If you have a low credit score and are looking for an access point to a larger line of credit, you may want to consider other secured credit cards.
What are the credit limits for Secured Chime Credit Builder Visa® Credit Card?
The Chime credit card doesn’t come with “traditional” credit limits. You can spend as much as you secure with a deposit of funds from your Chime checking account to the secured account. You need to receive a qualifying direct deposit of at least $200 in your Chime checking account in the last year before you can qualify and apply for a Secured Chime Credit Builder Visa® Credit Card.
How soon can I increase my credit limit after being approved for a Secured Chime Credit Builder Visa® Credit Card?
You can increase your own credit limit at any time, depending on how much money you transfer from your Chime checking account to your Chime Builder secured account. The maximum limit you can have on the card is $10,000. There is no upgrade path to a typical “unsecured” line of credit though.
Is a Secured Chime Credit Builder Visa Credit Card good for building credit?
Yes! The Secured Chime Credit Builder Visa Credit Card offers two main benefits for building credit. First, Chime does report your positive payment history to all three of the credit bureaus. Second, it doesn’t report credit utilization. That means you can use your credit amount as you want without worrying about what percentage of the credit limit you’ve used.
To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
