Chime Credit Builder Visa Secured Card Review

The Chime Credit Builder card is built with a number of “guardrails” or safety features that protect you from the common pitfalls of credit cards.

The Chime Credit Builder Visa Secured Card is a unique kind of card that is specifically designed to help you succeed. It’s a secured credit card that works with your Chime Checking Account to build a positive credit history for you, all without a credit check, without annual fees, and without charging you any interest.

If you’re looking for the most secure and straightforward way to begin your credit journey, this is the perfect tool for you.

A System Designed for Your Safety and Peace of Mind

• You Can’t Spend More Than You Have: This is the first layer of safety. The card is “secured” by money you move from your Chime Checking Account into a separate Credit Builder account. The amount you move is your spending limit. This makes it impossible to overspend.
• You Are Protected From Debt: The card is designed to be paid in full and on time every single month. You cannot carry a balance from one month to the next. This fundamental rule means you can never accumulate the high-interest credit card debt that can be so damaging.
• You Can’t Be Charged Interest: Because you cannot carry a balance, the card has a 0% APR, meaning you will never be charged interest on your purchases. The price of an item is the only price you will pay.
• You Are Helped to Pay on Time: This is a wonderful feature for peace of mind. You can turn on the “Safer Credit Building” feature, which automatically uses the money you’ve already moved to your secured account to pay your bill in full and on time.

• Build a Positive Credit History: This is the main goal. Chime reports your on-time payments to all three major credit bureaus (Equifax, Experian, and TransUnion), which is how you build a strong score for your future.
• No Annual Fee or Minimum Deposit: There is no fee to keep the card each year, and you can get started by moving any amount of money you are comfortable with. You don’t need to save up a large $200 deposit like with other secured cards.
• A Real Visa® Card: You get the convenience and security of a real Visa credit card that you can use for all your everyday purchases, both online and in stores.
• Works with the Chime App: You can manage everything easily from the Chime app on your phone. You can move money, see your spending, and feel in control of your account 24/7.
• Helps You Qualify for Other Chime Perks: Using the Credit Builder card can also help you qualify for other helpful Chime features, like the SpotMe® fee-free overdraft service.

Who Can Apply: Eligibility Criteria

The Chime Credit Builder card is very accessible for U.S. residents. The main requirement is that you must be a Chime banking member.

• Chime Checking Account: You must have an active Chime Checking Account.
• Qualifying Direct Deposit: You need to have received at least one qualifying direct deposit of $200 or more into your Chime Checking Account.
• General Requirements: You must be at least 18 years old and have a valid U.S. address and Social Security Number.

How to Apply: Your Simple Path to Getting Started

The process is designed to be easy and is done entirely through the Chime app or website.

1. Open a Chime Checking Account: If you don’t have one already, the first step is to sign up. It only takes a few minutes.
2. Set Up Your Direct Deposit: The easiest way to do this is to give your Chime account and routing number to your employer or benefits provider.
3. Apply for Credit Builder: As soon as your first qualifying direct deposit of $200 or more arrives in your account, the option to apply for the Credit Builder card will become available to you in the app.
4. Agree to the Terms: The application is very simple. You just need to agree to the terms of the account.
5. Receive Your Card: Your new card will be mailed to you. Once it arrives, you can activate it, move some money over from your Checking Account, and start using it to build your credit safely.

Frequently Asked Questions

• Is this a real credit card?
  Yes, it is a real Visa credit card, and it builds your credit history just like one. However, it is a special “secured” type of card that is designed to be much safer and to prevent you from getting into debt.
• What if I lose my job and can’t add more money to the card?
  If you can’t add more money, your spending limit will just be what is already in your secured account. Since you can’t spend more than what is there, you won’t go into debt. You can simply stop using the card for new purchases until your financial situation improves.
• Is it complicated to manage both a Checking Account and the Credit Builder account?
  No, the Chime app makes it very easy. You can see both accounts right next to each other on the main screen, and moving money between them takes just a few taps. It’s designed to be simple and clear.
• How does this card compare to a traditional secured card?
  This card is often a safer and more accessible option. Traditional secured cards require a large upfront deposit, they let you carry a balance and pay high interest, and your spending can hurt your credit utilization. The Chime Credit Builder has no minimum deposit, prevents interest charges, and its usage doesn’t impact your credit utilization, making it a more worry-free choice for beginners.