The Chime Credit Card is a good option for people with bad credit or limited credit history who want a card that’s easy to get and don’t mind adding a new checking account to the mix as well. You need a Chime Checking Account that’s received a payroll direct deposit of $200+ in the past year to qualify for the Chime Credit Card, but neither does a credit check or charges membership fees.
The checking account requirement isn’t the only thing that makes the
Secured Chime® Credit Builder Visa® Credit Card unique. Unlike most other secured cards, there’s no official minimum deposit requirement. Your credit limit still equals whatever deposit you place, so you’ll have to put down something decent, but you aren’t forced to go with $200+ if you don’t want to.
What I Like About the Secured Chime® Credit Builder Visa® Credit Card
Easy to get
There’s no credit check when you apply for the
Secured Chime® Credit Builder Visa® Credit Card, so it’s relatively easy to get approved for this card. Since your credit history won’t be a factor, mistakes from the past or a lack of experience won’t hurt your chances.
Your odds of being approved are high as long as you are at least 18 years old and a U.S. citizen, you have a Chime Checking Account, and you meet the qualifying direct deposit requirement. Approval is never guaranteed, though.
Helps you build credit
If you get the
Secured Chime® Credit Builder Visa® Credit Card, information about your account will be relayed to the three major credit bureaus on a monthly basis. Credit scores are based on the information on file with the major bureaus – Experian, Equifax and TransUnion – so adding positive information to your credit reports with these companies helps to improve your credit score.
If you manage the
Secured Chime® Credit Builder Visa® Credit Card responsibly by spending within reason and paying the bill on time every month, the positive information sent to your credit reports will gradually cover up past mistakes and create a track record of responsibility.
No interest
The
Secured Chime® Credit Builder Visa® Credit Card does not assess interest charges because it only allows you to spend money you’ve transferred from your Chime Checking Account to your Credit Builder Secured Account. This is a good thing in the sense that credit card interest rates tend to be very high, so avoiding interest saves you money. However, it’s bad in that you don’t even get a choice about whether to carry a balance from month to month or not.
No major fees
The
Secured Chime® Credit Builder Visa® Credit Card isn’t the only secured credit card with no annual fee, but there are plenty of more expensive options, too. On average, the
Secured Chime® Credit Builder Visa® Credit Card’s lack of an annual fee saves you
$26.75 per year compared to other credit card offers, according to our research.
The lack of a foreign fee also saves you an average of
1.58% on purchases made outside of the U.S. Out-of-network ATM withdrawal fees and over-the-counter advance fees may still apply, though.
What I Don’t Like About the Secured Chime® Credit Builder Visa® Credit Card
Forces you to get a checking account
If you don’t mind opening a Chime checking account, this may not seem like a bad thing. However, it would be better if Chime offered a credit card and a checking account attractive enough to stand alone instead of forcing them on people as a package deal.
Plus, simply having a checking account isn’t enough. Not only does it have to be Chime’s checking account, but it must also receive a $200+ payroll direct deposit for you to qualify. Not having to jump through these hoops would be preferable, of course.
No rewards
The
Secured Chime® Credit Builder Visa® Credit Card does not give you points, miles or cash back in return for making purchases. On the other hand,
some of its most popular competitors do.
May require maintenance
You need to make sure you have enough money in the proper account and confirm that you’re not too close to your spending limit in order to feel confident relying on this card for purchases. After all, you can only make purchases when you move enough money from your Chime Checking Account to your Credit Builder account. This money is held as collateral and can be used to pay off your charges at the end of every month.
You can build credit without much hassle, but the same can’t always be said for this card’s everyday usability. Setting up autopay and automatic transfers from your checking account helps, though.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
