Chime Secured Credit Builder Visa® Credit Card Review
- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
Chime's Credit Builder Card is a secured card with no deposit, no annual fees and 0% APR.
Chime is a fintech with banking services. The Chime Secured Credit Builder Visa® Credit Card is a unique option for credit building and can be very convenient for existing Chime customers. It has no annual fee and doesn’t require a hard credit check for approval. The card uses your Chime® Checking Account to set your spending limit, so you can’t spend more than what you have, and you must pay your owed balance each month, so there’s no interest. While it could be great for building credit with a significantly lower risk of debt than traditional credit lines, it lacks rewards. And because of how the card is designed, it isn’t suited for emergencies.
Best for: Existing Chime customers who want to build credit history.
Pros
-
No annual fees or interest charges
-
No hard credit check required
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Flexible spending limit tied to your account balance
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Reports to three major credit bureaus
Cons
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Requires a Chime Checking account
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No rewards program
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Can’t carry a balance
How it works
The Chime Secured Credit Builder Visa® Credit Card card works differently than traditional secured cards. Instead of requiring an upfront deposit to establish your credit limit and provide security, you can only spend what you choose to transfer to the Credit Builder card from your Chime Checking Account.
Since you can only spend what you’ve deposited, you significantly reduce the risk of overspending or accumulating debt. On top of that, the card requires you to pay your owed balance each month, so there’s no interest, either.
What we like about the Chime Secured Credit Builder Visa® Credit Card
Chime’s secured card is simple, has no credit check and doesn’t charge interest, making it a solid option for beginners seeking their first credit card or those aiming to build credit history without the risk of debt.
Few fees
Chime is known for minimal fees on its banking products, and this card is no exception. The Chime Secured Credit Builder Visa® Credit Card has no annual fees, no membership fees, no interest charges and no foreign transaction fees.
Comprehensive reporting
Chime reports your on-time payments to all three major credit bureaus, helping you build credit history all the way around.
This benefit is especially worth calling out, considering many similar products may not report to all three major bureaus. For example, the Experian Boost® service only reports to Experian. So, while Experian Boost® could help boost your credit score, it would only matter if a lender used your Experian credit file to generate your credit score.
May be easier to get than traditional cards
Most credit cards, secured and unsecured, review your credit history when you apply. If you have a poor credit history, it can be challenging to get your hands on a credit card. But Chime doesn’t perform a hard credit check when you apply, and there’s no minimum credit score requirement.
Where it falls short
Its simplicity can make it great for beginners, but its lack of rewards and limited features may not appeal to everyone.
You can’t use this card unless you already have or open a Chime Checking Account. Additionally, because of how the card functions, you can’t carry a balance to build credit over time, and features like balance transfers and cash back are not available.
And unfortunately, unlike many credit cards, the card doesn’t offer cash back, points or miles.
If you’re an experienced credit card holder or already have a stellar credit score, consider other rewards credit cards for perks like cash back or miles.
No guarantee it can build better credit
There’s no guarantee that a credit-building product can improve your credit rating. Missed or late payments can harm your credit score. To ensure the Chime Secured Credit Builder Visa® Credit Card card works as intended, stay on top of your payments to avoid credit score damage.
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What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Chime Secured Credit Builder Visa® Credit Card’s Fees and Access
There aren’t a ton of fees to worry about with Chime’s Secured Credit Builder Visa® Credit Card.
| Type of Fee | Fee Details |
|---|---|
| Monthly or annual fee | $0 |
| Minimum deposit | None (uses Spending Account balance) |
| Credit score | No minimum required |
| APR | 0% |
| ATMs |
|
| Foreign transaction fee | 0% |
| Overdraft or NSF | $0 |
Customer Experience
| BBB accredited | No |
|---|---|
| BBB rating | B- |
| BBB customer reviews | 4.2 out of 5 stars, based on 2947 customer reviews |
| Trustpilot score | 2.2 out of 5 stars, based on 9,451 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 928,700 customer reviews |
| Google Play Score | 4.7 out of 5 stars, based on 720,000 customer reviews |
| Customer reviews verified as of | 05 December 2024 |
In the realm of customer feedback, Chime has had a rough go of it.
A few years back, Chime had an issue with incorrectly flagging accounts for fraud, leading to problems for customers: frozen accounts, account closures and so on. During and after these incidents, negative reviews poured in for Chime. However, Chime has worked to resolve its fraud detection mishaps, and the volume of negative reviews has tapered off.
On app stores, Chime does well, earning 4.8 stars on the Apple App Store and 4.7 stars on Google Play. Users praise the Credit Builder card’s simplicity and ease of use but occasionally mention delays in payment reporting.
On Reddit and the Better Business Bureau (BBB), customers highlight the card’s straightforward features but occasionally express frustration about its limited functionality compared to traditional cards.
Frequently Asked Questions
Is Chime a bank?
No, Chime is not a bank. It’s a fintech company with banking partners: The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC.
Is the Chime Secured Credit Builder Visa® Credit Card a secured credit card?
Yes, the card is secured. However, while most secured cards are backed by a cash deposit, the Chime Secured Credit Builder Visa® Credit Card is backed by the Chime Checking account.
How much credit does Chime Secured Credit Builder Visa® Credit Card give you?
The Chime Secured Credit Builder Visa® Credit Card doesn’t have a set credit limit, unlike traditional credit cards. Your limit depends on how much you transfer from your Chime Checking account, which can be up to $10,000. You can check how much you can spend with the card within the app under “Available to Spend.”
Your reviews
Bethany Finder
Editor, Banking
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