If you are facing a situation where you have poor, restricted, or zero credit or if you are not getting a credit card then Chime Credit Card is the perfect option for you. It will provide credit building & adjustable credit limit with zero extra cost. But, for that, you have to open a Chime credit builder card account. Well, today we will discuss its pros, and cons and every single detail that you should know before choosing this card. Let’s begin.
Chime Credit Card Description
Our Rating: 3.9/5
The Chime secured credit card is a very special card that helps in building credit and it comes up with 0 fees and no interest. This card is not very expensive although it will not give you any rewards, it is great for building credit. You should transfer “$200 from your Chime checking a/c to Chime credit builder” and then you can start using this card. It will only charge $2.50 if you use an out-of-line ATM.
- Zero interest charges
- 0 annual fee
- No need to apply for a credit check
- Get 24*7 support.
- It reports to all 3 agencies.
- For security, put 2 factors & fingerprint proof.
- Card lock option.
- It provides quick transaction warnings.
- It will not report a “credit utilization rate” as there is no fixed credit limit.
- You can do transactions for free at 7 to 11 locations & at “Allpoint or Visa Plus Alliance ATM”.
So, for deciding whether you should choose this card or not, you have to look at its characteristics:
A chime credit card doesn’t charge any foreign settlement, annual, maintenance, or program fees. It will only charge $2.50 if you are withdrawing money from an out-of-line ATM. So, below are the area where network ATMs work:
- You can withdraw from seven to 11 locations.
- Visa® Plus Alliance ATM.
- Allpoint ATM.
2. Interest Rates
It doesn’t charge any interest which is the perfect feature that it offers. All credit cards have the same interest rate.
This card will not give you any cashback rewards and it is quite obvious because if you have poor credit or less credit then they will not provide you rewards. But, if you need cashback and rewards then you should look for other options.
4. Security Deposit
A chime credit card doesn’t have any traditional security deposit. You have to deposit $200 for opening an account. Here are some of the deposits that will not be approved for direct deposits:
- Cash loads
- Mobile check deposits
- Bank ACH transfers
- Pay Anyone transfers
5. Credit Reporting
It reports to all 3 important agencies as you know that it is a very significant segment of building credit. It will report payment activity to see if you are making payments at right time. The credit utilization rate is not being reported as in secured cards we can’t set the limit of the credit.
6. Credit Building
Chime credit builder helps in improving your credit score as it includes:
- Move My Pay: This is a discretional characteristic that provides you to transfer a particular amount to Credit Builder credit a/c from Chime checking a/c.
- Safer Credit Building: You can easily build the credit as it will naturally pay the balance every month. But, for that, you need to turn on that option. It will report to all agencies so your credit score will get better.
7. Cash Advances
You can withdraw money from ATMs which is called a cash advance. But, make sure that you withdraw from in-networks as they are free and if you withdraw outside the network then they will charge $2.50.
Is a Chime Credit Card Good to Use?
The Chime credit card review is a very fair choice for those who want to rebuild/build credit. There is a drawback in that you need to open the account & you can’t predict if you made the right deposit or not. But, you don’t have to pay any fees, or interest if you use this card and you can go for this if you have faced any trouble at your earlier stage when you started using the card. Turn on a few features that are automated as they will keep the account in a good condition. It doesn’t require you to do a credit check for getting approved.
For Whom is this Card Necessary?
Below we have listed to whom this card belongs:
- People with Low or No Credit: You know that the Chime credit card will not verify your credit so you can easily apply for this card even if you have a bad credit score. It will provide you with various advantages that will help you in building credit.
- People with a Chime Checking Account: If you already have a Chime checking account then you can get the approval quickly for the card and you can transfer your funds into it.
Let’s see what other alternatives can help you in getting a credit card if you have bad or poor credit:
1. Self Visa + Credit Builder Account
Our Rating: 3.8/5
This card is secured and you can go for this if you don’t have credit. You can pair this and it will help in building financing history fast. For this also you have to open the linked account to get approved.
- Ideal for credit building.
- Accessible to users with bad/no credit.
- Doesn’t require a credit check.
2. Academy Bank Credit Builder Secured Visa
Our Rating: 3.3/5
You need to have a credit builder saving account and your deposit amount which is $300 to $3000 needs to be put in this account which will be considered as security. It also has a high APR & charges annual fees which are $39.
- Less a fee for a cash advance.
- Report to 3 credit agencies.
- You can get interested in the deposit.
- It can lead to an unsecured card.
3. U.S. Bank Secured Visa
Our Rating: 3.7/5
The U.S. bank-secured visa needs a savings account. It has an APR which is 24.74% and also changes fees for foreign transactions. It is quite an expensive choice but if you have a U.S. bank a/c then it may be convenient for you.
- You can do “Foreign transactions, cash advances, & balance transfers”.
- Reporting is done in 3 agencies.
- Poor credit gets approved.
Frequently Asked Questions (FAQs)
Q1. How long does it take Chime to give provisional credit?
It can be seen in your account after the Tenth working day or the 20th working day if you are a new user.
Q2. How to replace the Chime credit builder card?
You just need to call the customer care’s number or mail them on their customer service email id.
Q3. How to cancel the Chime credit builder card?
You can cancel the Chime credit builder card through the Chime app & it is for Apple users, But, if anybody else wants then they can call their customer care or can email them too.
Q4. How does Chime credit builder work?
Chime credit builder review allows you to add funds and you can spend how much you have. In this way, you can build credit and it changes 0 interest & 0 annual fees.
Q5. How to move money from a Chime credit builder card?
To move money from the Chime credit builder card you should use “Move My Pay”.
Q6. How to use the Chime credit builder card?
If you want to use a Chime credit builder card then you have to transfer money to a “Credit Builder secured account from your Chime Checking Account”.
Q7. What is the limit on the Chime Credit Builder Card?
The limit on the Chime Credit Builder Card is not fixed so, we can’t predict it.
Q8. Can you get a Chime credit card without direct deposit?
No, you can’t get a Chime credit card if you don’t deposit $200.
We believe you are fully informed about the Chime Credit Card at this point. We’ve covered all the benefits and drawbacks of this card; now it’s up to you to decide whether to utilize it or not. If you are unsure, you can consider other solutions that are available. Decide thoughtfully, and if you have any questions, contact us at any time.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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