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The Chime Secured Credit Builder Visa® Credit Card is a secured credit card designed to help you build your credit. With this card, you move money from a Chime Spending Account or external account into a secured account before you start spending. The limit on your credit card is equal to the funds in the secured account. At the end of each month, you can pay off your or turn on Safer Credit Building to have your balance automatically paid in full, and Chime® reports your on-time payments to the major credit bureaus to help you build good credit.¹
The Chime credit card is completely free to apply for, and has no annual fees and no interest. There’s no credit check needed to qualify and no minimum deposit² that you need to pay into the secured account each month. However, you must open a Chime Spending Account and make at least $200 in direct deposits³ to apply for Credit Builder.
The Chime Secured Credit Builder Visa® Credit Card is suitable for anyone who wants to build credit. The card doesn’t have any annual fees or interest, and there’s no credit check to apply. The only requirement is that you open a Chime Spending Account and make at least $200 in direct deposits³. Every month, Chime reports your activity to the 3 major credit bureaus which can help you build your credit, and you can increase your credit scores by an average of 30 points.⁴ You can view and track your FICO Score on the Chime app. FICO Scores are used by 90% of top lenders.⁵
Another thing to like about the Chime card is that you can monitor your account via a user-friendly mobile app. From the app, you can get transaction notifications, track your spending, and even lock your card if it’s lost or stolen.
The Chime credit card doesn’t have any annual fees or foreign transaction fees. And there is no interest. The Chime Spending Account has no annual or maintenance fees either.
| Annual Fee | Foreign Transaction Fee | Interest |
|---|---|---|
| None | None | None |
The Chime Credit Builder doesn’t offer a rewards program or cashback.
In order to be approved for the Chime Credit Builder card, you must have a Chime Spending Account, receive a qualifying direct deposit³ of $200 in the past 365 days. If you don’t already have a Chime Spending Account, you can apply to open one online through Chime’s website or by downloading the Chime app.
Once eligible, you can apply for the Chime Credit Builder card online or through the app. You’ll need to enter your name, email, phone number, and address, plus your social security number for verification. However, the company doesn’t run a credit check when you apply. You’ll also need to enter basic information about your employment situation and income. Once you’re approved, Chime will mail your card in 7–10 business days.
Chime offers customer support by phone, chat and email 24 hours a day, 7 days a week. We called and were able to get in touch with a representative in just a few minutes. The Chime website also has a detailed help center where you’ll find more information about the application process and how to manage your account.
Phone call hours: 24 hours a day, 7 days a week
Chime uses 2-factor authentication to protect your online account. In addition, you can sign up for transaction notifications through the mobile app and also lock your card using the app if it’s ever lost or stolen.
The Chime Credit Builder card doesn’t have a pre-set credit limit. Your spending limit is equal to the amount of money you deposit into the secured card account.
No, Chime does not report credit utilization to the major credit bureaus.
No, Chime doesn’t run a credit check when you apply for the Credit Builder card. However, you will need to submit your social security number to verify your identity.
The Chime Credit Builder Visa secured credit card offers a simple way to boost your credit. You get to decide your credit limit, and you can turn on Safer Credit Building to have your balance automatically at the end of each month¹. The Chime card has no annual fee and no interest, and there’s no credit check to apply.
This review was completed based on the Chime website and a call with Chime’s customer service team.
Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.Credit Builder card issued by Stride Bank, N.A.
¹ On-time payment history can 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.
² Security Deposit Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder 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.
³ To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
⁴ Based on a study conducted by Experian®, Credit Builder members observed an average X point FICO® Score 8 increase after 8 months, with regular on-time payments. Results may vary, see Chime.com for details.
⁵ Credit 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.
