In this post, I will work you through Chime credit card reviews from start to finish so that you do not have to spend time researching the same.
Table of Contents
What Is Chime Credit Card?
The Chime Credit Card is a secured Visa card that doesn’t charge an annual fee or interest. It lets you build your credit score. Chime sends payment information to the main credit bureaus so that your payments for groceries, gas, and others can count for your credit score building or improvement. Chime doesn’t have a credit score criterion, and it doesn’t undertake credit checks.
Chime Credit Card VS Chime Credit Builder Visa Card
There is no difference between the Chime credit card and the Chime Credit Builder Card. It is the same card that is called in 2 different ways.
Chime Secured Credit Card
It is just another way to call the Chime credit card.
How Does The Chime Credit Card Work
The sole purpose of Chime Credit Builder is to help you rebuild your credit. On purchases, it does not give any incentives, perks, or cash-back deals of any kind. Chime secure cardholders are required to move money to the card in order to establish a credit limit; after doing so, they are free to use the card for their routine expenditures. Chime is not a traditional banking institution but rather a fintech company.
How To Use Chime Credit Builder Card
To use your Chime Credit Builder Card, follow the following steps:
- Transfer money from Chime Checking Account to your Credit Builder Account
- Use your card wherever the Visa Card is accepted
- You can spend up to the total amount sent to the Credit Builder account.
Applicants have to be willing to create Chime Spending Account, which has no minimum amount and no overdraft penalties. To be eligible for a Credit Builder account, you need to set up a direct deposit with Chime. Make sure you provide your employer with the right Chime routing number. ACH deposits through Venmo or Cash app are not allowed.
For you to submit an application for a Credit Builder secured account and acquire a Chime Visa credit card, you must deposit at least $200 into your initially created Spending Account within 365 days of your application. This allows you to move funds from your Spending Account to your secured account using My Pay, the Chime app any time you get paid.
How To Get Chime Credit Builder Card
Potential users must be ready to get a new spending account, which is Chime’s free checking account with no minimum balance requirement and no penalties for overdrafts. To be eligible for a Credit Builder account, your employer must set up a direct deposit with Chime for your paychecks.
How To Withdraw Money From Chime Credit Builder Card
The Chime Credit card works like any other debit card at the ATM. Despite the $500 daily ATM withdrawal restriction, you may use the Chime Credit Builder Card to withdraw cash from any of the 60,000+ Chime ATMs around the country. Using other bank’s ATM will lead to extra fees.
Is Chime Credit Builder Card Free?
Yes, it is free. One of the nicest aspects of the Chime Credit Builder card is that it is entirely free to use. Considering the fact that there is no way you can pay late, and there are no extra costs, such as yearly fees, late fees, and interest charges, that other secured cards impose, it may be the best choice to save some money.
How To Transfer Money From Chime Credit Builder Card
This is how to transfer the unspent money on your credit builder card to your checking account
- Go to Chime App
- Select Move money
- Tap the Transfer button
- insert the amount
- Hit Send
Can I Use My Chime Credit Card With No Money?
No, you cannot because, in order to be eligible for the Chime Credit Builder Visa Credit Card, you will first need to open a Chime Spending Account. Also, you have to have credited it with a minimum of $200 in direct payments made within the previous calendar year.
Chime Credit Card Limit
The Chime Credit Card has no introductory credit limit. Your credit line on this card will be equal to the amount you deposit into your Credit Builder Secured account. Chime places a hard cap of $10,000 on this credit card’s available credit.
Chime Credit Card Builder
Chime can be useful in building a credit history, however, not everyone should use it. It notifies all three major credit bureaus of activity within customer accounts. Cardholders who are interested in improving their credit can establish a pattern of making payments on time and extend their credit histories. (It is important to keep in mind that making payments late can still have a negative impact on a credit score.)