Aside from the Chime Credit Builder Card, which is a Visa card that works like a debit card. At the same time, it helps you build your credit rating just like a credit card. There’s so much more. See details!
Overview of the Chime Credit Builder card
Chime specializes in working with people with bad credit or no credit at all. They offer savings and checking accounts specifically for consumers with credit issues.
They are able to do this because they do not conduct credit checks on consumers. And don’t pull ChexSystems reports to check for negative impacts from your past.
Unsurprisingly, they also offer a Chime Credit Builder card for the same purpose.
Highlights of Chime Credit Builder
- No annual fee
- No annual interest
- The credit limit is equal to the amount of your deposit. without specifying a minimum deposit amount
- You can use your Credit Builder deposit to pay off your balance each month.
- There is no credit check requirement to apply.
- Report to all three credit bureaus.
- There must be at least one direct deposit to your Chime spending account of $200 or more within 365 days prior to your application date for the Chime Credit Builder Card.
- Opt in to receive automatic monthly payments from your Chime Credit Builder account. This differs from other secured cards that store your security deposit and require you to pay your bill with a separate fund.
- The card limit is reduced if you pay your bill with funds from your original deposit.
Chime Credit Builder Card Interest Rates and Fees
|Annual Percentage Rate (APR)||0%|
|April cash advance||do not have|
|april doom||do not have|
|Cash advance fees||do not have|
|0% introductory APR||do not have|
|Balance transfer fee||do not have|
|Foreign transaction fees||do not have|
|Late payment or reimbursement fees||do not have|
|Fees exceeding the limit||No, but additional charges will be refused.|
|Minimum monthly payment||Your Credit Builder account balance is charged in full at the end of each billing cycle.|
|Payment due date||Day 23|
Features and Benefits of Chime Credit Builder
The Chime Credit Builder card has the following features and benefits:
number interest or fees
Chime Credit Builder accounts, which can be managed from the Chime Mobile Banking app on Google Play for Android 5.0 and up and in the App Store for iOS 11.0 and up, have no monthly or annual fees and 0% APY.
No qualifications: Chime will not pull a credit report and provides this card to people with poor or no credit.
Your credit limit is determined by the amount of money you have available to spend in your Chime Credit Builder account, which may vary from month to month.
Because there is no credit limit connected to your Chime Credit Builder card, you are never at risk of having a high credit utilization ratio due to a high outstanding balance relative to your designated credit limit.
This removes other factors that could negatively impact your credit score. (Credit utilization is the second largest factor affecting your credit score. which accounts for up to 30% of your score)
“Ready to spend” feature
Approval for spending within your Chime Credit Builder card is based on the funds you have added to your Credit Builder account, minus the amount you have charged your Visa card.
But you can increase the amount you can spend at any time by moving money from your Chime spending account to your Credit Builder account.
That gives you full control over the credit limit in your Credit Builder account. And equally important The transfer takes place in no more than 60 seconds.
“Move my payments” feature
This is an optional feature that lets you move an amount of your choice from your Chime spending account to your credit builder every payday.
This allows you to instantly increase your credit limit every time you make a payment. Moreover, You can also move your cashback from your Credit Builder account to your Chime Investment account if needed.
“Building Safer Credit” Features
There are three ways you can pay off your Credit Builder account each month. The first method is to use manual payments. By transferring funds directly to your Credit Builder account from your spending account.
The second is to use ACH payments from any bank into your Credit Builder account, but the third and highly recommended option is to turn on the more secure credit building feature.
This way, Chime uses the money you’ve added to your Credit Builder account to cover your credit card expenses each month.
How to apply for the Chime Credit Builder card
You need a Chime Spending account to launch Chime Credit Builder. You can apply for a Chime Investment account in just 2 minutes, and you can even complete the process on your smartphone. You will start by entering your email.
You will be required to provide credentials, which is a common requirement for all financial accounts.
This may include a copy of your driver’s license and any other documents required to show your identity. Other information you should expect to include:
- Your full name
- Email address
- your phone number
- your birthday
- Valid Social Security number
Once your account is open You can link that account to another bank account. You can even deposit money into your salary account.
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