The Chime Credit Builder Visa® Card is a unique secured credit card designed to help individuals with limited or poor credit history establish or improve their credit score.
Unlike traditional secured credit cards, it requires no credit check, charges no interest, and has no minimum security deposit.
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Product Details
- No credit check, annual fees, or interest; no minimum security deposit
- Can be used for everyday purchases like gas and groceries
- Helps build credit history; reports to Transunion, Experian, and Equifax
- Potential to increase credit scores by an average of 30 points with on-time payments
- Real-time transaction notifications and instant card disable feature for security
- Issued by The Bancorp Bank or Stride Bank, usable wherever Visa is accepted
- 24/7 live support
- Fee-free use at over 60K+ in-network ATMs
- Available after signing up for a Chime Checking Account and receiving a qualifying direct deposit
- *Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa 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.
- **Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2022 and October 2022 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
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Our Take
Pros:
- No annual fees
- No minimum security deposit*
- No credit check to apply
- A better way to build credit
- No APR and adjustable credit limit
- Help increase your credit scores/FICO® Score by an average of 30 points**
- High potential credit limit with a $10,000 maximum secured account balance
Cons:- No rewards
- No upgrade path
This card allows users to control their spending while building a positive credit history, making it an ideal choice for those looking to boost their financial health without taking on unnecessary debt.
Why Consider the Chime Credit Builder Visa® Card?
For those looking for an easy, stress-free way to build credit, the Chime Credit Builder Visa® Card stands out with its no-fee, no-interest, and no-credit-check approach. It is designed to promote responsible spending habits while providing the essential benefits needed to establish a strong credit profile.
Key Benefits:
- No credit check required for approval, making it accessible to those with poor or no credit history.
- No annual fees, no interest charges, and no hidden fees.
- Reports to all three major credit bureaus (Experian, Equifax, and TransUnion) to help build a positive credit history.
- No minimum security deposit required, unlike traditional secured credit cards.
- Adjustable credit limit based on the funds transferred from your Chime Checking Account.
- Built-in payment automation features to help prevent missed payments and credit score damage.
$0
N/A
N/A
No credit check to apply
How the Chime Credit Builder Visa® Card Works
Unlike traditional secured credit cards, the Chime Credit Builder Visa® Card functions more like a hybrid between a debit card and a secured credit card. Users set their own credit limit by transferring money from their Chime Checking Account into their Credit Builder Account. This eliminates the risk of overspending and allows users to build credit without worrying about interest or minimum payments.
Steps to Use the Card:
- Open a Chime Checking Account – This is a required step to apply for the Credit Builder Visa® Card.
- Transfer Funds – Move money from your Chime Checking Account to set your spending limit.
- Use the Card Anywhere Visa® is Accepted – Spend within your available balance.
- Make On-Time Payments – Payments are reported to the credit bureaus to help build credit.
- Enable Safer Credit Building – This feature ensures that payments are automatically made using the funds you transferred.
- Monitor Credit Growth – Use the Chime app to track progress and view credit score improvements over time.
$0
N/A
N/A
No credit check to apply
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Our Take
Pros:
- No annual fees
- No minimum security deposit*
- No credit check to apply
- A better way to build credit
- No APR and adjustable credit limit
- Help increase your credit scores/FICO® Score by an average of 30 points**
- High potential credit limit with a $10,000 maximum secured account balance
Cons:- No rewards
- No upgrade path
Who Should Get the Chime Credit Builder Visa® Card?
This card is ideal for:
- Individuals with no credit history who want to establish credit responsibly.
- People rebuilding their credit after financial setbacks.
- Those looking for an alternative to traditional secured credit cards without large upfront deposits.
- Young adults, students, and gig workers who want a controlled way to build credit without the risk of debt accumulation.
- Anyone who wants a credit-building tool that prevents overspending while offering essential security features.
Additional Features and Protections
- No interest or penalty fees, making it a stress-free way to build credit.
- Reports positive payment history to all three major credit bureaus.
- No hard credit inquiry, so your credit score remains unaffected by the application process.
- No foreign transaction fees, making it a useful option for international purchases.
- Real-time security alerts and fraud protection to help safeguard your account.
- Automatic payments feature to prevent late fees and missed payments.
- Early direct deposit option to access paychecks up to two days early with a Chime Checking Account.
- Safer Credit Building feature ensures that payments are deducted from your account balance automatically.
How the Chime Credit Builder Visa® Card Compares to Traditional Credit Cards
Unlike traditional secured credit cards, the Chime Credit Builder Visa® Card does not require a fixed security deposit and does not have an interest rate. Since you can only spend what you transfer into your Credit Builder account, it helps prevent excessive debt accumulation.
Additionally, it lacks an upgrade path to an unsecured credit card, meaning users who improve their credit may need to apply for another credit card separately.
HOW TO APPLY NOWFrequently Asked Questions
1. Does the Chime Credit Builder Visa® Card require a credit check?
No, there is no credit check required to apply, making it accessible for those with poor or no credit history.
2. How does this card help build credit?
The Chime Credit Builder Visa® Card reports payments to all three major credit bureaus (Experian, Equifax, and TransUnion), helping you build a positive payment history, which is crucial for improving your credit score.
3. Is there a minimum security deposit required?
No, this card does not require a security deposit. Instead, users transfer funds from their Chime Checking Account to determine their credit limit.
4. Will this card charge me interest?
No, the Chime Credit Builder Visa® Card does not charge interest on purchases. Since you can only spend what you’ve transferred, there’s no risk of accumulating credit card debt.
5. Can I use this card anywhere?
Yes, the Chime Credit Builder Visa® Card can be used anywhere Visa® is accepted, both online and in-store.
6. How does Chime prevent overspending?
Your spending limit is based on how much money you transfer from your Chime Checking Account, ensuring you never spend more than you have.
7. What happens if I don’t use my card?
There are no penalties for inactivity, but regular use and on-time payments can help build your credit score over time.
8. Can I withdraw cash with my Chime Credit Builder Card?
Yes, you can withdraw cash from ATMs without additional fees from Chime, but some ATMs may impose their own fees.
9. How quickly will my credit score improve with this card?
Credit improvement depends on multiple factors, but many users see positive changes within a few months of consistent use and on-time payments.
10. How do I apply for the Chime Credit Builder Visa® Card?
You must have a Chime Checking Account to apply. Once you have an account, you can request the card through the Chime mobile app or website.
A Smart Choice for Responsible Credit Building
The Chime Credit Builder Visa® Card is a perfect tool for those looking to build credit safely without the risks of high-interest rates, hidden fees, or unnecessary debt. Its flexible spending limit, automatic payments, and no-credit-check policy make it an accessible choice for those new to credit or recovering from financial challenges.
While it lacks an upgrade path to an unsecured card, its no-fee, no-interest model ensures users can focus on responsible financial habits. If you’re searching for a simple, stress-free way to boost your credit, the Chime Credit Builder Visa® Card is a top contender.
