In order to be eligible for this secured credit card, you must first open a Chime® Checking account and receive a qualifying direct deposit of $200 or more. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT).
No credit check to apply, no annual fees, and no minimum security deposit1
Chime is a financial technology company, not a bank. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1 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.
Most credit cards — even secured ones — will conduct a hard inquiry on your credit report when you apply. Even if you’re then approved for the card, these hard pulls can temporarily ding your credit scores by a few points. But the Chime Credit Builder Visa® Credit Card does not check your credit when you apply, which is
a good fit for those with poor credit or no credit .
If you’re not sure what a secured card is, it’s a card that requires a security deposit, like a security deposit on an apartment. If your balance is paid off when you close the account, the deposit gets refunded back to you.
Why Chime Credit Builder vs. Other Secured and Unsecured Cards? For people with bad credit, here are some key factors to consider:
Chime Credit Builder Visa® Card
Average Subprime Credit Cards
Average Secured Credit Card
Some do check your credit and may decline your application
Annual Fees: average $22
Interest Rate: average 19%
Program / Processing Fees: some secured cards have these fees, which can be expensive
How does the Chime Credit Builder Visa Card help you build credit? The Secured Chime Credit Builder Visa® Card helps you build credit by reporting your payment history to the three major credit bureaus: TransUnion, Experian, and Equifax. Your payment history is one of the most important factors in determining your credit score, so paying on time and in full every month can positively impact your credit profile.
To make it easier for you to pay on time, you can opt into Safer Credit Building, which automatically pays your balance from your Credit Builder Account every month. This way, you don’t have to worry about missing a payment or paying late fees.
Another factor that affects your credit score is your credit utilization ratio, which is the percentage of your available credit that you use. A lower utilization ratio is better for your credit score, as it shows that you are not relying too much on debt. The Chime Credit Builder Visa® Card helps you lower your utilization ratio by not reporting a fixed credit limit to the credit bureaus. Instead, it reports your balance as zero every month, regardless of how much you spend or pay.
This means that as long as you pay off your balance every month, your utilization ratio will always be zero, which can boost your credit score over time.
Editor’s Take The Secured Chime Credit Builder Visa® Card is a great option for people who want to build or rebuild their credit without paying annual fees or interest. It offers flexibility and convenience in managing your money and credit.
If you are looking for a simple and low-cost way to have a credit card and improve your credit score over time, this might be music to your ears.
Secured Chime Credit Builder Visa® Credit Card
No credit check to apply, no annual fees, and no minimum security deposit1
In order to be eligible for this secured credit card, you must first open a Chime® Checking account and receive a qualifying direct deposit of $200 or more. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT).
No credit check to apply, no annual fees, and no minimum security deposit1
Chime is a financial technology company, not a bank. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
1 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.
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