Chime Credit Builder Card Review 2023

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With few fees and no minimum security deposit, the Chime Credit Builder Secured Visa is a simple, accessible, and inexpensive way to get a credit card and begin building or repairing your credit history. Even if you have bad credit or you’ve been denied for other cards, you can open a Chime Credit Builder Secured Visa account so long as you meet the age and identity requirements. 

Chime Credit Builder Card: Is It the Best Card for You?

One feature that distinguishes the Chime Credit Builder Secured Visa from other secured credit cards is the ability to pay your balance using your security deposit. However, since your security deposit is equal to your spending limit, paying your balance this way will reduce the funds you have available to spend. Until you replenish those funds, you’ll be stuck with a lower spending limit.

The Chime Credit Builder Secured Visa has several shortcomings. First, it doesn’t earn rewards of any kind and offers few benefits, so even though you don’t pay fees, you miss out on the return you could get from a rewards credit card. Second, you can’t carry a balance from one statement to the next. While you should generally aim to pay off your balances in full, the ability to carry a balance can occasionally be useful. 

Finally, Chime doesn’t offer a direct path to convert to an unsecured card. It does help indirectly, since improving your credit score will help you get approved for other cards down the line. However, you can’t simply upgrade your secured Chime account to an unsecured one. If you want an unsecured card, you’ll need to apply and get approved on your own.

If you’re in the market for a secured credit card, consider one that earns rewards and offers a path to convert to an unsecured card. However, if your credit is severely damaged and you’re having trouble getting approved for other secured cards, the Chime Credit Builder Secured Visa is a helpful fallback.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

How the Chime Credit Builder Secured Credit Card Works

You can get the Chime Credit Builder Secured Visa without a credit check or a linked bank account, but you’ll need to meet several other basic requirements. First, you must have a Chime checking account, which is available to US citizens over 18 years old who live in the US and provide a valid social security number. You’ll also need to have qualifying direct deposits of $200 or more within 365 days prior to when you apply. Only direct deposits from an employer, payroll provider, or benefits payer qualify.

Once you’ve met the requirements and enroll, you’ll get your Chime Credit Builder Secured Visa in 5-7 business days. In the meantime, you can use the Chime app to transfer money from your Chime checking account to your Credit Builder account. When you receive your card, you can activate and begin using it right away. Funds designated for your Chime Credit Builder Secured Visa account must come from your Chime checking account; you can’t transfer directly from external accounts. However, loading your Credit Builder account takes only a minute.

Your card’s spending limit is the same as the amount of money you’ve loaded to your Credit Builder account, and shows up as the “Available to Spend” amount in the Chime app. When you make a purchase, the Available to Spend amount decreases correspondingly; for example, if you load $500 and make a $50 purchase, you’ll have a balance of $50 and $450 still available to spend. At the end of the month, you’ll receive a statement for your Credit Builder account that details your total balance. 

You can set up autopay or pay your balance manually with money from your Chime checking account, and that payment gets reported to credit bureaus. If you pay manually, then you’ll need to send payment on time and in full, or your credit could be impacted negatively. 

Chime Credit Builder Card Rewards

The Chime Credit Builder Secured Visa doesn’t offer a welcome bonus and doesn’t earn rewards, so you won’t get anything in return for the spending you put on it.

Earning rewards may not be your top priority when you’re in the market for a secured credit card, but some competing products, like the U.S. Bank Cash+® Visa® Secured Card , offer cash back rates as high as 5% on select purchases. Every dollar you spend on the card effectively costs you the cash back or rewards you could have earned on a different card, making it much less attractive in comparison.

Chime Credit Builder Card Benefits and Features

The Chime Credit Builder Secured Visa doesn’t offer typical credit card benefits like cell phone protection or purchase protection, but it does come with several other useful features.

Credit reporting 

Like other credit cards, Chime reports activity on your account to all three major credit bureaus, including payments and account status. This reporting adds data points to your credit history, which can improve your credit score over time as long as you use your card responsibly. Because your account doesn’t have a preset limit, Chime does not report your credit utilization, so there’s no harm in charging a high percentage of your available limit. 

Visa benefits 

The Chime Credit Builder Secured Visa operates on the Visa network, so you can use it wherever Visa credit cards are accepted. You’ll also get a handful of basic Visa benefits, including zero liability against unauthorized charges, and lost or stolen card assistance. These features shouldn’t influence your decision to get (or not get) the card, but they’re nice to have.

Flexible credit limit 

Your credit limit on the Chime Credit Builder Secured Visa is equal to the amount you deposit in your Credit Builder account. You can choose any amount up to $10,000, and you can increase or decrease that amount anytime by transferring funds in or out of your Chime checking account. While a higher credit limit may sound enticing, the money in your Credit Builder account does not accrue interest, so it’s better to transfer funds as needed.

Chime Card Annual Fee and Other Costs

One strength of the Chime Credit Builder Secured Visa is its lack of fees. There’s no annual fee, so you can hold the card indefinitely at no cost. You also won’t pay foreign transaction fees for purchases made outside the country or online transactions processed in a foreign currency — note that you’ll need to enable international transactions in the Chime app before using your card abroad.

Other costs you’ll avoid pertain to how the card operates. You can’t carry a balance, so you won’t pay interest charges. Similarly, there are no late payment fees, because the amount you spend is offset by funds you’ve already deposited in your account. The only fee you’ll incur from your Chime Credit Builder Secured Visa is a $2.50 withdrawal fee for using an out-of-network ATM. However, you can use over 60,000 ATMs at no charge, and you can use the Chime app to find one nearby.

How the Chime Credit Card Compares

Chime Credit Card vs. other credit builder cards

Chime Credit Card vs. other secured credit cards

Chime Credit Builder Card Frequently Asked Questions (FAQ)

Methodology: How We Reviewed the Chime Credit Builder Secured Credit Card

We compared the Chime Credit Builder Secured Visa to other secured credit cards and similar credit-building products from various card issuers, and evaluated several factors, including:

• Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
• Benefits — Are the card’s benefits useful? Are there any features that stand out?
• Fees and other costs — If there’s an annual fee, do the card’s rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?

You can read more about how we rate credit cards at Insider for a closer look at our methodology.