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Secured Chime Credit Builder Visa® Credit Card Review

Secured Chime Credit Builder Visa® Credit Card
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Secured Chime Credit Builder Visa® Credit Card
Secured Chime Credit Builder Visa® Credit Card
Michael Graw
Dec. 04, 2022
4 min read
Michael Graw
Secured Chime Credit Builder Visa® Credit Card Summary
Chime is a fintech company established in 2013 to offer low-cost, accessible, banking services. Start spending with the Chime Credit Builder Visa® Credit Card once you deposit money into a secure account. Use these funds to pay your monthly balance, or turn on Safer Credit Building and have your balance paid automatically each month¹. There is no interest or fees. Chime helps you build credit by reporting on-time payment to credit bureaus.

Pros

  • No credit check required
  • No annual fee or interest rates

Cons

  • Requires a security deposit
  • Doesn't offer rewards

Secured Chime Credit Builder Visa® Credit Card at a glance

9.8
Editorial score

Fees

No annual fee
10.0

APR

0%
10.0

Security

FDIC insured, offers multiple security features
9.0

Customer service

24/7 service with multiple communication options
10.0

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features
10.0

Secured Chime Credit Builder Visa® Credit Card Secured Chime Credit Builder Visa® Credit Card Visit Site

Overview

The Chime Secured Credit Builder Visa® Credit Card is a secured credit card designed to help you build your credit. With this card, you move money from a Chime Spending Account or external account into a secured account before you start spending. The limit on your credit card is equal to the funds in the secured account. At the end of each month, you can pay off your or turn on Safer Credit Building to have your balance automatically paid in full, and Chime® reports your on-time payments to the major credit bureaus to help you build good credit.¹ 

The Chime credit card is completely free to apply for, and has no annual fees and no interest. There’s no credit check needed to qualify and no minimum deposit²  that you need to pay into the secured account each month. However, you must open a Chime Spending Account and make at least $200 in direct deposits³  to apply for Credit Builder. 

Suitable For?

The Chime Secured Credit Builder Visa® Credit Card is suitable for anyone who wants to build credit. The card doesn’t have any annual fees or interest, and there’s no credit check to apply. The only requirement is that you open a Chime Spending Account and make at least $200 in direct deposits³. Every month, Chime reports your activity to the 3 major credit bureaus which can help you build your credit, and you can increase your credit scores by an average of 30 points.  You can view and track your FICO Score on the Chime app. FICO Scores are used by 90% of top lenders.  

Another thing to like about the Chime card is that you can monitor your account via a user-friendly mobile app. From the app, you can get transaction notifications, track your spending, and even lock your card if it’s lost or stolen.

Interest Rates and Fees 

The Chime credit card doesn’t have any annual fees or foreign transaction fees. And there is no interest. The Chime Spending Account has no annual or maintenance fees either. 

Annual FeeForeign Transaction FeeInterest
NoneNoneNone

Rewards & Cashback

The Chime Credit Builder doesn’t offer a rewards program or cashback.

The Application Process

In order to be approved for the Chime Credit Builder card, you must have a Chime Spending Account, receive a qualifying direct deposit³  of $200 in the past 365 days. If you don’t already have a Chime Spending Account, you can apply to open one online through Chime’s website or by downloading the Chime app.

Once eligible, you can apply for the Chime Credit Builder card online or through the app. You’ll need to enter your name, email, phone number, and address, plus your social security number for verification. However, the company doesn’t run a credit check when you apply. You’ll also need to enter basic information about your employment situation and income. Once you’re approved, Chime will mail your card in 7–10 business days.

Help & Support

Chime offers customer support by phone, chat and email 24 hours a day, 7 days a week. We called and were able to get in touch with a representative in just a few minutes. The Chime website also has a detailed help center where you’ll find more information about the application process and how to manage your account.

Phone call hours: 24 hours a day, 7 days a week

Security

Chime uses 2-factor authentication to protect your online account. In addition, you can sign up for transaction notifications through the mobile app and also lock your card using the app if it’s ever lost or stolen.

FAQ

What is the credit limit for the Chime Credit Builder?

The Chime Credit Builder card doesn’t have a pre-set credit limit. Your spending limit is equal to the amount of money you deposit into the secured card account.

Does Chime report credit utilization?

No, Chime does not report credit utilization to the major credit bureaus. 

Is there a credit check to apply for the Chime Credit Builder?

No, Chime doesn’t run a credit check when you apply for the Credit Builder card. However, you will need to submit your social security number to verify your identity.

Conclusion

The Chime Credit Builder Visa secured credit card offers a simple way to boost your credit. You get to decide your credit limit, and you can turn on Safer Credit Building to have your balance automatically at the end of each month¹. The Chime card has no annual fee and no interest, and there’s no credit check to apply. 

Secured Chime Credit Builder Visa® Credit Card Secured Chime Credit Builder Visa® Credit Card Visit Site

Methodology

This review was completed based on the Chime website and a call with Chime’s customer service team.

Disclosures

Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.Credit Builder card issued by Stride Bank, N.A.

¹ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

² Security Deposit Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder 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.

³ To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.

Based on a study conducted by Experian®, Credit Builder members observed an average X point FICO® Score 8 increase after 8 months, with regular on-time payments. Results may vary, see Chime.com for details.

Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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