Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- No Fees
- No Credit Check
- No Credit Utilization Score
- Card Limit Can Vary
Rewards Plan
Sign up Bonus
0% Intro
PROS
- No Fees
- No Credit Check
CONS
- No Credit Utilization Score
- Card Limit Can Vary
APR
0%
Annual Fee
$0
Balance Transfer Fee
N/A
Credit Requirements
No Credit – Poor
Building credit to recover from a credit misstep or establishing your credit for the first time can be a challenge. Most cards require that you have an ability to prove that you can manage credit to qualify, which can be a catch.
The Chime Credit Builder card was created to provide a solution. It is designed to pair with a Chime Spending Account. You can use money from your account to fund your Credit Builder card. You can then use your card with any retailer or store where Visa is accepted.
Chime will report your card activity to Equifax, TransUnion and Experian. Additionally, there is an option to turn on the Safe Credit Building feature. This automatically pays the balance of your card on time. The main limitation of the card is that the balance in your account will dictate your card limit. So, if you have $300 in your account and use $150 to pay your Chime Credit Builder Card, the limit in the following month will be $150 until you add more funds to your account.
- No Fees
- No Credit Check
- Auto Payment Option Available
- No Minimum Deposit
- Reports Your Activity to Credit Bureaus
- You Need a Chime Spending Account
- Card Limit Can Vary
- No Option to Upgrade to Another Card
- Need Funds to Set Your Credit Limit
- No Credit Utilization Score
Does the card report payments to all credit bureaus?
Chime does report payment activity to all the credit bureaus, which helps to build or rebuild your credit.
What are the top reasons not to get it?
The top reason not to get the Chime card is that you don’t want to open a Spending account. The Chime card is an integrated product, which requires transfers from a Chime Spending account. So, if you are happy with your current checking account and simply want a credit card, this is not the right choice for you.
How long should I use the card until my credit score goes up?
This will depend on your circumstances and financial habits. However, Chime reports that its customers see an average increase of 30 points in approximately three months
Can I add an authorized user?
Chime doesn't allow second users on their credit cards, so it is not possible to add an authorized user to these accounts.
Does Chime offer a good digital experience?
Chime has a great reputation for its digital experience. All its products are integrated and you can use the desktop interface or app to manage your accounts. This makes it easy to transfer funds or even start to build up your savings as you work on your credit score.
How long does it take to get approval?
Once you are a Chime customer, you can typically get a Credit Builder card within seven business days.
Table of Contents
Benefits
Let’s take a look at the benefits of this credit card and see if it’s the right one for your wallet or not.
- No Fees
One of the most attractive benefits of this card is there are no fees at all. This means no annual fee, no interest, no foreign transaction fees. So, you don’t need to worry about racking up charges that will compromise your finances and credit.
- No Credit Check
Unlike most cards, there are no credit check requirements to apply for the Chime Credit Builder Card. The only restriction is that you need to have a Chime Spending Account that will link to your card.
- Auto Payment Option Available
If you’re concerned about making your payments on time each month, you can enable Safe Credit Building. This will automatically take your monthly payments from your Spending Account. There is no requirement that you retain the balance in your account as a set security deposit and have separate funds to cover your card.
- No Minimum Deposit
You can set your own credit limit with no minimum deposit. Your limit will be equal to the deposit in your Chime Spending Account.
The only restriction is that you need at least one direct deposit to your Spending Account within a year of your application date. This should be $200 or more. You can use the funds from your Spending Account to pay your Credit Builder Card each month.
- Reports Your Activity to Credit Bureaus
Another great advantage of this card is that Chime reports your card activity to all three of the major credit bureaus. This will help you to build your credit, making it easier to apply for credit in the future.
Drawbacks
Let’s take a look at the drawbacks of this credit card and see if it’s the right one for your wallet or not.
- You Need a Chime Spending Account
This card is designed to work with a Chime Spending Account. So, you must open an account first.
- Card Limit Can Vary
Since the balance in your Spending Account determines your credit limit, it can go both up and down. For example, if you use the funds in your Spending Account to pay your monthly bill, you will need to transfer in more funds or your card limit will drop.
- No Option to Upgrade to Another Card
Chime does not offer an upgrade to a standard credit card, once you have established a better credit score.
- Need Funds to Set Your Credit Limit
You will need some funds to use as a deposit and set your credit limit. So, if you are short of cash, this card will not provide great benefits for you.
- No Credit Utilization Score
If you want to build your credit, you may prefer to have a card that will provide a credit utilization score to the major credit bureaus.
How To Apply For Chime® Credit Builder Credit Card?
- 1.
The Chime Credit Builder Card is only available for Chime Spending Account clients. If you don’t already have a Spending Account you will need to sign up for this first. Once your account is open, you can proceed with your Credit Builder Card application.
- 2.
You can begin the application process online. Simply click the green “Apply Now” button to start.
- 3.
You’ll need to then provide your name and a valid email address.
- 4.
You can also apply using the Chime app. The application link is under settings. You’ll see a “Try Credit Builder” under the Credit Builder Card tab.
Compare The Alternatives
There are more cards to build credit with – here are some good alternatives to the Chime card:
|
|
| |
|---|---|---|---|
Chime Credit Builder | Capital One Journey | Discover It Student Cash Back | |
Annual Fee | $0 | $0
| $0
|
Rewards |
None
None
|
Up to 1.25%
earn 1% cash back and another 0.25% if you pay on time, so you can boost your cash back to a total of 1.25%
|
1-5%
5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases
|
Welcome bonus |
None
None
|
None
$5 per month for 12 months on select streaming subscriptions when you pay on time
|
Match Bonus
Match Bonus for the first 12 months
|
Foreign Transaction Fee | 0%
| None
| 0%
|
Purchase APR | 0%
| 29.99% (Variable)
| 17.74% – 26.74% Variable APR
|
FAQ
Chime does not have any income requirements for the Credit Builder credit card. You will need to open a Chime Spending account, but this does not require a credit check. This means that you will not need to prove your income to access the Chime banking services.
This is not necessary for Chime, but to determine your credit limit, Upgrade may require that you provide proof of income.
The only pre approval you need for the Chime card is to open up a Chime Spending account, but this does not require a credit check. It is not possible to open a Chime card account without having a Spending account.
Your initial Chime credit limit will be determined by how much you transfer to your Credit Builder account. You can transfer as little or as much as you like and then use the card as you would a prepaid debit card.
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