Credit Cards » Credit Card Reviews » Chime® Credit Builder Card: 2023 Review
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Chime® Credit Builder Card: 2023 Review

The Chime card has no annual fees and no APR, can be perfect for those who want to build credit since it report to the 3 main credit bureaus
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Chime Credit Builder Card

chime card

Rewards Plan

None

Sign up Bonus

None

Credit Rating

No Credit – Poor

0% Intro

N/A

Annual Fee

$0

APR

0%
None
Chime Credit Builder Card

chime card

Rewards Plan

None

Sign up Bonus

None

0% Intro

N/A

PROS

CONS

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.

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. 

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.

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. 

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. 

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.

This card is designed to work with a Chime Spending Account. So, you must open an account first. 

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. 

Chime does not offer an upgrade to a standard credit card, once you have established a better credit score. 

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. 

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?

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. 

Chime builder credit card

You can begin the application process online. Simply click the green “Apply Now” button to start. 

Chime builder credit card

You’ll need to then provide your name and a valid email address. 

Chime builder credit card

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. 

Chime builder credit card

Compare The Alternatives

There are more cards to build credit with – here are some good alternatives to the Chime card:

chime card

Capital One Journey Student Card

discover-it-student-cash-back_5mNPw7i

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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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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The product offers that appear on this site are from companies from which this website receives compensation. 

Table of Contents

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.