The Chime Credit Builder Secured Visa Card can help you build your credit with reporting to the major credit bureaus. But there are few benefits and you won’t earn any rewards. Show
Last updated Jan. 2, 2023 | By Ben Walker, CEPF | Edited By Melinda Sineriz FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies. The Secured Chime Credit Builder Visa® Credit Card is a secured credit card that has a $0 annual fee, doesn’t charge interest, and doesn’t require a credit check. This makes it an excellent option if you have a poor credit score or limited credit history and want to build your credit with a low-risk card. 4 5 6 3 2 1 But you might want to consider other credit cards if you want to earn rewards. And if you’re not interested in opening a checking account as a requirement for a card, the Chime Credit Builder isn’t right for you. Let’s dig into the details of the Chime Credit Builder Visa Credit Card, including its benefits and drawbacks, to see whether it makes sense for you. No Credit Check NeededSecured Chime Credit Builder Visa® Credit Card Secured Chime Credit Builder Visa® Credit CardApply Now Current OfferNo credit check nor minimum security deposit required Annual Fee$0 Benefits and Drawbacks Benefits
Drawbacks
Card Details
In this Chime Credit Builder Visa review
Who should get the Chime Credit Builder Visa Credit Card?The Chime Credit Builder Visa Credit Card makes sense if you don’t qualify for better credit cards and need to build your credit. This is a no-frills credit card that provides almost no benefits and has no rewards program. But there’s no credit check to apply, so having poor or bad credit isn’t an obstacle to approval. And the Chime Credit Builder doesn’t charge interest and has no minimum security deposit. This means it’s a low-risk card for building credit, especially because it reports your credit activity (other than credit utilization, which can be a good thing) to all three major credit bureaus. But this card doesn’t make sense if you aren’t interested in opening a Chime Checking Account and making a $200 direct deposit. This is a requirement to apply for a Credit Builder account, which could present a hurdle for some potential cardholders. Chime is fairly flexible on what it will accept as a direct deposit, however. Options include deposits from employers, bank transfers, and peer-to-peer transfers from services such as PayPal and Venmo. Card basicsCard typeSecuredCredit card issuerStride BankCredit card networkVisaAnnual fee$0Intro bonusNo credit check nor minimum security deposit requiredRecommended credit scoreBad, PoorForeign transaction feeNoneChime Credit Builder Visa Credit Card benefits and perks
Drawbacks to the Chime Credit Builder Visa Credit Card
Chime Credit Builder Visa Credit Card FAQsYes, the Chime Credit Builder Card is a Visa credit card issued by Stride Bank in partnership with Chime, a financial technology company. The Chime Credit Builder Secured Visa doesn’t require a credit check to apply and there’s no minimum security deposit requirement. Even better, Chime reports your credit activity to all three of the major credit bureaus. There’s no pre-set credit limit, as it depends on how much money you move into your Credit Builder secured account. For example, putting $1,000 into your Credit Builder account would give you a $1,000 spending limit. And adding more money would give you a higher credit limit up to the total amount in your account. The Chime Credit Builder Card has a $0 annual fee, doesn’t accrue interest, and has no minimum security deposit requirement. You also don’t have to worry about your credit utilization with this card because there’s no pre-set credit limit. You decide your spending limit with how much money you put into your linked Credit Builder account. Other cards to considerIf the Chime Credit Builder Visa Credit Card doesn’t make sense for you, compare credit cards to find a better fit. Here are a few credit card offers we recommend. The Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card with a $0 annual fee. What might make it more appealing than the Chime Credit Builder is that you can earn unlimited 1.5% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. Learn more in our Capital One Quicksilver Secured Cash Rewards Credit Card review. The Petal® 2 "Cash Back, No Fees" Visa® Credit Card has a $0 annual fee, reports credit activity to all three credit bureaus, and provides unlimited 1% cash back on purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back. Does chime help build credit?Chime reports to all 3 major credit bureaus, Experian®, Transunion® and Equifax®, to help you build credit history over time.
How long does it take chime to build credit?Paying down credit accounts, showing a history of on-time monthly payments, and other credit-building practices take time. It may take 12 – 18 months, or longer, for you to repair your credit score.
How do you use chime to build credit?Each month, pay your balance with the money in your secured account (manually or automatically through the Safer Credit Building feature). Chime will then report on-time payments to the three major credit bureaus. If you keep up with on-time payments, you'll see a boost in your credit score.
How much does chime give you in credit?There is no pre-set starting credit limit for the Chime Credit Card. The credit limit for this card depends on the money you decide to move into your Credit Builder Secured account. Chime only gives a maximum credit limit for this credit card, which is $10,000.
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Does a chime card help build credit
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