Snapshot: The Secured Chime Credit Builder Visa® Credit Card1 doesn't have interest4 or an annual fee, which makes it a great credit-building2 option. You’ll have to open a Chime checking account and receive a qualifying direct deposit in order to apply.
| Pros | Cons |
| No annual fee. | You can't apply without a Chime checking account. |
| No interest4 | You have to secure your credit limit with a deposit. |
| Chime reports to all three credit bureaus. | |
| Chime doesn't report credit utilization. | |
| You can use your deposit to pay down your charges at the end of the month and move more money from your checking account to the secured account to secure future credit |
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Table of Contents
The Secured Chime Credit Builder Visa® Credit Card is unique among secured credit cards. Most secured credit cards require an initial qualifying deposit that acts as collateral and determines your credit limit. The Secured Chime Credit Builder Visa® Credit Card works a little differently. By transferring funds from your Chime checking account to your secured account, you determine your own credit limit.
This means that you don’t have to worry about accruing credit card debt faster than you can pay it back. You’re essentially “borrowing” from the deposit that you initially submitted to set up the account, except that it appears on your credit reports as a credit account. This means that all on-time payments you make on this card will show up as positive items on your reports, helping you build up good credit.
Also, a credit check isn’t necessary to apply – which makes it a good option if you have a low or non-existent credit score.
To apply for the Secured Chime Credit Builder Visa® Credit Card, you must have an active Chime® Checking Account. The Secured Chime Credit Builder Visa® Credit Card has no security deposit minimum3, the lack of interest rate4, annual fee, and credit limit flexibility available with this card make it a great choice if you’re looking to build your credit.
The money that you use as a security deposit for your Secured Chime Credit Builder Visa® Credit Card is transferred from your Chime Checking Account to your Credit Builder secured account.
One of the most unique features of the Secured Chime Credit Builder Visa® Credit Card is that there is no minimum security deposit3. You can also change your credit limit later if you decide to add more money into the Credit Builder secured account, which provides a lot of flexibility. You can start working to build your credit history right away. (There is a maximum deposit limit of $10,000 though).
With Chime, you essentially get a checking account as well as a secured, credit building card. The benefit is that you get these things for free – no interest rates, no annual fees.
You can easily manage your Secured Chime Credit Builder Visa® Credit Card and your Chime checking account from the Chime app, including moving money from your spending account to your Credit Builder secured account.
There are two aspects of this card that make it a great option for building credit:
While you don't need great credit to get this card, you must have an active Chime® Checking Account. You also have to continue to transfer money over to your secured account to secure future credit if you use your deposit to pay down your charges each month.
Many secured credit cards offer an upgrade path after a period of “good behavior” where you’ve shown that you can make payments on-time and can be trusted with a line of credit. Typically, this is a great option if you’ve been struggling with a low credit score for a long time and are looking to work your way up to a larger line of credit.
Our opinion? Absolutely. Why? No interest4, no annual fees and total flexibility.
If you’ve never had a credit card before (maybe you’re a young adult or a college student) and you’re looking to build credit and avoid high interest rates while learning about how to manage a credit card, this is a great option. It can also be a tool to help those who've had significant negative credit items in their past, like bankruptcies, rebuild their credit.
It all depends on what you’re looking for. If you’re looking to rebuild and protect your credit, this card is a great option. If you have a low credit score and are looking for an access point to a larger line of credit, you may want to consider other secured credit cards.
The Chime credit card doesn't come with “traditional” credit limits. You can spend as much as you secure with a deposit of funds from your Chime checking account to the secured account. You need to receive a qualifying direct deposit in your Chime checking account in the last year before you can qualify and apply for a Secured Chime Credit Builder Visa® Credit Card.
You can increase your own credit limit at any time, depending on how much money you transfer from your Chime checking account to your Chime Builder secured account. The maximum limit you can have on the card is $10,000. There is no upgrade path to a typical “unsecured” line of credit though.
Yes! The Secured Chime Credit Builder Visa Credit Card offers two main benefits for building credit. First, Chime does report your positive payment history to all three of the credit bureaus. Second, it doesn't report credit utilization. That means you can use your credit amount as you want without worrying about what percentage of the credit limit you've used.