MoneyGeek's Take The Chime Credit Builder Secured Visa® Credit Card is a great option for individuals who are looking for a way to build their credit without risking getting into debt. However, it is necessary to have a Chime account to get this credit card. Advertising & Editorial DisclosureLast Updated: 11/6/2022 Last Updated: 11/6/2022 On This Page The Chime Credit Builder Secured Visa® Credit Card benefits individuals who want to build credit using a low-cost credit card. There is no credit check or minimum security deposit necessary. However, your spending amount will be based on how much is transferred into the account, and you need to have at least a $200 single qualifying direct deposit to the checking account within 365 days to keep your account active. Additionally, there are no annual fees and or interest. Everyday purchases can help you build credit because Chime reports to all three major credit bureaus.  Chime Credit Builder Secured Visa® Credit Card at a GlanceGetting a credit card can be difficult for individuals with no or poor credit history. The Chime Credit Builder Secured Credit Visa Card can help you build credit safely. You can set up your account so that your monthly bill will automatically be paid so that you don’t run the risk of having any late payments.
Pros & Cons ExplainedWhile the Chime Credit Builder Secured Visa® Credit Card’s benefits make it an appealing credit card, it is important to consider its shortcomings as well. Here are the pros and cons you should keep in mind. Pros
Cons
INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2022? MoneyGeek conducts regular analysis of different credit cards and selects the best options for certain categories. You can compare the Chime Credit Builder Secured Visa® Credit Card with MoneyGeek’s selection of the best secured credit cards of 2022. Other Features ExplainedIt is important to understand your needs and circumstances before you decide on the best credit card for you. Beyond its basic perks of helping you build your credit, it offers additional features that you might find beneficial.
MONEYGEEK QUICK TIP Chime Credit Builder requires full payments monthly. To ensure that you are paying your bills on time, consider enabling the Safer Credit Building feature. Using this feature, your monthly credit statement will be automatically paid using the money that you have already transferred to your checking account. Understanding the Fine PrintIf you think that the Chime Credit Builder Secured Visa® Credit Card’s benefits are right for you, make sure you understand the fine print. This way, you can avoid any issues once you start using your credit card.
WHERE TO FIND THIS INFORMATION? If you want to evaluate credit cards and determine if a card is right for your financial situation, you can visit the credit card issuers’ website or the credit card agreement database maintained by the Consumer Financial Protection Bureau. Or, if you are already a cardholder, you can check the terms and conditions on your latest billing statement, online account or mobile app. Who Should & Shouldn’t Consider Chime Credit Builder Secured Visa® Credit Card?Loading... Loading... Other Considerations for Chime Credit Builder Secured Visa® Credit CardWhen researching the best credit card for your needs, make sure you consider how you plan on using it. Evaluate whether it will be your sole credit card or an additional card in your wallet Things to Consider if This Will Be Your First or Only Credit CardIf you are thinking of making the Chime Credit Builder Secured Visa® Credit Card your first and only card, keep in mind that the spending limit will be based on how much you deposit to your Chime Checking Account. If you need a high credit limit, you may want to consider a different card. There are also no rewards and cash back opportunities. That said, usage is reported to the three major credit card bureaus so you can build your credit score. Things to Consider if This Will Be an Additional Card in Your WalletIf you are thinking of having the Chime Credit Builder Secured Visa® Credit Card as an additional card in your wallet, make sure its features complement your other cards. For instance, if you travel abroad, you may consider using this card for your purchases as it charges no fees for foreign transactions. However, you may want to use another card if you want to earn rewards for your purchases. This credit card may also be a good choice for daily purchases as long as the total cost is within the amount in your checking account. However, keep in mind that you have to make payments in full each month. WHY TRUST OUR REVIEWS When reviewing credit cards like the Chime Credit Builder Secured Visa® Credit Card, MoneyGeek uses a well-defined methodology and process. Information collected from credit card companies and the Consumer Finance Protection Bureau’s database are used. Additionally, MoneyGeek evaluates cards using standardized data points for easy comparison, estimates average spend profiles and determines long-term value. A regular analysis is also conducted to reflect any changes in the features and offerings. How Chime Credit Builder Secured Visa® Credit Card Compares to Other CardsIf you are looking for a low-cost credit card that you can use for building credit, then the Chime Credit Builder Secured Visa® Credit Card might be right for you. However, it has limited features and does not offer earning opportunities. Consider evaluating other secured credit cards that cater to individuals with bad credit scores and have more features. Quick Comparison of Chime Credit Builder Secured Visa® Credit Card Chime Credit Builder Secured Visa® Credit Card
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Other Helpful Decision-Making Q&AsBefore completing a Chime Credit Builder Secured Visa® Credit Card application, it is important to understand the card’s requirements and other relevant information. MoneyGeek answers some of the most frequently asked questions about the card to help you make your decision. Learn more about credit cards in generalExplore
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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card
issuer’s website for the most up-to-date information available. How do I put money on my Chime credit builder card?You can make the transfer in your Chime app, from the Move Money tab. The easiest way to move money into Credit Builder is by using Move My Pay. This feature will move the amount of your choice into Credit Builder on every payday.
Can you use Chime credit builder as a debit card?Yes! Just like your Chime Debit Card, you can withdraw cash using your Credit Builder Card. Get cash fee-free⁵ at 60,000+ ATMs found in stores you love like Walgreens, 7-eleven, CVS, and more!
Can I load my Chime credit builder card with cash?You can deposit cash into your Chime Checking Account at over 90,000 retail locations with our cash deposit partners. Ask the cashier to make a deposit directly to your Chime Checking Account.
Is Chime credit builder a prepaid card?Chime's Credit Builder Secured Visa Credit Card¹ is a secured credit card with no annual fee or interest that allows you to build your credit. Chime reports payments to major credit bureaus, so everyday purchases like gas, groceries, bills, and subscriptions can all count toward your credit score.
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