How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

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Chime Credit Builder Visa® Credit Card Review

Chime Credit Builder Visa<sup>®</sup> Credit Card

Chime Credit Builder Visa® Credit Card Review

Build your credit history
Your direct deposit sets how much you could spend, spend up to that amount, and have your monthly balance automatically paid with your direct deposit.
Annual Fee
$0
Interest & fee free cash withdrawals
Interest & fee free cash withdrawals at 60K+ ATMs at retailers like Walgreens, CVS, and more.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Chime Credit Builder Visa® Credit Card best for?

The Chime Credit Builder Visa® Credit Card may be a good choice for someone who already has Chime checking and savings accounts and wants to start building credit history or repair damaged credit.

There are a couple things to be aware of. First, Chime itself is not a bank. It’s a financial technology company that helps consumers build savings by rounding up transactions made with your debit card and transferring the extra change from your checking to your savings account. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. And second, the Chime Credit Builder Visa® Credit Card is unique in how your credit limit and payments will work. We’ll go over this in detail below.

But on the plus side, the Chime Credit Builder Visa® Credit Card offers a chance to build credit history with all three credit bureaus, charges a $0 annual fee and doesn’t require a credit check to apply.

Chime Credit Builder Visa® Credit Card overview

    • No annual fees or interest, no credit check to apply, and no minimum security deposit required3
    • Help increase credit score by an average of 30 points1
    • View and track your FICO® Score right in the Chime app. FICO Scores are used by 90% of top lenders5
    • Use everywhere VISA is accepted on everyday purchases, such as gas and groceries, and have these purchases count towards building credit via on-time payments4
    • Build credit history with your own money - your direct deposit sets how much you could spend, spend up to that amount, and have your monthly balance automatically paid with your direct deposit.
    • Instant disable card in-app and real-time transaction alerts to prevent fraudulent activities, 24/7 support to assist you around the clock.
    • Interest and fee-free˜ cash withdrawals at 60K+ ATMs at retailers like Walgreens, CVS, and more. 
    • Apply for a secured Chime Credit Builder Visa® Credit Card once you sign up for a Chime Spending Account and receive a qualifying direct deposit of $200 or more2. See www.chime.com to learn more.
    • Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
    • *For more information about Chime and how Credit Builder works, click here

  • Credit needed:
    669 669
    Fair/Poor/Limited
  • Safer Credit Building (set up automatic payments using your deposit)
  • Move My Pay (move a set amount to your Credit Builder account when you get paid)

Intro Purchase APR

N/A

Regular Purchase APR

N/A

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$0

Cash Advance Fee

$0 when you use any of the 60,000+ in-network ATMs

Foreign Transaction Fee

$0

Balance Transfer Fee

N/A

Pros and cons

Pros

  • No credit check to apply
  • Reports to all three credit bureaus
  • No minimum deposit required
  • $0 annual fee
  • $0 foreign transaction fee
  • Doesn’t charge interest

Cons

  • Chime account required
  • Doesn’t operate quite like a credit card
  • No upgrade to an unsecured card
  • Doesn’t earn rewards

What we like about the Chime Credit Builder Visa® Credit Card

  • No credit check required

    If your credit history isn’t great and you’re worried a credit check could prevent you from getting approved, you’ll like the Chime Credit Builder Visa® Credit Card. Unlike most credit cards, it doesn’t require a credit check and is aimed at consumers in the Fair/Poor/Limited brackets.

  • Builds credit with all three bureaus

    When you’re focused on building credit, you want a card that reports to the three major consumer credit bureaus — Experian, Equifax and TransUnion.

    The Chime Credit Builder Visa® Credit Card reports your payment history to all three, meaning if you use the card responsibly and always pay on time, you can build a positive credit history.

  • Doesn't have a minimum deposit amount

    Chime has positioned the Chime Credit Builder Visa® Credit Card as an alternative to traditional secured credit cards, which are often recommended to people with poor or limited credit as a way to work toward a good credit score. With most secured cards, you must submit a security deposit to the issuer in the amount of your desired credit limit. This protects the issuer in case you don’t pay back what you owe. Generally, the minimum deposit amount ranges from $200 to $500.

    With the Chime Credit Builder Visa® Credit Card, there’s no minimum deposit.

    First, you must set your available credit by depositing the amount you choose into your Credit Builder account. Then, you can spend up to that much on your Chime Credit Builder Visa® Credit Card. When it comes time to pay, you’ll have the option of using your deposit to pay off the card. If you do that, note that you’ll have to make additional deposits to boost what you have available to spend.

    Note that you can choose to either pay the Chime Credit Builder Visa® Credit Card off manually each month or set up automatic payments using your deposit via the Safer Credit Building feature. If you miss a payment, your Credit Builder account will be disabled, and after 30 days Chime will report you as late to the credit bureaus, and late payments can hurt your credit score significantly.

  • No annual fee or foreign transaction fee

    The Chime Credit Builder Visa® Credit Card lets you build credit for a $0 annual fee. And if you end up traveling abroad, you can have peace of mind that the foreign transaction fee is $0 too.

  • Doesn't charge interest

    Since you don’t carry a balance with the Chime Credit Builder Visa® Credit Card in the same way you might with another credit card, you won’t have to pay interest. That’s a good thing, because interest charges can be expensive.

    With a traditional credit card, you borrow money every time you use the card, and you pay it off as you go. (This is known as revolving credit.) If you don’t pay off your credit card in full each month, but instead choose to roll a balance over from month to month, you’ll be charged interest (unless you’re in a 0% introductory APR period).

    With the Chime Credit Builder Visa® Credit Card, you fund the spending limit by moving money into your Credit Builder account, and you can spend up to the amount you’ve put in. You can pay off what you’ve charged to the card with what you’ve deposited to the Credit Builder account, though you’ll have to deposit more to raise your spending power back to where it was initially.

What to watch out for with the Chime Credit Builder Visa® Credit Card

  • Chime account and direct deposit required

    To be eligible for the Chime Credit Builder Visa® Credit Card, you must have a Chime checking account and qualifying direct deposits of $200 or more. If you already use Chime, this might not be a huge barrier.

    But, if you aren’t a current Chime customer and aren’t interested in opening a Chime account, you may be better of with a credit-building card that doesn’t require you to open a new checking account.

  • Doesn't prepare you for how credit cards work

    In many ways, the Chime Credit Builder Visa® Credit Card doesn’t operate like a traditional credit card. Maybe that’s a plus — some consumers may find Chime’s features help them manage their money more responsibly. But if you’re hoping to eventually get a card with top-notch rewards or benefits, a regular secured card might be a better stepping stone.

  • Can't graduate to an unsecured credit card

    Some issuers of secured credit cards let you graduate to an unsecured card and get your deposit back after you’ve demonstrated responsible payment and spending history. But the Chime Credit Builder Visa® Credit Card doesn’t come with an option to graduate or upgrade.

  • Doesn't earn rewards

    Earning rewards shouldn’t be your main focus if your credit is limited or bad — working toward a good credit score should be. So it’s not a major downside that the Chime Credit Builder Visa® Credit Card is a non-rewards card. Still, it must be noted that some secured cards do come with rewards programs, like the Discover it® Secured Credit Card.

Alternate credit-building card

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
24.49% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Discover it® Secured Credit Card is consistently one of our top picks for people with Poor/Limited credit. It reports to all three credit bureaus and charges a $0 annual fee. It does require a $200 minimum security deposit. However, after you have the Discover it® Secured Credit Card for seven months, the issuer will begin conducting monthly reviews to see if you qualify to get your deposit back and graduate to an unsecured credit card.

It also operates the way that credit cards typically do, meaning you borrow money and pay as you go, rather than funding your account and then spending up to the amount you’ve funded. If you’re aiming to build credit and eventually open credit cards with top-of-the-line rewards programs or benefits, the Discover it® Secured Credit Card is a better option for learning how to manage a credit card.

The Discover it® Secured Credit Card also earns cash back: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. And Discover will match all the cash back you’ve earned at the end of your first year.

A couple downsides: Discover is not as widely accepted in some countries as Visa and Mastercard. Also, there will be a credit check if you apply for the Discover it® Secured Credit Card.

Compare the Chime Credit Builder Visa® Credit Card to similar cards

Comparison of four different credit cards
Chime Credit Builder Visa<sup>®</sup> Credit Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Capital One Platinum Secured Credit Card
Chime Credit Builder Visa® Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Capital One Platinum Secured Credit Card
Apply Now
on The Bancorp Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on Capital One's secure site
Rewards Rate
Non-rewards card 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically None Non-rewards Card
Welcome Offer
N/A Discover will match all the cash back you’ve earned at the end of your first year. N/A No bonus
Annual Fee
$0 $0 $35 $0
Regular APR
N/A 24.49% Variable APR 18.89% (variable) 26.99% (Variable)
Recommended Credit
Fair/Poor/Limited Poor/Limited Poor/Limited Poor/Limited
Card Details
Chime Credit Builder Visa® Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Capital One Platinum Secured Credit Card

Is the Chime Credit Builder Visa® Credit Card right for you?

If you want a $0-annual-fee card that doesn’t require a credit check and that builds credit by reporting payment history to the three bureaus, the Chime Credit Builder Visa® Credit Card might be right for you.

However, you have to open a Chime checking account if you don’t already have one. And you have to understand that the Chime Credit Builder Visa® Credit Card works a bit differently than traditional credit cards in funding your deposit and paying off what you owe. That could be seen as a positive or a negative.

If you’re interested in a more traditional secured card, consider the Discover it® Secured Credit Card.

 

Apply Now
on The Bancorp Bank's secure site