The Chime Credit Builder card is a secured credit card that helps build your credit score. It works just like any other Visa card – you can use it to make purchases anywhere Visa is accepted.
The cool thing is, instead of requiring a deposit that the bank keeps, your spending limit is secured by the money in your Chime checking account.
So you first put money from your Chime account into your Credit Builder balance. This money becomes your card’s limit.
When you use your card, the charges automatically come from your Credit Builder funds. There’s no interest or fees!
How exactly does Chime credit builder work?
What is the Chime Credit Builder?
The Chime Credit Builder Card is a particular type of credit card known as a secured credit card. What makes it unique is how it’s secured.
Typically, secured credit cards require a security deposit that’s held until you close or upgrade your account. With the Chime Credit Builder Card, instead of a separate deposit, the money already in your Chime checking account is used to secure the card.
Each month, Chime reports your on-time payments to credit bureaus. Using the card responsibly helps build your credit score over time.
It’s an easy, innovative way to build credit without high fees or interest charges. You get the perks of a credit card using the money you already have sitting in your checking. Just be sure to keep your Credit Builder balance topped up!
How to get the Chime Credit Builder Card?
First, you need to open a Chime checking account. There are no monthly fees to worry about; you use it just like any other checking account. To get the Chime Credit Builder Card, make sure you’ve deposited at least $200 directly into your account from your paycheck in the past year.
Next, use the ‘Credit Builder’ option after setting up your checking account. Fill out the form online, and you’re all set.
Now, it’s time to put some money on your card. Move over however much you want to spend from your checking account to your Credit Builder card account. This deposited money becomes your card’s spending limit.
Once done, your Chime Credit Builder Card will arrive in the mail. You can use it anywhere that accepts Visa credit cards. The cool thing is that Chime automatically uses your secured account money to pay off your monthly card charges. So, unlike other credit cards, you don’t need to worry about running up a balance.
Want to keep your card funded without thinking about it? Sign up for ‘Move My Pay’. It automatically moves some of your direct deposits into your Chime Credit Builder account. That way, you always have money available for your card. Simple, right?
How Much Credit Does Chime Credit Builder Give You?
The Chime Credit Builder card does not have a pre-set credit limit. Instead, your credit limit is equal to the balance in your Chime Credit Builder account. This means that if you have $300 in your account, you can charge up to $300 on your card. If you only charge $100 worth of goods, your credit limit for the next month will be $200. If you add $150 to your account, your credit limit will increase to $350.
How Fast Does the Chime Credit Builder Card Build Your Credit?
According to averages, the Chime Credit Builder card can increase your credit score by around 30 points over 8 months. However, your results depend on your credit situation.
To optimize credit score growth, make all payments on time – for your Credit Builder card and any other credit accounts.
Several key factors impact how quickly your score rises:
- Length of credit history – Newer profiles see slower growth.
- Total debt load – The more debt, the slower the improvement.
- Credit mix – Varied account types help more.
- Payment history – On-time payments are crucial.
If you’re starting credit or rebuilding it, be patient. Consistent, responsible use is key for results over time.
Is the Chime Credit Builder Card a Good Way To Build Credit?
Yes, the Chime Credit Builder Card can be a good way to build your credit history and improve your credit score. With no credit check needed to apply, it provides access to those with limited histories. Your spending limit equals your refundable security deposit, avoiding risk.
Is the Chime Credit Builder an Actual Credit Card?
Yep, the Chime Credit Builder is a real Visa credit card that you can use anywhere Visa is taken.
It’s different from regular cards though because there are no annual fees or interest charges.
Can I Use the Card With No Deposit Money?
No, you can’t use the Chime card if your deposit balance is empty. Any purchases will be declined if you don’t have sufficient funds in your deposit to cover them.
What’s the Credit Limit on the Chime Card?
Your credit limit is the same as the refundable deposit you put down. So if your deposit is $200, your limit will be $200. You can raise your limit by making on-time payments and adding more money to your deposit amount.