Click here to check the ultimate guide to learn how to leverage your PC and internet to make money online.
The Washington Independent
The Washington Independent

Chime Credit Card Reviews: Everything You Need To Know

Chime Credit Card Reviews: Everything You Need To Know

Chime Credit Builder Visa® Secured Card may seem a great alternative if your sole option for a secured credit card is dependent on your credit history. With no fees, yearly interest rates, or security deposit requirements, it's one of the most cost-effective choices in its category.

Elisa Mueller
CryptoFinance
Last updated: Jan 03, 2022 | Dec 07, 2021

Table of Contents

Chime Credit Builder Visa® Secured Card may seem a great alternative if your sole option for a secured credit card is dependent on your credit history. With no fees, yearly interest rates, or security deposit requirements, it's one of the most cost-effective choices in its category. To open a Chime Credit Builder Card, you'll first need a Chime spending account.

Instead of having to wait until the end of the billing cycle to pay off your debt with a typical secured card, you may utilize your Chime deposit to do it. Even if your credit-builder account has a total of $200, if $100 of that money is used to pay the Chime Credit Builder Card, your credit limit for the next month will only be $100.

Let’s see why Chime Credit Card is hyping the finance industry through this Chime Credit Card Review.

What Is The Chime Credit Builder Visa® Credit Card?

Chime, a financial technology platform, was formed on the belief that banking should be simple, convenient, and free. The platform’s aim is to make money along with its members, not from them. Hence, they don't depend on service fees, overdraft charges, or minimum balance requirements in our system.

Review on Chime

By working together with local banks, Chime is able to create products that put the interests of our customers first. People who don't get the best service from conventional banks will benefit from a more competitive market with better, lower-cost choices.

What Are The Key Features Of The Chime Credit Builder Visa® Credit Card?

The Chime Credit Builder has different features that users like, such as its card type, annual fees, and security deposit. Here’s a quick rundown of the Chime’s key features:

  • Annual fee: $0.
  • Card type: Secured.
  • Security deposit: There is no minimum deposit necessary. You may spend just the amount of money you move from your Chime Spending Account to your Credit Builder protected account.
  • Bonuses and Rewards: None.
  • APR: N/A.
  • Foreign transaction fee: None.

Other perks include no credit background checks when applying and the payments are reported to three main credit bureaus.

Pros And Cons Of The Chime Credit Builder Visa® Credit Card

The Chime Credit Builder Visa has pros and cons as well. Here’s what you can get when you avail of this credit card:

Safest Credit Card for Paying Bills

You Don’t Have To Undergo A Credit Check

Even if you're applying for a secured credit card, the card's issuer will run a hard inquiry on your credit record in order to determine your trustworthiness. These strong draws, even if you're later accepted for the card, might temporarily lower your credit scores, which isn't ideal if you're just getting started with credit. For people who have no credit or a bad credit rating, the Chime Credit Builder Visa® credit card is an excellent choice.

You Don’t Have To Pay Interest

No interest is charged on a Chime Credit Builder Visa® Credit Card since you can only spend what you have in your Credit Builder protected account. It's a credit card that resembles a reloadable prepaid debit card in certain respects. This is a good thing since it prevents you from getting into credit card debt. It is easy to take on costly debt at a time when you are establishing a credit history with other secured credit cards that have high-interest rates.

It’s Okay To Max Out Your Credit Limit

When it comes to your credit usage, you don't have to worry about how much of your total available money you can spend. In contrast, your payment history and other variables will be revealed, therefore on-time payments are critical. Payments aren't processed until the amount is paid in full. After 30 days of non-payment, you will be reported to the credit agencies, and this might have an impact on your credit rating.

Now, let’s go to the cons of using the Chime Credit Builder Visa® Credit Cards. What do you have to risk when using Chime?

There Are No Perks Like Rewards And Bonuses

It used to be uncommon for a secured credit card to give rewards, but that has changed during the last several years. Although the Chime Credit Builder Visa® Credit Card does offer secured credit cards, it doesn’t offer rewards or bonuses at all.

You Can’t Upgrade To High-Tier Cards

It's possible to improve your credit with the Chime Credit Builder Visa® Credit Card, but once that occurs, there is no higher-tier card from which you may move on. As a result, there's no use in utilizing it anymore if you want a high-tier card.

Is This The Right Credit Card Option For You?

Using a Chime Credit Builder card is a good option if you're serious about repairing your credit, don’t want to pay interest charges, and are certain that you can contribute money to your account each month to ensure that you have a credit line to utilize. It's possible that a different credit card may be better appropriate for you if you're wanting to carry an occasional debt or want more stable credit limits month to month.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.

Related

Is 2022 also Remains to Bitcoin?

We know 2021 has remained the year of Bitcoin, and it was seen breaking all the records in the market. The way it has prospered in the past year, experts feel that the same impact and aura of the coin remain in the market. 2021 has gone up a lot in a big way, thus attracting many towards the same.

Best Monero Wallet To Check Out In 2021

Monero is a decentralized digital currency that uses encryption to ensure that all transactions are anonymous. It is a fork of the Bytecoin network, which was formerly known as Bitmonero.

Bitcoin Crypto - Everything You Need To Know About It!

Do you know about bitcoin crypto? It is the best class asset that can also give you a lot of profit with some surprising risks. If you are an investor of this digital currency, then you can quickly tell about it and in brief that what are the benefits that you can attain and also risks. It is not just an investment. It is a whole package of surprises, and you can get them any time.

What Is A CTS Full Form?

Here is the complete CTS abbreviation, along with its significance in various contexts. Even if you understand the CTS in its entirety, how can you possibly be unaware of it? Now it's time to study and grasp the subject matter in more detail.

The First Bitcoin Transaction – The Pizza Shopping

Today Bitcoin and other digital coins have become a fad. Many call it an obsession, and we have also tried to understand the same. There are many more reasons behind this obsession. Call it a craze or buzz, digital coins are indeed in a big buzz with too many worlds moving with a storm in the recent past. No one today can even think of shutting down their eyes when going against the same.

What Is High Frequency Trading?

Computer algorithms and high-frequency trading provide the trading foundation for the majority of Wall Street investment banks, mutual funds, property businesses, and hedge funds. Understanding high-frequency trading is essential as you venture into day trading. Let's talk more about this in the blog below.

How Day Trading Works - Essential Things You Should Know About Day Trading

To help you understand day trading, we're going to go over some of the fundamentals of day trading and perhaps answer your questions. Some of the most important techniques and methods in this blog will be introduced. Of course, if you don't know how to utilize your tools, they're of no use. Now, let's talk about the essential things you should know about day trading and how it works.

Who Are The Retail And Institutional Traders?

There are different types of investors in the crypto and stock market. You have to know them so that by the time you see articles and posts on the internet, you could easily identify the terms and understand them. Knowing the types of investors also helps you determine what type you are once you start to invest. Let's explain further what are retail and institutional investors and who they are really.

Understanding the psychology of why people are so obsessed with Bitcoin

Bitcoin reached an all-time high last January, making it soar the cost at 42K USD. Later in recent times, it came close to 70K USD. It went volatile in the middle reaching 32K USD as well. Some warnings were coming about Bitcoin from different players. However, nothing stopped people from loving the said digital coin.

Let's Learn About Some Significant Drawbacks Of Using A Bitcoin ATM For Investing In Bitcoin!

Are you willing to invest in bitcoins through crypto ATM? You should first think and then drive to the ATM if it is true. Thinking about using a bitcoin ATM is very important for you, and one should be aware of it because there are some disadvantages.

What Are The Different Ways You Can Profit From The Bitcoin Crypto?

Investing in bitcoin is one of the best ways to make a tremendous amount of profit and keep your money safe. It is not an investment like others. It is the whole package of sweets and sours. When there is high value in the market, it will give you sweet vibes, and whenever the value crashes then also gives you bad vibes.

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

Click here to check the ultimate guide to learn how to leverage your PC and internet to make money online.