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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. 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.

Person checking a credit card
Person checking a credit card

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:

Person using a credit card to pay
Person using a credit card to pay

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.

About The Authors

Kenzo Norman

Kenzo Norman - Kenzo is a journalist-turned-marketer who is fascinated by how storytelling and targeted marketing can result in content that changes businesses. He is responsible for implementing inbound marketing strategies that help his clients raise brand awareness, generate leads, and gain new customers as an Account Executive. Jason enjoys reading on the beach, tracking down mono records, and playing guitar when he is not working.

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