How to Apply to Chime Credit Builder Secured Visa Credit Card

The Chime Credit Builder Secured Visa Credit Card is a secured Visa credit card designed to help users build or rebuild their credit history. It requires no credit check, minimum security deposit, or interest charges. Users can set their credit limit based on the amount transferred from their Chime Checking Account to the Credit Builder account, reducing the risk of debt accumulation. The card reports payment activities to all major credit bureaus and offers 24/7 live support. It is issued by Stride Bank and Bancorp Bank, both FDIC members, with deposits up to $250K insured.

Benefits of the Chime Credit Builder Secured Visa Credit Card

This card stands out due to its specific features tailored to encourage responsible credit use and improve credit scores. Below are some of the key benefits of the Chime Credit Builder Secured Visa Credit Card, each explained in detail.

No Credit Check Required

The Chime Credit Builder Card does not require a credit check for approval. This is particularly beneficial for individuals with no credit history or those with a poor credit score. Traditional credit cards often require a credit check, and a low score can result in rejection. The absence of a credit check with the Chime card means that a wider range of individuals can access credit-building opportunities, regardless of their current credit status.

No Annual Fee or Interest Charges

This card does not charge any annual fees or interest. Many credit cards come with annual fees and high interest rates that can add to the cost of borrowing. The Chime Credit Builder Secured Visa Credit Card eliminates these costs, making it a cost-effective option for those looking to build credit without incurring additional expenses. This feature is particularly appealing to budget-conscious individuals who want to avoid the extra costs typically associated with credit cards.

Adjustable Credit Limit

The Chime Credit Builder Secured Visa Credit Card offers an adjustable credit limit, which is determined by the amount of money the user transfers to their Credit Builder account from their Chime Checking Account. This feature allows users to have direct control over their credit limit, unlike traditional credit cards where limits are set by the issuer based on creditworthiness. Users can adjust their limits to suit their financial situation, providing flexibility and helping to avoid overspending.

Builds Credit History

Chime reports payment activities to all three major credit bureaus: TransUnion, Experian, and Equifax. This reporting is crucial for building or improving a credit score, as timely payments are one of the key factors in credit scoring models. By using the Chime Credit Builder Card responsibly and making regular payments, users can positively impact their credit history, which is beneficial for future financial endeavors such as loan applications or renting a property.

No Minimum Security Deposit Required

Unlike many secured credit cards, the Chime Credit Builder Card does not require a minimum security deposit. Secured cards typically require a deposit that acts as collateral and often determines the credit limit. The Chime card’s lack of a required deposit makes it more accessible, especially for those who may not have the funds available for a typical secured card deposit.

Safer Credit Building and Real-Time Alerts

The Chime Credit Builder Card comes with features designed to promote safer credit building. Users can set up automatic payments to ensure timely bill payments, which is essential for maintaining a good credit score. Additionally, Chime provides real-time transaction alerts and the ability to instantly disable the card in-app, which enhances security and helps prevent unauthorized activities. These features add a layer of protection and convenience, making it easier for users to manage their credit responsibly.

Prerequisites to Obtain the Chime Credit Builder Secured Visa Credit Card

To apply for the Chime Credit Builder Card, applicants must fulfill certain requirements, which are designed to make the process straightforward and accessible. Here are the key prerequisites:

1. US Residency: You need to be a US resident to qualify for this card.
2. Chime Checking Account: You need to have an active Chime Checking Account. This account is linked to the Credit Builder Card and is essential for transferring funds to the secured account associated with the card.
3. Qualifying Direct Deposit: Applicants must receive a single qualifying direct deposit of $200 or more. This deposit needs to come from an employer, payroll provider, gig economy payer, or benefits payer as an Automated Clearing House (ACH) deposit or Original Credit Transaction (OCT).

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About Chime Financial Institution

Chime is a financial technology company known for its digital banking services. Founded in 2013, it operates online and does not have physical branches. It partners with The Bancorp Bank and Stride Bank, N.A. for banking services, including credit and debit card issuance. Chime’s approach is centered on simplicity and cost-effectiveness, with no overdraft fees, monthly service fees, or minimum balance requirements.

The company has experienced significant growth and valuation, with a valuation of $1.5 billion in 2019 and a $25 billion valuation in 2021. Chime offers fee-free checking accounts, automated savings features, and early wage access. In June 2020, it launched the Chime Credit Builder Card to help consumers build their credit history. However, Chime is not a bank itself, and in 2021, it agreed to stop representing itself as a bank. The company’s customer base has grown significantly, with millions of account holders as of early 2020.

Who is the Chime Credit Builder Secured Visa Credit Card for?

The Chime Credit Builder Card is primarily aimed at individuals who are looking to build or rebuild their credit history. This includes people with limited or no credit history, such as young adults, students, or recent immigrants, as well as those who are recovering from past credit challenges and seeking to improve their credit scores. The card is particularly suited for those who prefer a digital banking experience and are comfortable managing their finances through a mobile app. Additionally, it appeals to customers who seek a straightforward, low-cost credit building tool without the complexities and fees often associated with traditional credit cards. The card’s no-credit-check application process, absence of annual fees and interest, and the requirement of a Chime Checking Account make it a viable option for those who are new to credit or have had difficulties with traditional banking products.

Step by Step to Apply for the Chime Credit Builder Secured Visa Credit Card

To apply for the Chime Credit Builder Card, follow these steps:

1. Sign Up for a Chime Checking Account: First, create a Chime Checking Account. This can be done by visiting Chime’s website. The sign-up process requires providing personal information such as your name, email, date of birth, phone number, address, and Social Security Number.
2. Set Up Direct Deposit: Link an existing bank account to your Chime Checking Account to transfer funds over. You need to set up direct deposit with your employer using Chime’s routing and account numbers, which can be found in the Chime app.
3. Receive a Qualifying Direct Deposit: A qualifying direct deposit of $200 or more is required. This deposit must come from an employer, payroll provider, gig economy payer, or benefits payer.
4. Apply for Credit Builder: Once the qualifying direct deposit is received, you can apply for the Credit Builder Card through the Chime app. There will be an invitation to apply for Credit Builder on your home screen.
5. Verify Information and Accept Terms: During the application process, verify your personal information and accept the terms and conditions.
6. Card Delivery: After approval, your Credit Builder card will be mailed to you, typically arriving within 5-10 business days.

To manage your account and Credit Builder Card, download the Chime app:

• For Android: Download from Google Play Store
• For iOS: Download from Apple App Store

PRESS HERE TO DOWNLOAD CHIME APP ON IOS

PRESS HERE TO DOWNLOAD THE CHIME APP ON ANDROID

Positives and Negatives of the Chime Credit Builder Secured Visa

Positives:

No Credit Check: The application does not require a credit check, making it accessible to those with no or low credit scores.

No Annual Fees or Interest Charges: Users are not charged any annual fees or interest on balances, reducing the cost of credit building.

Builds Credit History: Chime reports to all three major credit bureaus, aiding in the establishment or improvement of credit scores.

Flexible Credit Limit: The credit limit is adjustable and based on the amount transferred to the Credit Builder account, offering users control over their spending limit.

Automatic Payment Features: Options like Safer Credit Building automatically pay off the card balance, helping avoid late payments.

No Minimum Security Deposit Required: Unlike many secured cards, there is no minimum deposit required to start using the card.

Negatives:

Requires Chime Checking Account: Users must have a Chime Checking Account and receive a qualifying direct deposit, which may not be convenient for everyone.

No Rewards or Cashback: The card does not offer any rewards or cashback programs, which are common with other credit cards.

Limited to Basic Credit Building: The card primarily focuses on building credit and lacks additional features or benefits found in other credit cards.

No Upgrade Path: Unlike some other secured cards, there is no option to upgrade to an unsecured card with Chime.

Potential Account Closure Issues: There have been reports of Chime closing accounts without detailed explanations, which could be concerning for some users.

Digital-Only Banking Experience: Chime operates primarily online with no physical branches, which might not suit those who prefer in-person banking services.

How to Activate the Chime Credit Builder Secured Visa Credit Card?

To activate your Chime Credit Builder Card upon receiving it, you can use either the Chime app or phone:

Using the Chime App:

• Find the widget on the home screen that says “Your card has been delivered”.
• Tap “Activate”.
• Enter your card’s CVV (the three-digit number next to the signature strip on the back).
• Set and confirm your PIN.

Alternatively, in the app:

• Go to Settings.
• Tap Account Settings.
• Access Credit Builder under “Account Settings”.
• Tap “Activate new card” under “View your card”.
• Enter your card’s CVV and set your PIN.
• By Phone: Call (844) 244-6363 and follow the prompts provided.

Fees and Tariffs

The Chime Credit Builder Card is designed to be a cost-effective tool for building credit. Here are the main fees and tariffs associated with the card:

1. Annual Fee: $0. The Chime Credit Builder Card does not have an annual fee.
2. Interest Rate (APR): N/A. There are no interest charges on the balance.
3. Minimum Security Deposit: None required. The credit limit is based on the amount transferred to the Credit Builder account.
4. Overdraft Fees: Not applicable. Since spending is limited to the amount loaded onto the card, overdrafts are not possible.
5. Foreign Transaction Fees: Chime does not charge foreign transaction fees.
6. Late Payment Fees: Not applicable. With features like Safer Credit Building, balances are automatically paid off, minimizing the risk of late payments.
7. Other Fees: Chime may charge fees for certain ATM transactions outside their fee-free network.

Customer Service

Here are the official channels through which you can seek assistance or more information about the Chime Credit Builder Card:

Customer Service Phone Number: 1-844-244-6363. You can call this number for any inquiries or issues related to the Chime Credit Builder Card. Customer service is available 24/7.

Official Website: Chime Official Website: For detailed information about the Chime Credit Builder Card and other services offered by Chime.

Help Center: Chime Help Center: Provides answers to frequently asked questions and resources for troubleshooting common issues.

Chime App: The Chime app offers access to account management tools, customer support, and real-time notifications. The app is available for download on both Android and iOS platforms:

Google Play Store

Apple App Store

Email Support: While a direct email support address is not publicly listed, customers can access email support through the Chime app or website after logging into their account.