Chime Credit Builder Secured Visa® Credit Card: An exceptionally low barrier to building credit comes with limited value
Is this unconventional card worth the elevated accessibility?
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Snapshot
4.2
Bottom line
No credit check and nearly no fees make this one of the most straightforward and accessible credit-building cards available. However, a secured card may be even more rewarding with less effort.
Best for low-cost credit building
Intro offer
N/A
Rewards Rate
N/A
Annual fee
None
Regular APR
N/A
4.6
Cardholder rating
Online tools
Customer service
Information safe
Extra perks
4.2
Bankrate score
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The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
Chime Credit Builder Secured Visa® Credit Card Overview
Traditional secured credit cards’ large security deposits, high rates and costly fees can be an intimidating barrier if you’re trying to establish or rebuild your credit. The Chime Credit Builder Secured Visa® Credit Card is a relatively new spin on secured cards that has easier access by removing a minimum security deposit, many major credit card fees (including late payment and APR costs) and any credit check altogether.
The Chime Credit Builder Visa’s features could make it much easier to improve your credit than with typical secured credit cards. For example, your credit limit is based on the total balance you’ve deposited into the secured account; you also won’t have to worry about a low limit impacting your credit utilization since Chime doesn’t report your credit utilization to credit bureaus.
This approach can be a double-edged sword, however, since you’re required to juggle a Chime Checking Account, linked banking account, secured deposit account and Credit Builder card. Keeping a low credit utilization ratio is also a key part of improving your credit score, and the Chime card will be of no help there. Plus, you won’t be able to earn rewards or upgrade to an unsecured card with Chime.
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Rewards
- This card does not offer rewards, which is typical of secured credit cards.
Expert Appraisal: Typical
See our expert analysis -
Rates and fees
- Annual fee: $0
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: N/A
Expert Appraisal: Good
See our expert analysis -
Credit-building features
- No credit check
- No minimum deposit required
- SpotMe feature that allows overdraft protection
- Safer Credit Building feature that allows automatic payments
- Move My Pay feature that allows automatic fund deposits on payday
- Reports to three major credit bureaus
Expert Appraisal: Good
See our expert analysis -
Other cardholder perks
- Automatic paycheck notification
- Visa traditional card benefits
- Visa Zero Liability
Expert Appraisal: Typical
See our expert analysis
Chime Credit Builder pros and cons?
Pros
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Poses fewer card costs than almost any credit-building card
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Applying doesn’t require a credit check — not even a soft credit pull
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Offers perhaps the highest potential credit limit among secured cards with its $10,000 maximum secured account balance
Cons
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Requires a Chime Checking Account with qualifying direct deposits to apply for the card — which is equivalent to a standard security deposit
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No opportunity to upgrade to an unsecured card, which several secured cards could offer after just six or seven months
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May build credit more slowly for those with a positive credit utilization ratio since Chime doesn’t report credit utilization
How does the Chime Credit Builder card work?
The Chime Credit Builder card has more moving parts than traditional secured credit cards, so learning how it operates can help you decide whether the extra effort is worth the easier access to building credit.
Why you might want the Chime Credit Builder card
Traditional banks and card issuers typically conduct some kind of credit inquiry, usually a hard credit check (also known as a “hard pull”) and secured cards can often require a minimum security deposit to gain a credit line, creating barriers to entry. Chime helps cardholders avoid both while maintaining strong credit-builder perks.
Rates and fees: Potentially avoid typical card costs
Secured and other credit-building cards are infamous for their sky-high APRs and fees, but the Chime Credit Builder Visa card features fewer fees than most credit cards on the market.
Chime doesn’t require a minimum security deposit. Instead, your credit limit is based on the total balance you’ve deposited into the Chime secured account. And since you can only spend the money you have, you’ll avoid an APR, late payment fee and over-the-limit penalties. Plus, there are no annual fees or foreign transaction fees.
The only fees you may run into during your experience with Chime are:
- $2.50 fee for out-of-network ATM withdrawals and over-the-counter cash withdrawals.
- SpotMe overdraft tips for the debit card (optional)
- $20 expedited card replacement fee (optional)
- $2 instant MyPay advance fee. You can avoid this fee by having your funds deposited within 24 hours of your request, instead of instantly (optional feature only available to residents in eligible states)
All of these costs can be easily avoided, making the Chime Credit Builder card potentially fee free — a remarkable rarity for a card available with no credit history.
Accessibility: No credit check to apply
As a neobank, Chime can keep applications quick and accessible by skipping the credit check process entirely. Credit cards almost always require a hard credit inquiry when you apply, which temporarily dings your credit score. Being able to skip this check with the Chime card may make it all the more appealing if you’re working on your score.
The few cards that do let you skip a credit check typically charge high fees and carry high APRs. For example, the OpenSky® Secured Visa® Credit Card is one of the most well-known soft pull credit cards, but it poses a $35 annual fee.
Credit-building features: Safeguards for slow and steady progress
While this card doesn't report credit utilization, it does report to all the credit bureaus, and it's low on fees, including interest, so you won't accumulate increasing debt. In addition, the Chime Checking Account comes with a few benefits that could help you manage your card.
- Automatic paycheck notification: One of Chime’s most advertised benefits is how it allows you to access your paycheck as soon as it’s made available. You'll get a notification as soon as your paycheck is directly deposited into your Chime Checking Account. Plus, you can streamline the process using the “Move My Pay” feature to automatically move your direct deposit from your Chime checking account to your secured account.
- Safer Credit Building: This feature is Chime’s version of autopay, which can automatically use your secured account balance to pay off your balance in full each month.
- SpotMe®: This feature is a form of overdraft protection for Chime Checking Account debit cards. If your account receives qualifying direct deposit that month. However, your next deposit(s) go toward covering your negative balance. You can also send and receive up to four SpotMe $5 “Boosts” to and from friends in the Chime app to extend your overdraft limit that month.
These perks can help you shore up your Credit Builder card’s limit in a pinch. Getting your paycheck up to two days early can beef up your credit limit for upcoming bills, and you can set your card to automatically pay itself off so you don’t harm your credit with a missed payment. Plus, you can use SpotMe to pull cash in an emergency if you need to use your card for unexpected expenses.
Not reporting credit utilization can sometimes be an advantage, such as if you have a low credit limit. But it might take longer to improve your score since credit utilization makes up 30 percent of your FICO score.
Perks: Protection benefits from Visa
Like most secured cards, the Chime Credit Builder doesn't carry an array of appealing perks. As a Visa Traditional credit card, this might offer some standard benefits:
- 24/7 pay-per-use roadside dispatch assistance
- Dovly Uplift™ credit management and report inaccuracy repair service access
- Zero Liability policy for unauthorized purchases (you must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer)
- Lost and stolen card reporting
- Emergency card replacement and cash disbursement
Why you might want a different secured card
The Chime Credit Builder Visa could be a remarkably accessible and low-cost solution if you’re trying to improve your credit and don’t have the resources for a larger upfront security deposit. But a straightforward secured card could be easier to manage and provide more long-term value, more hands-on card experience and a potentially faster credit-building process.
Rewards: Not much to offer
Unfortunately, the Chime Credit Builder Card doesn’t earn rewards. This might not be a deal-breaker since the card is designed to help you build credit and few cards in its class earn rewards to begin with. However, more secured cards with rewards have launched in the past few years.
And while you may be able to earn small helpings of cash back in the Chime app using Chime Deals™ (Chime’s version of card-linked reward programs like Chase Offers), this can’t compete with a flat cash back rate on all purchases or a consistent 2 or 3 percent back in an everyday spending category.
Like the majority of cards available with bad or no credit history, the Chime Credit Builder also doesn’t offer a welcome bonus. The Discover it® Secured Credit Card is one of the rare exceptions to this trend, matching all the cash back you’ve earned at the end of your first year.
Setup: High maintenance
The Chime Credit Builder Card requires that you have a Chime checking account, a secured account, the Chime Credit Builder Visa card and a linked external banking account if you aren’t using direct deposits. While there are features to help move your money from these different accounts efficiently, this can be a lot to manage for beginners. It can also feel tedious after a while. In that case, it may be better to look for a secured card that doesn’t require you to have other accounts.
We tried it: Here’s what our experts say
According to Bankrate writer Garrett Yarbrough, the Chime Credit Builder card could be ideal if you are trying to avoid the upfront costs of a minimum security deposit, but juggling the card's multiple accounts might make other options better and simpler.
"I decided to begin establishing credit as an authorized user on an unsecured credit union card, and the Chime Credit Builder carries some of the key starter card features that I loved. The Chime card carries even fewer rates and fees than my exceptionally low-cost credit union card, and you could have an even higher credit limit if you keep enough funds in your Chime secured account. These unique perks could be a big help if a credit check is a problem.
However, I’d stick with a secured rewards card, student card or the authorized user route if you’re able. Rewards may not be a deal-breaker if you’re rebuilding credit, but the Chime card’s secured account process may be too high maintenance. Plus, your credit score won’t benefit from having a high credit limit like it would with other cards since Chime doesn’t report credit utilization to credit bureaus."
— Garrett Yarbrough, Writer, Bankrate
How the Chime Credit Builder Visa compares to other secured cards
The Secured Chime Credit Builder Card offers a leg up to applicants that might not have easy entry to the traditional credit card market, and the card paves a straightforward path to a higher credit score. However, a few standout starter cards can provide a more educational credit card experience, the ability to carry a balance and even remarkable rewards.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
10% cashback* on SuperTravel purchases. 5% cashback* on SuperShop purchases for 500+ of your favorite store. 2% cashback* on everyday purchases anywhere MasterCard® is accepted.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all other purchases.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Chime Credit Builder right for?
Although lower-maintenance, more efficient and more rewarding options are available if you don’t mind a traditional secured card, the Chime Credit Builder is worth considering if you’re looking for a starter card with few fees and no credit check.
Bankrate’s Take — Is the Chime Credit Builder Visa card worth it?
Chime provides a much-needed credit-building opportunity for people traditional banks and secured cards don’t reach. There’s no credit check or minimum secured account balance required, so this card provides an exceptionally accessible path to help steadily improve credit without poor credit utilization or fees getting in your way.
However, the Chime Credit Builder card may take a bit more effort to manage than a typical secured card, since you need to regularly refill the accompanying deposit account to make purchases with the card. Plus, if you can take advantage of Chime's generous credit limit, it won't improve your credit score since credit utilization isn't reported.
The Chime Credit Builder card is a wise pick if potential credit card fees, low minimum credit limits or a credit check on other cards are an obstacle. Otherwise, a highly rated secured card may be a more rewarding and faster way to climb the credit score ranks.
**Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer. ***Money added to Credit Builder will be held in a secured deposit account as collateral for your Credit Builder Visa card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
-To apply for Credit Builder, you must have an active Chime® Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
*SpotMe® on Credit Builder is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. To qualify for the SpotMe on Credit Builder service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical secured Chime Credit Builder Visa® Credit Card or Chime Visa® Debit Card. Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Credit Builder Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Credit Builder, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Credit Builder won’t cover non-card transactions. SpotMe on Credit Builder Terms and Conditions.
**Safer Credit Building - On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
How we rated this card
Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.
We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category.
Here are some of the key factors that gave this card its score:
Frequently asked questions
What cardholders think
Chime Credit Builder Secured Visa® Credit Card
In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.
Community Reviews
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
