Chime Credit Builder Secured Visa Credit Card Review
The Chime Credit Builder Secured Visa Credit Card is a great option for individuals who are looking for a way to build their credit without risking getting into debt. However, it is necessary to have a Chime account to get this credit card.
The Chime Credit Builder Secured Visa Credit Card benefits individuals who want to build credit using a low-cost credit card. There is no credit check or minimum security deposit necessary. However, your spending amount will be based on how much is transferred into the account, and you need to have at least a $200 single qualifying direct deposit to the checking account within 365 days to keep your account active. Additionally, there are no annual fees and or interest. Everyday purchases can help you build credit because Chime reports to all three major credit bureaus.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Security Deposit Required
- Has Rewarding Welcome Offer
- Has APR Offer
- Has Balance Transfer Fee
Chime Credit Builder Secured Visa Credit Card at a Glance
Getting a credit card can be difficult for individuals with no or poor credit history. The Chime Credit Builder Secured Credit Visa Card can help you build credit safely. You can set up your account so that your monthly bill will automatically be paid so that you don’t run the risk of having any late payments.
- Chime Credit Builder Secured Visa Credit Card
A good secured credit card with no annual fees and interest
- None-PoorCredit Needed
- $0Annual Fee
- $200Min. Security Deposit
Pros & Cons Explained
While the Chime Credit Builder Secured Visa Credit Card’s benefits make it an appealing credit card, it is important to consider its shortcomings as well. Here are the pros and cons you should keep in mind.
- No credit neededIndividuals who have no credit history or a poor credit score can easily get their Chime Credit Builder Secured Visa Credit Card application approved since there is no credit check involved.
- No feesChime Credit Builder account holders don’t need to worry about annual fees, international transaction fees or maintenance fees.
- No interestThere is no interest charged to Chime Credit Builder Secured Visa Credit Card cardholders.
- Checking account neededTo get approval for a Chime Credit Builder Secured Visa Credit Card, you will have to open a Chime Checking Account first. While there is no minimum security deposit, you must have at least one direct deposit of $200 every 365 days.
- Credit limit based on accountThere is no pre-set credit limit. Instead, your spending limit will be based on how much you deposit to your checking account.
- No rewards and introductory offersUnlike other credit cards, the Chime Credit Builder card does not offer introductory perks and rewards. Additionally, you will have to make full payments monthly.
MoneyGeek conducts regular analysis of different credit cards and selects the best options for certain categories. You can compare the Chime Credit Builder Secured Visa Credit Card with MoneyGeek’s selection of the best secured credit cards of 2022.
Other Features Explained
It is important to understand your needs and circumstances before you decide on the best credit card for you. Beyond its basic perks of helping you build your credit, it offers additional features that you might find beneficial.
- Card FeatureDescription
- Easy applicationThe Chime Credit Builder Secured Visa Credit Card application process is easy. There is no credit check involved, and no initial minimum security deposit is required. The application can also be completed online within minutes.
- Customer serviceChime offers 24/7 customer service. Account holders can get in touch through the chat feature on the company’s mobile app, via phone or by sending an email.
- Security/fraud protectionsChime Credit Builder cardholders can easily freeze their accounts or block all transactions in the event of loss, theft or if they suspect unauthorized use through the mobile app.
Chime Credit Builder requires full payments monthly. To ensure that you are paying your bills on time, consider enabling the Safer Credit Building feature. Using this feature, your monthly credit statement will be automatically paid using the money that you have already transferred to your checking account.
Understanding the Fine Print
If you think that the Chime Credit Builder Secured Visa Credit Card’s benefits are right for you, make sure you understand the fine print. This way, you can avoid any issues once you start using your credit card.
- Card FeatureAmount or Rate
- Annual Fee$0
- Min. Security Deposit$200
- Balance Transfer FeeUnspecified
- Balance Transfer APRUnspecified
Chime Credit Builder does not have an annual fee.
Chime Credit Builder Secured Visa Credit Card does not have an APR or any interest. There are also no maintenance fees.
Foreign Transaction Fee
Chime Credit Builder Secured Visa Credit Card does not have foreign transaction fees.
If you want to evaluate credit cards and determine if a card is right for your financial situation, you can visit the credit card issuers’ website or the credit card agreement database maintained by the Consumer Financial Protection Bureau. Or, if you are already a cardholder, you can check the terms and conditions on your latest billing statement, online account or mobile app.
Who Should & Shouldn’t Consider Chime Credit Builder Secured Visa Credit Card?
Other Considerations for Chime Credit Builder Secured Visa Credit Card
When researching the best credit card for your needs, make sure you consider how you plan on using it. Evaluate whether it will be your sole credit card or an additional card in your wallet
Things to Consider if This Will Be Your First or Only Credit Card
If you are thinking of making the Chime Credit Builder Secured Visa Credit Card your first and only card, keep in mind that the spending limit will be based on how much you deposit to your Chime Checking Account. If you need a high credit limit, you may want to consider a different card.
There are also no rewards and cash back opportunities. That said, usage is reported to the three major credit card bureaus so you can build your credit score.
Things to Consider if This Will Be an Additional Card in Your Wallet
If you are thinking of having the Chime Credit Builder Secured Visa Credit Card as an additional card in your wallet, make sure its features complement your other cards. For instance, if you travel abroad, you may consider using this card for your purchases as it charges no fees for foreign transactions. However, you may want to use another card if you want to earn rewards for your purchases.
This credit card may also be a good choice for daily purchases as long as the total cost is within the amount in your checking account. However, keep in mind that you have to make payments in full each month.
When reviewing credit cards like the Chime Credit Builder Secured Visa Credit Card, MoneyGeek uses a well-defined methodology and process. Information collected from credit card companies and the Consumer Finance Protection Bureau’s database are used. Additionally, MoneyGeek evaluates cards using standardized data points for easy comparison, estimates average spend profiles and determines long-term value. A regular analysis is also conducted to reflect any changes in the features and offerings.
How Chime Credit Builder Secured Visa Credit Card Compares to Other Cards
If you are looking for a low-cost credit card that you can use for building credit, then the Chime Credit Builder Secured Visa Credit Card might be right for you. However, it has limited features and does not offer earning opportunities. Consider evaluating other secured credit cards that cater to individuals with bad credit scores and have more features.
Quick Comparison of Chime Credit Builder Secured Visa Credit Card
Chime Credit Builder Secured Visa Credit Card
- Annual Fee: $0
- International Transaction Fee: $0
- Minimum Deposit: $0 (needs at least $200 deposit within 365 days)
- Regular APR: None
- Credit Card Increase: None (limit is based on amount available in the secured account)
- Best For: Individuals looking for a low-cost card for credit building
- Annual Fee: $0
- International Transaction Fee: $0
- Minimum Deposit: $0
- Regular APR: 26.99%
- Credit Card Increase: Credit limit review in as little as six months
- Best For: Individuals who want to build credit with a minimal deposit
Other Helpful Decision-Making Q&As
Before completing a Chime Credit Builder Secured Visa Credit Card application, it is important to understand the card’s requirements and other relevant information. MoneyGeek answers some of the most frequently asked questions about the card to help you make your decision.
Still not sure about this card? Consider these options.
The Chime Credit Builder Secured Visa Credit Card is a good option if you are looking for a card that you can use for building credit without the risk of going into debt. However, you can also find other credit cards for individuals with bad credit that offer perks and rewards.
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Learn more about credit cards in general
- Chime. "Chime Credit Builder Secured Visa Credit Card." Accessed February 25, 2022.
- Chime. "Application Disclosure and Secured Account Agreement." Accessed February 25, 2022.
- The Bancorp Bank. "The Bancorp Bank." Accessed February 25, 2022.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.