If you have a problematic credit history or none at all, the Chime Credit Builder Secured Visa® Credit Card offers a way to get the functionality of a credit card without having to undergo a standard credit check. The card can help you build credit by reporting activity on your account to the major credit bureaus.
Business Insider's personal finance team compared Chime Credit Builder credit card to the best secured credit cards and the best credit-builder loans and found it to be a strong offering with an easy and accessible way to build or repair your credit.
However, it doesn't offer a direct path to an unsecured credit card and doesn't offer rewards of any kind. Read on to see if the Chime Credit Builder Card is right for you.
$0
None
No Credit History, Poor
- No credit check required for approval
- No annual fee
- Build credit with responsible use
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
If you have a problematic credit history or none at all, the card offers a way to get the functionality of a credit card without having to undergo a standard credit check. The card can help you build credit by reporting activity on your account to the major credit bureaus. However, it doesn't earn rewards and can't be converted to an unsecured card, so it may not be your best option. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, 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.
- No credit check required for approval
- No annual fee
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
Chime Credit Builder Card Overview
With few fees and no minimum security deposit, the Chime Credit Builder Secured Visa is a simple, accessible, and inexpensive way to get a credit card and begin building or repairing your credit history. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
Even if you have bad credit or you've been denied for other cards, you can open a Chime Credit Builder Secured Visa account so long as you meet the age and identity requirements.
One feature that distinguishes the Chime Credit Builder Secured Visa from other secured credit cards is the ability to pay your balance using your security deposit. However, since your security deposit is equal to your spending limit, paying your balance this way will reduce the funds you have available to spend. Until you replenish those funds, you'll be stuck with a lower spending limit.
The Chime Credit Builder Secured Visa has several shortcomings. First, it doesn't earn rewards of any kind and offers few benefits, so even though you don't pay fees, you miss out on the return you could get from a rewards credit card. Second, you can't carry a balance from one statement to the next. While you should generally aim to pay off your balances in full, the ability to carry a balance can occasionally be useful.
Finally, Chime doesn't offer a direct path to convert to an unsecured card. It does help indirectly, since improving your credit score will help you get approved for other cards down the line. However, you can't simply upgrade your secured Chime account to an unsecured one. If you want an unsecured card, you'll need to apply and get approved on your own.
If you're in the market for a secured credit card, consider one that earns rewards and offers a path to convert to an unsecured card. However, if your credit is severely damaged and you're having trouble getting approved for other secured cards, the Chime Credit Builder Secured Visa is a helpful fallback.
Reviews and Ratings
Chime has a rating of 3.1 out of five stars on Trustpilot with over 9,800 reviews, and has received a B- rating. It is not accredited by the Better Business Bureau. The Chime mobile banking app fares better with a rating of 4.8 out of five in the Apple store with over 942,000 reviews, and a rating of 4.7 out of five on Google Play with 728,000 reviews.
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Discover it® Secured Credit Card
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Self Visa® Credit Card
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Capital One Quicksilver Secured Cash Rewards Credit Card
How the Chime Credit Builder Secured Credit Card Works
You can get the Chime Credit Builder Secured Visa without a credit check or a linked bank account, but you'll need to meet several other basic requirements. First, you must have a Chime checking account, which is available to U.S. citizens over 18 years old who live in the U.S. and provide a valid Social Security number. You'll also need to have qualifying direct deposits of $200 or more within 365 days prior to when you apply. Only direct deposits from an employer, payroll provider, or benefits payer qualify.
Once you've met the requirements and enroll, you'll get your Chime Credit Builder Secured Visa in 5-7 business days. In the meantime, you can use the Chime app to transfer money from your Chime checking account to your Credit Builder account. When you receive your card, you can activate and begin using it right away. Funds designated for your Chime Credit Builder Secured Visa account must come from your Chime checking account; you can't transfer directly from external accounts. However, loading your Credit Builder account takes only a minute.
Your card's spending limit is the same as the amount of money you've loaded to your Credit Builder account and shows up as the "Available to Spend" amount in the Chime app. When you make a purchase, the Available to Spend amount decreases accordingly; for example, if you load $500 and make a $50 purchase, you'll have a balance of $50 and $450 still available to spend. At the end of the month, you'll receive a statement for your Credit Builder account that details your total balance.
You can set up autopay or pay your balance manually with money from your Chime checking account and that payment gets reported to credit bureaus. If you pay manually, you'll need to send a payment on time and in full, or your credit score might drop.
Chime Credit Builder Card Rewards
The Chime Credit Builder Secured Visa doesn't offer a welcome bonus and doesn't earn rewards, so you won't get anything in return for the spending you do with it.
Earning rewards may not be your top priority when you're in the market for a secured credit card, but some competing products, like the U.S. Bank Cash+® Visa® Secured Card , offer cash back rates as high as 5% on select purchases. Every dollar you spend on the card effectively costs you the cash back or rewards you could have earned on a different card, making it much less attractive in comparison.
Chime Credit Builder Card Benefits and Features
The Chime Credit Builder Secured Visa doesn't offer typical credit card benefits like cell phone protection or purchase protection, but it does come with several other useful features.
Credit Reporting
Like other credit cards, Chime reports activity on your account to all three major credit bureaus, including payments and account status. This reporting adds data points to your credit history, which can improve your credit score over time as long as you use your card responsibly. Because your account doesn't have a preset limit, Chime does not report your credit utilization ratio, so there's no harm in charging a high percentage of your available limit.
Visa Benefits
The Chime Credit Builder Secured Visa operates on the Visa network, so you can use it wherever Visa credit cards are accepted. You'll also get a handful of basic Visa benefits, including zero liability against unauthorized charges, and lost or stolen card assistance. These features shouldn't influence your decision to get (or not get) the card, but they're nice to have.
Flexible Credit Limit
Your credit limit on the Chime Credit Builder Secured Visa is equal to the amount you deposit in your Credit Builder account. You can choose any amount up to $10,000, and you can increase or decrease that amount anytime by transferring funds in or out of your Chime checking account. While a higher credit limit may sound enticing, the money in your Credit Builder account does not accrue interest, so it's better to transfer funds as needed.
$0
None
No Credit History, Poor
- No credit check required for approval
- No annual fee
- Build credit with responsible use
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
If you have a problematic credit history or none at all, the card offers a way to get the functionality of a credit card without having to undergo a standard credit check. The card can help you build credit by reporting activity on your account to the major credit bureaus. However, it doesn't earn rewards and can't be converted to an unsecured card, so it may not be your best option. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, 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.
- No credit check required for approval
- No annual fee
- No welcome bonus or rewards
- Requires a Chime checking account
- No ability to carry a balance
Chime Credit Builder Fees
One strength of the Chime Credit Builder Secured Visa is its lack of fees. There's no annual fee, so you can hold the card indefinitely at no cost. You also won't pay foreign transaction fees for purchases made outside the country or online transactions processed in a foreign currency — note that you'll need to enable international transactions in the Chime app before using your card abroad.
Other costs you'll avoid pertain to how the card operates. You can't carry a balance, so you won't pay interest charges. Similarly, there are no late payment fees, because the amount you spend is offset by funds you've already deposited in your account. The only fee you'll incur from your Chime Credit Builder Secured Visa is a $2.50 withdrawal fee for using an out-of-network ATM. However, you can use over 60,000 ATMs at no charge, and you can use the Chime app to find one nearby.
How Chime Credit Builder Compares
Chime Credit Builder vs. Other Credit Builder Cards
| Chime Credit Builder Secured Visa® Credit Card | Self Visa® Credit Card | OpenSky Secured Credit Card | |
| Annual fee | $0 | $25 | $35 |
| Rewards rate | N/A | N/A | N/A |
| Welcome bonus offer | N/A | N/A | N/A |
| Card benefits | Credit reporting, Visa benefits, flexible credit limit, no foreign transaction fees | Credit reporting, Visa benefits, flexible credit limit | No credit check or bank account required, refundable security deposit |
| Review | Self Credit Card Review | OpenSky Credit Card Review |
Chime Credit Builder vs. Other Secured Credit Cards
| Chime Credit Builder Secured Visa® Credit Card | Capital One Quicksilver Secured Cash Rewards Credit Card | Discover it® Secured Credit Card | |
| Annual fee | $0 | $0 | $0 |
| Rewards rate | N/A | 5% cash back on hotels and car rentals booked through Capital One Travel, 1.5% cash back on all other eligible purchases | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%), 1% cash back on all other purchases with no limit |
| Welcome bonus offer | N/A | N/A | None, but Discover will dollar-for-dollar match all the cash back you earned after the first 12 months |
| Card benefits | Credit reporting, Visa benefits, flexible credit limit, no foreign transaction fees | No foreign transaction fees, automatic consideration for credit line increases, refundable security deposit | No foreign transaction fees, refundable security deposit |
| Review | Capital One Quicksilver Secured card review | Discover it Secured Credit Card Review |
Chime Credit Builder vs. Credit Builder Loans
| Chime Credit Builder Secured Visa® Credit Card | Self Credit Builder Account | Fizz Credit Builder Debit Card | |
| Fees | $0 | $25 to $150 monthly and 15.51% to 15.92% | None |
| Rewards rate | N/A | N/A | 1-5% depending on business |
| Benefits | Visa benefits, flexible credit limit, no foreign transaction fees | No credit check | Rewards spending limits prevent overspending, no credit check |
| Review | Self-credit builder loan review | Fizz credit builder debit card review |
You can read our full guide to the best credit builder loans.
Frequently Asked Questions About Chime Credit Builder
Chime Credit Builder works by having users transfer money to their Credit Builder account to set their credit limit, then reports on-time payments to major credit bureaus to add positive payment history.
The benefits of Chime Credit Builder are no hidden fees, a flexible credit limit, and a positive impact that grows over time on your credit score with responsible use.
No, there is no fee for using Chime Credit Builder. It does not charge customers any annual fees or interest rates.
Why You Should Trust Us: How We Reviewed the Chime Credit Builder Secured Credit Card
We compared the Chime Credit Builder Secured Visa to other secured credit cards and similar credit-building products from various card issuers, and evaluated several factors, including:
- Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
- Benefits — Are the card's benefits useful? Are there any features that stand out?
- Fees and other costs — If there's an annual fee, do the card's rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?
You can read more about how we rate credit cards at Business Insider for a closer look at our methodology.
