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You are here: Home / Credit Cards / Secured Chime Credit Builder Visa® Credit Card Review

Secured Chime Credit Builder Visa® Credit Card Review

May 4, 2021 by Rob Berger

The Secured Chime Credit Builder Visa® Credit Card is a no annual fee secured credit card that helps people build and improve their credit.¹ No credit check is required to apply and there is no minimum security deposit.² Eligibilty requirements apply.³

Secured Chime Credit Builder Visa® Credit Card
Learn More
Our Rating
4.5/5.0
Welcome Offer
None
Annual Fee
$0
0% on Purchases
None
Rewards Rate
N/A
0% on Balance Transfers
None

Snapshot

  • No annual fee or interest charges
  • No credit check required to apply
  • No minimum security deposit²
  • A Chime Checking Account is required to be eligible to apply³

Editorial Review

The Secured Chime Credit Builder Visa® Credit Card is, simply put, one of the best secured credit cards you’ll find today. It charges no fees or interest. And unlike most secured cards, it doesn’t come with a minimum security deposit requirement.²

How the Chime Credit Builder Credit Card Works

The Chime Credit Builder Credit Card is unique in that the first step is to open a Chime Checking Account. The Checking Account is an FDIC-insured checking account. It comes with a free Visa® debit card and an award-winning mobile app.

Once you’ve set up a Chime Checking account and receive a qualifying direct deposit of $200 or more, you can apply for the Secured Chime Credit Builder Visa® Credit Card inside the Chime app³. Here’s where the Credit Builder Credit Card shines in our opinion. You determine the credit limit of the card based on how much money you transfer from your Chime account over to the secured account.

Once you’ve transferred funds to the secured account, the amount transferred becomes your credit limit. The card can be used anywhere that accepts Visa, including online or over the phone. The balance on the card then gets paid with the money you had already transferred to the secured account automatically when you turn on safer credit building¹.

Finally, Chime reports the payments to the three major credit reporting bureaus, Transunion, Experian, and Equifax.

Pros & Cons

Pros

  • No annual fee or interest
  • No credit check required to apply
  • No open or minimum security deposit²
  • No foreign transaction fees
  • Reports to all three major credit bureaus

Cons

  • No cash back or travel rewards

Features and Benefits

  • Visa Zero Liability Policy: protects card holders from being responsible for any unauthorized charges
  • Safer Credit Building: With this feature, your balance will be paid automatically every month and on time.¹
  • Credit Limit: Set your own credit limit based on how much you transfer from your Chime Checking Account to the secured Credit Builder account.
  • Helps Build Credit¹: Chime reports your transactions to Transunion, Experian, and Equifax.

Who the card is best for

The Secured Chime Credit Builder Visa® Credit Card is ideal for those who want to re-establish their credit. Combined with Chime’s Checking Account, it enables cardholders to set their own credit limit. They do this by transferring funds from their Checking Account to the Credit Builder Secured Account, all through the Chime mobile app.

The Chime Visa does not pay cash back or other rewards. As such, the card is not ideal for those with fair, good or excellent credit. With established credit, one can qualify for a card that pays rewards.

Alternatives

Within the secured credit card space, there are a few cards that charge no annual fee. Some even offer cash back rewards. What these alternatives do not offer, however, is the ability to determine your own credit limit by transferring funds via a mobile app. In this regard, Chime offers flexibility that is unique among secured credit cards.

If flexibility isn’t important to you, a cash back secured card may be a better option. Here are some alternatives:

Discover Secured it: This card pays 2% cash back on up to $1,000 in purchases each quarter ($20 in rewards). It charges no annual fee, but requires a minimum security deposit of $200.

Bank of America Cash Back Secured Credit Card: This card pays up to 3% cash back, subject to spending caps each quarter. It also requires a minimum security deposit of $300. It charges no annual fee.

Secured Credit Card from Capital One: While this card doesn’t pay cash back rewards, it comes with no annual fee and a security deposit as lows as $49 (although it could be $99 or $200, based on the application process).

Approval Odds

Credit card companies consider a number of factors when evaluating an application. These factors may include income, debt, existing credit cards and, of course, the applicant's credit score.

While credit card issuers do not publish the criteria for approval, we collect publicly available data on credit scores for those who have been either approved or denied for a credit card. Keep in mind that we cannot verify this information and an issuer's credit score requirements can change over time.

Because it's a secured card, approval odds are high for the [card_url]. You will need to verify your identity with a social security number, but no credit check is performed or required to obtain this card.

FAQs

Will the Secured Chime Credit Card improve my credit?

The Secured Chime Credit Builder Visa® Credit Card reports payments to all three credit bureaus. As such, on-time payments can improve your credit over time.

Is the Secured Chime credit card a good credit card?

It is an excellent secured credit card designed to help individuals with poor credit rebuild their credit score. For those with good credit already, they would be better served with a rewards credit card.

Where can I use the Secured Chime credit card?

Anywhere that accepts Visa, including gas stations, restaurants, online or over the phone.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1 On-time payment history can 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.

2Money 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.

3To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your 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 loads or 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

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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