Chime Credit Builder Secured Visa® Credit Card Review

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Chime Credit Builder Secured Visa® Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

APR

N/A

Min. Security Deposit

$200

Annual Fee

Recommended Credit

(No Credit History)

PROS
- No annual fee
- No credit check required
- No interest charges
- Reports to all three bureaus
- With security protections
CONS
- Must open a Chime account
- No rewards offered
- Funds act as card collateral
- The card comes with no annual fee or interest
- Applying for the card doesn't require a credit check
- To qualify for this card, set up a Chime checking account and ensure a qualifying payroll direct deposit of $200 or more
- You can instantly disable the card to guard against fraudulent activities
- This card lets you build credit with your own funds, reducing risks of debt and missed payments
- The Chime Credit Builder Card reports to all three credit bureaus
- The card is issued by Stride Bank, N.A. and is accepted wherever Visa credit cards are used
- While there's no interest, fees apply for out-of-network ATM withdrawals except in specific ATM
- Funds added to the Credit Builder act as collateral for the card, allowing you to spend up to the deposited amount

The Chime Credit Builder Secured Visa® Credit Card is a standout choice for building credit sensibly and affordably. It waives annual fees and interest, making it a cost-effective option for many. With no credit check required and reporting to all significant bureaus, it's highly accessible and effective in building a credit profile. The card cleverly uses your funds as collateral, reducing debt risk, and its universal acceptance as a Visa card adds immense practicality.

Features like instant card disablement for security underscore its thoughtful design. Overall, it's a savvy, straightforward tool for anyone embarking on their credit-building journey.

Chime Credit Builder Secured Visa® Credit Card Overview

When selecting a credit card, first carefully evaluate its features, because each aspect can significantly impact your financial health and your personal needs positively and negatively.

Regular APR: None
Deposit required: 0
Potential credit limit: up to $10,000 (equal to your Chime® Checking Account balance)
Annual fee: $0
Rewards rate: None

Important Card Details

In analyzing the Chime Credit Builder Secured Visa® Card, we delve into a range of features that aim to redefine the traditional credit card experience. This review explores how these characteristics potentially impact consumers ' financial journeys, from the card's innovative approach to security deposits and credit building to its inclusive no-credit-check policy and low fee structure.

Security Deposit

Unlike many secured cards demanding upfront deposits to establish credit lines, the Chime Credit Builder card stands apart. Here, the funds you add to the Credit Builder account act as collateral. This unique approach ensures you spend what you deposit, making it both a budget-friendly and a credit-building tool. This design offers both autonomy and responsibility.

Fees

A standout feature of this card is its no annual fee or interest — a rarity in the secured credit card arena. However, it's crucial to note the potential fees associated with out-of-network ATM withdrawals. As with any financial product, be aware of these nuances to avoid any unexpected charges.

Credit Building Potential

For those looking to establish or rebuild their credit, this card is a beacon. Not only does it let you build credit using your own money, minimizing debt risks, but it also reports to all three credit bureaus. Consistent, on-time payments coupled with this card's reporting can be a game-changer for your credit journey.

Other Perks

The card's user-centric features, like the instant disable function, showcase its emphasis on security—an invaluable perk in today's digital age. Plus, its affiliation with Stride Bank, N.A., ensures its universal acceptability wherever Visa is recognized. Combined with the absence of credit checks during application, these features craft a card that's both accessible and protective.

How the Chime Credit Builder Secured Visa® Credit Card Compares

In this side-by-side comparison, we examine the distinct features and benefits of two popular credit cards, offering insights to help you determine which aligns best with your financial goals and lifestyle.

How This Card Compares

Chime Credit Builder Secured Visa® Credit Card

Regular APR: None
Deposit required: $0
Potential credit limit: up to $10,000 (equal to your Chime® Checking Account balance)
Annual fee: $0
Rewards rate: None
Best for: Building and repairing credit with minimal financial commitments and a potential high credit limit based on your linked Chime® Checking Account balance.

Capital One Quicksilver Secured Cash Rewards Credit Card

Regular APR: 29.99% (Variable)
Deposit required: $200
Potential credit limit: $200+
Annual fee: $0
Rewards rate: None
Best for: Individuals seeking a secured credit option with the potential for a higher credit limit over time while accepting a higher APR in exchange for the security of a fixed deposit.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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. Learn more about our editorial policies and expert editorial team.
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