The Chime Credit Card Guide

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Chime is a financial technology company that provides its customers with mobile banking services. While Chime is not a bank, they do offer banking services through both the Bancorp Bank and Central National Bank. Chime offers both a debit and a credit card (called the credit builder card) for members. Below we’ll examine and see how it stacks up.

How does the Chime Credit Card Work?

In order to apply for the Chime credit card, you’ll need to be a Chime member. There’s a relatively easy sign-up process for new members. The Chime is a secured credit card, which means you’ll need to use your own money as a security deposit. For example, if you want a secured credit card with a $250 limit, you’ll need to fork over $250 of your own money to get started.

The Chime credit card is slightly different from typical secured credit cards, though. You can use your direct deposit to pay off your balance, and you can move money into your credit builder account at any time.

What are the Pros and Cons?

The aim of secured credit cards, as a whole, is to help people with poor or no credit build their credit score, and that’s what this can help you with. In fact, they state that, on average, customers are able to increase their credit score by 30 points. Here are a few other highlights of this card:

  • No fees – you won’t have to pay annual fees or interest charges.
  • No minimum deposit – many banks have a minimum on their secured credit cards, but Chime doesn’t, so you can start small.
  • No credit check – this means that you can get one even if you have a less-than-stellar credit score.

If this credit card sounds like it might be a good option for you, it’s important to consider some downsides as well. The first consideration is that you need to set up direct deposit with Chime in order to get started. If you don’t have a regular paycheck or don’t want to use direct deposit, you may be out of luck. You’ll also have a fluctuating credit limit, depending on how much money is in your credit builder account.

Contact Us

If you’re serious about raising your credit score and don’t want to have to pay annual fees or interest fees, this may be right for you. To learn more about improving your credit score, contact us at 314-485-9940.

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