The Secured Chime Credit Builder Visa® Credit Card is a secured credit card that has a $0 annual fee, doesn’t charge interest, and doesn’t require a credit check. This makes it an excellent option if you have a poor credit score or limited credit history and want to build your credit with a low-risk card. 1 2 4 3
But you might want to consider other credit cards if you want to earn rewards. And if you’re not interested in opening a checking account as a requirement for a card, the Chime Credit Builder isn’t right for you.
Let’s dig into the details of the Chime Credit Builder Visa Credit Card, including its benefits and drawbacks, to see whether it makes sense for you.
No Credit Check Needed
No credit check nor minimum security deposit required
- No credit check needed
- Build credit with payments reported to all 3 credit bureaus
- $0 annual fee and no interest charges
- No minimum security deposit required
- Must have a Chime® Checking Account with direct deposit
- No rewards
- No credit check nor minimum security deposit required
Who should get the Chime Credit Builder Visa Credit Card?
The Chime Credit Builder Visa Credit Card makes sense if you don’t qualify for better credit cards and need to build your credit. This is a no-frills credit card that provides almost no benefits and has no rewards program. But there’s no credit check to apply, so having poor or bad credit isn’t an obstacle to approval.
And the Chime Credit Builder doesn’t charge interest and has no minimum security deposit. This means it’s a low-risk card for building credit, especially because it reports your credit activity (other than credit utilization, which can be a good thing) to all three major credit bureaus.
But this card doesn’t make sense if you aren’t interested in opening a Chime Checking Account and making a $200 direct deposit. This is a requirement to apply for a Credit Builder account, which could present a hurdle for some potential cardholders. Chime® is fairly flexible on what it will accept as a direct deposit, however. Options include deposits from employers, bank transfers, and peer-to-peer transfers from services such as PayPal and Venmo.
|Credit card issuer||Stride Bank|
|Credit card network||Visa|
|Intro bonus||No credit check nor minimum security deposit required|
|Recommended credit score||Bad, Poor|
|Foreign transaction fee||None|
Chime Credit Builder Visa Credit Card benefits and perks
- Build credit: You can build your credit score with this card by using it on everyday purchases and making on-time payments. Your credit activity is reported to your credit reports with TransUnion, Equifax, and Experian.
- Payment protections: You can opt to turn on the Safer Credit Building feature to automatically pay your monthly balance. You also can’t overdraft your account, as the Credit Builder card doesn’t offer overdraft services.
- $0 annual fee: Avoid the annual cost with a $0 annual fee. Check out our list of the best no-annual-fee credit cards for more options.
- No minimum security deposit: You typically have to put down a minimum amount of money as a deposit for a secured credit card, but the Chime Credit Builder doesn’t have this requirement.
- No interest charges: There’s no interest rate to worry about on this card, but you likely still want to avoid late payments if you’re trying to build your credit and want to keep your payment history intact.
- You decide your credit limit: Your card’s spending limit is attached to how much money you deposit into your Credit Builder secure account, so you could potentially have much more credit compared to other secured cards. This sets it apart from more traditional credit cards.
- No foreign transaction fees: The Chime Credit Builder isn’t necessarily a travel credit card because it doesn’t have any rewards or travel-related benefits. But it has no foreign transaction fees, which could be handy if you’re traveling abroad.
Drawbacks to the Chime Credit Builder Visa Credit Card
- No welcome bonus: There’s no sign-up bonus available on the Chime Credit Builder. This isn’t surprising for a secured credit card, but it could still make other cards more appealing if you qualify for a welcome offer.
- No rewards: You don’t earn any points, miles, or cash back with this card. This is a bit disappointing because you can earn rewards on other similar credit-building cards.
- Need to open a bank account with direct deposit: You have to open a Chime Checking Account and receive a $200 qualifying direct deposit to be able to apply for the Chime Credit Builder credit card, which might not be possible for everyone. Most secured credit cards don’t have this type of requirement.
Chime Credit Builder Visa Credit Card FAQs
Is the Chime Credit Builder Card an actual credit card?
Yes, the Chime Credit Builder Card is a Visa credit card issued by Stride Bank in partnership with Chime®, a financial technology company. The Chime Credit Builder Secured Visa doesn’t require a credit check to apply and there’s no minimum security deposit requirement. Even better, Chime reports your credit activity to all three of the major credit bureaus.
What is the credit limit for the Chime Credit Builder Card?
There’s no pre-set credit limit, as it depends on how much money you move into your Credit Builder secured account. For example, putting $1,000 into your Credit Builder account would give you a $1,000 spending limit. And adding more money would give you a higher credit limit up to the total amount in your account.
How much does the Chime Credit Builder Card cost?
The Chime Credit Builder Card has a $0 annual fee, doesn’t accrue interest, and has no minimum security deposit requirement. You also don’t have to worry about your credit utilization with this card because there’s no pre-set credit limit. You decide your spending limit with how much money you put into your linked Credit Builder account.
Other cards to consider
If the Chime Credit Builder Visa Credit Card doesn’t make sense for you, compare credit cards to find a better fit. Here are a few credit card offers we recommend.
The Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card with a $0 annual fee. What might make it more appealing than the Chime Credit Builder is that you can earn unlimited 1.5% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Learn more in our Capital One Quicksilver Secured Cash Rewards Credit Card review.
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card has a $0 annual fee, reports credit activity to all three credit bureaus, and provides unlimited 1% cash back on purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back.
Check out our Petal Cash Back Visa Card review.
No Credit Check Needed
Why We Like It
No credit check nor minimum security deposit required
See how these cards compare:
Capital One Quicksilver Secured Cash Rewards Credit Card
- Earn unlimited 1.5% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel
- Higher credit lines available as you build credit
- Track your progress with CreditWise
- Potential to upgrade to an unsecured credit card
- No annual or foreign transaction fees
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
- Earn 1.5% unlimited cash back on all purchases after 12 on-time payments
- 2% to 10% cash back on select merchants
- Great for those with little to no credit history
- No annual fee
- No foreign transaction fee