Chime Credit Builder Visa Card Review 2024

If you can only get a secured credit card based on your credit history, the Chime Credit Builder Visa Secured Card may seem like music to your ears. It won’t ding you with fees or annual interest charges and there’s no minimum security deposit, making it one of the most affordable options in its class. But you’ll have to open a Chime spending account before you can open your Chime Credit Builder Card².

Unlike a traditional secured card that holds your security deposit essentially hostage until you close that account, you can use your Chime deposit to pay your balance at the end of each billing cycle. For example: If you have $200 in your Credit Builder Account and you use $100 to pay your Chime Credit Builder Card, your credit limit the following month will only be $100 unless you add more money to your Chime Credit Builder Account.

This lack of a firm credit limit may not work as well for you if you’re short on cash to build your deposit back up from one month to the next. That might make the Chime Credit Builder not sound as sweet compared with a more traditional secured option where you only fork over the cash once.

• No annual fee
• No annual interest charges
• Credit limit equal to the amount of your deposit with no minimum deposit amount required
• You can use your Credit Builder deposit to pay your balance each month
• No credit check requirement to apply
• Reports to all three credit bureaus
• Must have at least one direct deposit to your Chime Spending Account of $200 or more within 365 days before your application date for the Chime Credit Builder card
• Automate monthly payments from your Chime Credit Builder account, unlike other secured cards that retain your security deposit and require you to pay your bill with separate funds
• Card limit goes down if you pay your bill with funds from your original deposit

• Access to cash. You can use your Chime Credit Builder Card to make withdrawals at ATMs.
• Basic Visa protections. As a secured Visa card, this card comes with some basic protections including lost and stolen card assistance and cardholder inquiry services.

Interest Rates

• Regular APR. N/A
• Purchase intro APR. N/A
• Balance transfer intro APR. N/A

Fees

• Annual fee. $0
• Balance transfer fee. N/A
• Foreign purchase transaction fee. 0%

Secured Chime Credit Builder Visa® Credit Card vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card card is a Forbes Advisor top pick among secured cards. The $0 annual fee card earns cash-back rewards—a rarity among secured cards. The card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases.

At the end of your first year, Discover will automatically give you a dollar-for-dollar match of all the cash back you’ve earned. One more attribute might make this card more appealing than the Chime Credit Builder: Discover will review your account starting at seven months to see if you qualify to graduate to an unsecured account.

Secured Chime Credit Builder Visa® Credit Card vs. Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card comes with some perks atypical of a secured card. In addition to an annual fee of $0 (rates & fees), depending on your creditworthiness you could qualify for a credit limit of $200 with a deposit of either $49, $99 or $200. You could also be considered for a higher credit line in as little as six months.

Secured Chime Credit Builder Visa® Credit Card vs. First Progress Platinum Prestige Mastercard® Secured Credit Card

The First Progress Platinum Prestige Mastercard® Secured Credit Card has one of the lowest APRs you’ll find on any card, secured or unsecured. Its ongoing APR is 15.24% variable APR. But it also comes with an annual fee of $49. If you think you might need to carry a balance occasionally while you work on building up your credit, this card could be a better option than a card with no annual fee and a higher interest rate.

Those serious about improving their credit and averse to interest charges may want to consider this card. And if you’re confident you can add money every month to your Chime Credit Builder account to make sure you have a credit line to use, then this card is in harmony with your goals. But if you’re also looking to occasionally carry a balance or you want more of a predictable credit limit month to month, another option will likely be more in tune with your needs.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.

¹Out of network ATM withdrawal and over the counter advance fees may apply. See here for details.
²To 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.
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.
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.