Many people misunderstand that there are a lot of different kinds of credit cards. Most of the credit cards that we use today are unsecured credit cards.
Unsecured credit cards do not mean they are not safe to use, but rather, the provider trusts that you can pay your bill based on your credit score. Secured credit cards like the Chime Credit Builder Card are a great option for those who have a low credit score.
The Chime Credit Builder Card is designed to help you rebuild your credit and improve your credit score. If you’re interested in learning more about the Chime Credit Builder Card, how it works, who it’s for, and how to apply, check out the guide below.
Benefits and Perks of the Chime Credit Builder Card
Most secured credit cards, like the Chime Credit Builder Card, often don’t come with a lot of perks and benefits.
However, the Chime Credit Builder Card offers significant features that will help you build your credit score back up.
The goal here is to revive your credit score, hence the reason why you’re interested in this secured credit card in the first place.
Once you’ve achieved your goal, you can move on to another credit card.
How the Card Works
The Chime Credit Builder Card works like any other credit card; however, you need to deposit a certain amount of money into your card.
You can then use the amount on your card to purchase items or do any transaction like any other credit card transaction. You’ll pay certain fees, but for the most part, the Chime Credit Builder Card does not have any extra charges.
The more transactions that you make with the card, the more likely your credit score will improve.
Safe Credit Building
With the Chime Credit Builder Card, you can link your Chime Secured Account to pay off your Chime Credit Builder Card bill each month.
There is an automatic payment feature, so you don’t have to worry about missing out on your due date.
This feature allows you to pay for your monthly dues without missing a beat, so you can improve your credit score in no time.
Move My Pay
Move My Pay is another opt-in feature of the Chime Credit Builder Card, where you automatically move your funds from your Chime Checking Account to your Chime Credit Builder Card account once you get paid.
This way, you’ll always have funds on your Chime Credit Builder Card to use for any transaction, and you don’t have to deposit your funds into the card every time manually.
SpotMe
SpotMe is a great feature where eligible cardholders can get access to extra funds up to $200.
This allows you to make extra purchases or withdrawals using the Chime Credit Builder Card, which would have otherwise not been available on your account. You will still need to repay the borrowed amount on time.
Combined with the other features of the card, you will surely get your desired credit score in no time.
Zero Withdrawal Fee
With the Chime Credit Builder Card, you can withdraw money from the card in more than 60,000 ATMs all over the country. There is no withdrawal fee for those who are interested in doing the transaction.
You can even use your current balance to pay off your monthly dues, which is by far one of the most interesting features of the card.
Interest Rates and Other Charges
The Chime Credit Builder Card does not have any interest rates or annual fees. There are no balance transfer fees or any other charges incurred when you use the card.
There is also no withdrawal fee unless you withdraw money from an out-of-network ATM terminal, which will cost you a fee of $2.50 per transaction.
How to Apply for the Chime Credit Builder Card
To apply for the Chime Credit Builder Card, you will need to do your research first. The secured credit card is not meant for everyone who wants to own a card.
This is exclusively for those who want to build their credit or improve their credit score.
Check out how you can apply for the card below.
Applying for the Chime Credit Builder Card Online
Applying is very easy. There are no strict requirements for the card for applicants to apply.
There is no minimum security deposit required to open an account or any credit check before you apply.
The best way to apply for the Chime Credit Builder Card is through the online platform at the official website.
Opening a Chime Checking Account
The first step to getting a Chime Credit Builder Card is to open a Chime checking account.
You must have an eligible direct deposit account, which is usually just a paycheck account that has a minimum deposit amount of $200 within the past year.
After you open a Chime checking account, look for the Chime Credit Builder Card on the website to continue with the application.
Submitting Your Application
Click “Apply Online” and fill out the online application form with your personal details. Make sure that you provide accurate and updated information on the application form.
Review the terms and conditions as well as errors before you submit. You’ll receive a confirmation email about your application, and your Chime Credit Builder Card will be sent to you by mail.
Using the Card
Once you receive the card, you can then move the amount from your Chime checking account to your Chime Credit Builder Card account.
This will now be your credit limit. Take note that the minimum amount is $200.
Contact Details
If you need assistance with the application or have questions about the card, you can contact their customer service department at 1-844-244-6363.
You can also visit their main office located at 101 California Street, San Francisco, California, United States.
Conclusion
Fixing or building your credit score has never been this easy with the Chime Credit Builder Card. The card offers a convenient way to revive your credit, but if you’ve been wanting to start strong with your credit, this is also the perfect card to start with.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
