Secured Chime®Credit Builder Visa® Credit Card review 2024: A great starter option to build credit
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BLUEPRINT
Updated 6:35 a.m. UTC Dec. 8, 2023
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The Secured Chime® Credit Builder Visa® Credit Card is a fantastic option for building your credit scores with no annual fees, no minimum security deposit² and no credit check required.
Why trust our credit card experts
Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 35+ cards analyzed.
- 6 data points considered.
- 5-step fact-checking process.
Secured Chime® Credit Builder Visa® Credit Card
Secured Chime® Credit Builder Visa® Credit Card basics
- Annual fee: $0.
- Welcome bonus: None.
- Rewards: None.
- APR: None.
- Other perks and benefits: None.
- Does it report to all three credit bureaus? Yes.
- Does the issuer offer a preapproval tool? No credit check to apply.
- Recommended credit score: None required.
About the Secured Chime® Credit Builder Visa® Credit Card
A secured credit card is a great option to grow your credit score when you don’t qualify for other credit cards. The Chime Credit Builder³ is a fantastic choice for this as it has no annual fee, doesn’t charge interest¹ and there’s no credit check needed.
The only requirement to apply is that you need a Chime® Checking Account that has a qualifying direct deposit of at least $200 per month to apply³. From this checking account you will move any amount of your choosing into your Credit Builder Secured account as a security deposit and this amount will determine your credit line. Many other secured cards require minimum deposits of $200 or more, so this flexibility from Chime to choose your deposit amount is a major perk for cardholders who may be tight for cash or unwilling to fork over a big deposit. Once your card is set up, you’ll be able to spend up to the amount of your deposit anywhere that Visa cards are accepted.
Every month you can pay off your balance with the money in your secured account. You can either do this manually, or turn on “Safer Credit Building”⁴ to automatically pay your balance in full each month. Those on-time payments are then reported to the three major credit bureaus, which can increase your credit score over time⁴.
This card doesn’t come with any rewards, points or any other meaningful perks. Instead, this card’s defining feature is to help you rebuild or improve your credit scores. For those unable to qualify for an unsecured credit card, this card can help you get your credit standing on track.
Pros
- No annual fee.
- No interest fees¹.
- No credit check to apply.
- No minimum security deposit².
- On-time payments reported to the three major credit bureaus to boost your credit score⁴.
Cons
- Applicants must open a Chime® Checking account and receive at least $200 in direct deposits.
- No rewards.
- No upgrade path to an unsecured card.
Secured Chime® Credit Builder Visa® Credit Card APR
The Chime Credit Builder doesn’t charge any interest fees¹, and requires you to pay off your balance in full every month. They offer an optional program called “Safer Credit Building”⁴ that allows automatic payments using money from your Credit Builder secured account to pay off your balance. This will prevent you from paying late or missing a payment.
How the Secured Chime® Credit Builder Visa® Credit Card compares to other credit-building cards
Secured Chime® Credit Builder Visa® Credit Card vs. Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is another secured card for growing your credit. Similar to Chime there is no annual fee but you can carry a balance from month-to-month. But in exchange for doing so, you’ll incur a hefty 29.99% variable APR on purchases and balance transfers. Plus the Capital One Platinum Secured Card requires a minimum security deposit of either $49, $99 or $200 to get a $200 opening line of credit (the amount you’re required to deposit will be based on your creditworthiness when you apply). Although you can check to see if you’re preapproved for the card, once your application is accepted, the issuer will do a hard credit check which can temporarily ding your score a few points. Also unlike Chime, the card offers an automatic upgrade path to their unsecured Capital One Platinum Credit Card * The information for the Capital One Platinum Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. with good payment behavior over time.
Secured Chime® Credit Builder Visa® Credit Card vs. Discover it® Secured Credit Card
The no-annual-fee Discover it® Secured Credit Card is a rare find among secured cards in that it earns rewards on your spending. With this card you’ll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases plus it comes with a unique welcome bonus: Discover will automatically match all the cash back earned at the end of the first cardmember year.
Although the Discover it® Secured Credit Card has a minimum opening deposit of $200, you have the option to occasionally carry a balance should you need to do so. And, starting at seven months, Discover will review your account to see if you qualify to have your deposit returned to you and your account converted to an unsecured one. That’s something the Chime Credit Builder doesn’t offer.
Secured Chime® Credit Builder Visa® Credit Card vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card * The information for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card * The information for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (issued by WebBank) doesn’t require a security deposit, but it is aimed at those new to credit or anyone seeking to build up their credit score. There is no credit check or security deposit required. Instead, Petal analyzes your overall financial behavior based on your banking history and other financial factors. There’s no annual fee and the card earns 1% cash back right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Plus, earn 2% to 10% cash back at select merchants. Petal 2 offers eligible cardholders a credit limit ranging from $300 up to $10,000 – that’s an unusually high potential credit limit for a card designed for those with limited credit history.
Should you get the Secured Chime® Credit Builder Visa® Credit Card?
The Secured Chime® Credit Builder Visa® Credit Card is a great choice for those working on their credit who need built-in guardrails to make their payments in full and on time. Unlike other cards aimed at those with thin credit files, the Secured Chime® Credit Builder Visa® Credit Card doesn’t require a credit check to get started and has no annual fee, charges no interest¹ and has no minimum security deposit² requirement – all of these are attractive attributes to anyone wanting to get a first start or a fresh start on their credit journey. If you don’t mind the Chime checking account requirement, this card can be an excellent tool to help improve your credit score.
Secured Chime® Credit Builder Visa® Credit Card summary
Methodology
Our credit cards team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. Factors we considered when we developed our rankings included:
- Annual fees.
- Any other fees, like account opening fees, monthly maintenance fees or credit limit request fees.
- If the card earned any rewards and/or a welcome bonus
- If the card requires a security deposit.
- If the card requires a credit score to apply.
Frequently asked questions (FAQs)
You can spend up to as much as you have deposited into the Chime Credit Builder secured account. However, the maximum limit you can have on the card is $10,000. You can increase or decrease your credit limit by changing the amount you have on deposit.
The average Chime member sees a 30 point increase after approximately eight months, according to Chime, though this varies based on how often the card is used, if payments are made on time and other credit factors outside of the card⁵.
You can qualify for the Secured Chime® Credit Builder Visa® Credit Card if you have a Chime Checking account that has a qualifying direct deposit of at least $200.
Once you open the credit card account you move money from your Chime checking account into the Credit Builder secured account. Your credit limit on your card will be equal to your Credit Builder secured account balance.
Once established, you can use the card anywhere Visa cards are accepted and spend up to the amount that was deposited. Each month, you can use that deposit to pay off your balance. Chime will then report your payment activity to the three major credit bureaus, which will help build your credit profile.
*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
¹Out of network ATM withdrawal and over the counter advance fees may apply. See here for details.
²Money 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.
³To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime 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.
⁴On-time payment history may 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.
⁵Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
*The information for the Capital One Platinum Credit Card, Capital One Platinum Secured Credit Card and Petal® 2 “Cash Back, No Fees” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
