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Chime — the financial technology company behind the Chime Secured Credit Builder Visa® Credit Card — has reworked the product’s design and name, while also adding the opportunity to earn rewards.
Now called simply the Chime Card™, it’s still a secured card and will retain its key credit-building features: There’s no credit check, no APR and no minimum security deposit required, and the card will continue to report to all three major U.S. credit bureaus. But unlike its predecessor, the Chime Card™ will earn an uncapped 1.5% cash back on rotating quarterly categories for cardholders who set up direct deposit into their Chime Checking Account. (You still must have a Chime Checking Account to get a Chime credit card.)
The categories that qualify for rewards will change every three months, and members will be able to view those eligible categories in the Chime app. Rewards will be paid out weekly. Spending in other non-qualifying categories won’t earn rewards.
Chime says existing holders of the original Chime Secured Credit Builder card may opt to keep their card or upgrade to the Chime Card™. Any credit history that has been built with the Chime Secured Credit Builder card will carry over to the Chime Card, and the card number will stay the same, the company says.
What else is changing?
Holders of the Chime Card™ will also get a 3.75% APY on their Chime savings account balance. The interest rate drops to 1.25% without direct deposit.
In addition, Chime has streamlined the card management experience. The previous version of the card requires holders to transfer money from their Chime Checking Account to their Chime secured account whenever they want to increase their credit limit. The updated Chime Card™ eliminates this process; instead, cardholders will see within the Chime app a single number that represents the total balance between the Chime Checking Account and the Chime Card™.
With the card refresh, Chime is also extending its MyPay program to holders of the Chime Card™. MyPay offers paycheck advances to eligible cardholders, up to $500 per pay period. Advances within 24 hours are free; instant advances cost $2. Advances are automatically paid from the next direct deposit.
What’s staying the same?
As is the case with the Chime Secured Credit Builder card, payments to the Chime Card™ are made from your required Chime Checking Account. Payments may be made manually or automatically using Chime’s Safer Credit Building feature.
Statement balances that aren’t paid within 24 days after the statement is issued will result in the Chime Card being paused until the full balance is paid off.
Chime says the following:
The Chime Card™ is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
To apply for Credit Builder, you must have an active Chime® Checking Account.
Based on a representative study conducted by Experian® in January 2024, members who made their first purchase with the Chime Card™ between June 2022 and October 2022 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.
On-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.
Money added to the Chime Card™ will be held in a secured deposit account as collateral for your Chime Card™, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
SpotMe® on the card is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card™. To qualify for the SpotMe service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical secured Chime Card™ or Chime Visa® Debit Card. Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe won’t cover non-card transactions. SpotMe Terms and Conditions.
