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Chime Credit Builder Secured Visa® Credit Card review: Build credit your way

Ben Luthi
Updated 7 min read

The Chime Credit Builder Secured Visa Credit Card departs from standard features that make secured credit cards difficult and expensive. With no credit check when you apply and a flexible deposit requirement, you'll have an easier time building credit on your own terms. That said, the card doesn't offer rewards.

  • Annual fee: $0

  • Welcome offer: None

  • Rewards: None

  • More details: Requires a Chime checking account with monthly direct deposits totaling $200 or more

The Chime credit card doesn't charge interest

The Chime credit card doesn't charge an annual fee

Traditional secured credit cards require an upfront security deposit — usually a minimum of $200 to $300 — which the card issuer uses as collateral for your line of credit. You can't use the funds to pay your balance, and in many cases, you can't get the money back unless you close your account.

With the Chime Credit Builder Secured Visa Credit Card, there's no minimum security deposit, and the funds you transfer to your Credit Builder account are used to pay down your balance. Chime reports payments to all three credit bureaus.

To increase your spending power with the card, simply deposit more cash. Each time you make a purchase, the amount will be put on hold in your secured account, and Chime will tell you how much you have available to spend.

  • No credit check: Unlike most credit cards, the Chime credit card doesn't require a credit check when you apply, so there's no need to worry about negative marks on your credit reports. That said, you do need a Chime checking account with monthly direct deposits totaling $200 or more to qualify.

  • No late fee: Chime doesn't charge a late fee if you miss a payment. However, the card issuer will disable your account until you pay your bill, and missing a payment by 30 days or more will still damage your credit.

  • Cash access: Just like a debit card, the Chime credit card allows you to withdraw cash from your secured account at more than 60,000 ATMs with no fee. Out-of-network ATM withdrawals are subject to a $2.50 fee. Just keep in mind that withdrawing money will reduce your spending power.

  • Move My Pay feature: You can manually transfer money to your secured account, or you can use the Move My Pay feature to automatically transfer a portion of your paychecks received in your Chime checking account.

Check out Yahoo's no. 1 pick for the best secured credit card

The Chime credit card is worth considering if you're new to credit or you have major negative marks on your credit reports, such as bankruptcy or foreclosure. It's also a good fit for people who want more flexibility with their security deposit, including no minimum requirement and ready access to your deposit funds.

Finally, you should consider the Chime card if you're worried about the risks of credit card interest — traditional secured credit cards are notorious for charging high interest rates.

That said, if you want a card that offers rewards, research and compare other card options before you apply.

  • No credit check required: If you've recently declared bankruptcy or had a bankruptcy discharged, you may have a hard time getting approved for credit, even with a traditional secured card. With the Chime credit card, however, you don't have to worry about a credit check at all.

  • Flexible deposit: The card's deposit rules give you control over your spending power and access to your funds. While there are some other cards that offer similar features, you won't find that level of flexibility with traditional secured credit cards.

  • Doesn't report credit utilization: Your credit utilization rate — how much of your credit limit you're using — is an important factor in your credit score, and because secured credit cards typically have lower limits, it's easy to rack up a high utilization rate, which can damage your credit. Chime, on the other hand, only reports your payments, so you don't need to worry about hurting your credit by using up all of your available funds.

  • No rewards: The Chime credit card doesn't offer a welcome bonus or rewards on your everyday purchases. If you're willing to make some trade-offs, another secured card that offers rewards may be a better fit.

  • Requires a Chime checking account: If you're not interested in moving your banking over to Chime, you won't be eligible to apply for the card. Even if you want to set up a Chime checking account just to have the card, you'll need to meet the $200 direct deposit requirement. What's more, you can't move money to your secured account from any other bank.

  • No upgrade option: Some other traditional secured credit cards give you the chance to upgrade your account to an unsecured card. If you want that option, Chime may not be the right fit.

As a Visa, the Chime credit card can be used anywhere Visa is accepted, which is just about everywhere, both within the U.S. and abroad. The card also doesn't charge a foreign transaction fee, making it a good option for overseas travel.

The only way to make a payment on the card is online. You can set up automatic payments with the Safer Credit Building feature or pay manually using your Chime checking account or an external bank account.

If you're not sure about whether the Chime credit card is right for you, or you simply want to compare other options before you apply, here are some to consider.

Why we like it: The Capital One Quicksilver Secured Cash Rewards Credit Card can be a good option if you want to earn rewards on your everyday spending. The card offers 1.5% cash back on every purchase you make. The minimum security deposit is $200, but you can be considered for an unsecured credit line increase in as little as six months and also qualify for an upgrade to an unsecured Quicksilver card with responsible use. There's also no annual fee.

Read our full review of the Quicksilver Secured Cash Rewards card

Why we like it: If you want to minimize your deposit, the Capital One Platinum Secured Credit Card is worth considering. The card gives you a $200 credit limit with a minimum deposit of $49, $99 or $200, depending on your creditworthiness. It also has the same unsecured credit line increase and upgrade opportunity as the Quicksilver Secured card, and it doesn't have an annual fee. But like the Chime credit card, it doesn't offer rewards of any kind.

Why we like it: Like Chime, OpenSky doesn't require a credit check to get approved for the OpenSky® Secured Visa® Credit Card. You don't even need a checking account, which is rare for secured cards. Plus, you can earn up to 10% cash back on everyday purchases. The card's minimum deposit requirement is $200, but there's no option for an upgrade, so you need to close the account to get your money back. The card also charges a $35 annual fee, so it's really only worth it if you don't have access to a checking account.

This article was edited by Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers.