What is Chime Credit Builder Credit Card? Use, Features, Benefits
Needless to say that Chime online bank offers the best and safest way to send and receive money in the US. What also best is that Chime also offers a smart credit builder credit card. Now many of you might be wondering- what does it mean? Don't worry, I am here to help you. When I realized that not every Chime user is familiar with the Chime Credit Builder Credit Card, I thought it would be a good idea to write on this topic. To help you understand all about it, I am going to answer some of the most common questions.
There is no doubt that the Chime Visa's credit card is a convenient product that you can make fast payment where Visa is acceptable. From gas to groceries, you literally can purchase almost everything with ease of mind, but there is a catch. Before you apply for your first credit card on Chime, I recommend you to have a quick look at its bright and dark side. To make sure you don't have to regret your decision, let's start with some basics.
What is the Chime credit builder card?
Does Chime offer a credit card? Yes, Chime has named its credit card as a credit builder card. Why? Because apart from allowing hassle-free payments, it helps the cardholders to build up an appropriate credit score. You might have an idea about the importance of having a flawless credit score. With a good credit score, you can apply for loans, get multiple credit cards, buy property, and do more with ease of mind at the lowest interest rate.
So, just imagine, you are spending money hassle-freely and at the same time, you are making things easier for your future. That's not all there are a few more benefits of using Chime Visa credit cards such as it is free to obtain, set up, and use. Also, there are no APR fees, monthly, and yearly charges. More importantly, you can get this card without any credit check and use it without a minimum security deposit. Does it sound good? If yes, what are you waiting for? Apply for it today. Find more information in the section.
How does the Chime credit builder credit card work?
The working principle of the credit builder card is quite simple. Anyone who is a certified user of Chime can get it and use it. But, in order to activate, you will have to link it with your Chime spending account. If you don't know, be informed that the Chime Spending Account is a mobile-friendly checking account. Exactly what you have to do is first transfer your money to your Chime credit card where it will remain as collateral. And then, you can use your deposited money as you wish in just one swap. You can make instant payments, pay bills, and charges effortlessly.
The best part of the Visa credit card on Chime that I have also liked is that in response to every transaction and purchase, Chime reports the activity to Experian, Equifax, and TransUnion. These are the multinational consumer credit reporting companies who are responsible to collect, maintain, and share the data related to the credit score. To make sure cardholders always get the appreciable credit rating, Chime lets the user enable the "Safe Credit Building" feature to make sure payments are always done on time.
How can I apply for a credit builder card on Chime?
Remember that only those users who have enabled Chime direct deposit and Spending Account, only they are eligible to get the credit card on Chime. Also, users are required to receive at least $200 within a period of 45days.
Moreover, Chime credit builder credit card is a new service that is not fully operational. Maybe you will feel bad, but the fact of the matter is that you have to wait to get your hands on a Chime credit card. Why? because according to the latest updates and policy of Chime, anyone who wants to apply for a credit-builder Visa credit card, he/she can join the waitlist.
Once you get enrolled in the waitlist, soon you will get a brand new credit card on Chime. The following are the steps to follow to apply for waitlisting on Chime.
- First, log in to your Chime account.
- Now press the "Setting" button available at the home screen.
- Then, scroll down and pick up the "Credit Builder Card" from the drop-down menu.
- Further, select the "Get Early Access" tab.
- Finally, to register yourself, tap the "Join the Waitlist" tab.
Important Note: To decrease the waiting time, you can refer your friends to Chime. The more you refer, the earlier you will get your card.
What is the Chime credit card limit?
You might like to know about the limit of the Chime Visa Credit Card. Here is the reality: as of now by Sep 2020 Chime has not imposed any limit. But, one thing is clear on Chime is that there will be no kind of issue related to using a high percentage of your total available limit in your card. Without any restriction and adverse effects, you can spend all deposited money in your Chime Credit Builder Credit Card.
Bottom Line
That's the end of today's lesson: Chime Credit Builder Credit Card features, use, and benefits. However, it is too early to say whether people will like it or not as it has not become accessible. But, one thing is clear, in comparison to using a traditional debit card, using a Chime credit card can be more beneficial. To discuss more on this topic, you can contact us. My team loves to know what our readers have to say.