The secured Chime Visa® Credit Card

In the world of secured credit cards, navigating your options can feel like searching for a needle in a haystack. It’s crucial for you to understand how secured credit cards work if you’re committed to building or rebuilding your credit.

Among your card options, The secured Chime Visa® Credit Card is a noteworthy choice, with unique features that set it apart from the competition. We review it and three top alternatives to help you decide if the Chime approach makes sense for your circumstances.

• The secured Chime Visa® Credit Card may catch your eye if you’re on the lookout for ways to build or rebuild your credit.¹ It stands out by not charging annual fees and not having a minimum security deposit⁴, making it an accessible choice.
• You must have a Chime Checking Account with $200 in qualifying direct deposits to apply for The secured Chime Visa® Credit Card.² You set your own credit limit by moving money from your Chime Checking Account to your Credit Builder Secured Deposit Account. Unlike other secured credit cards, Chime lets you use that money to pay off your monthly balances.
• It’s worth noting that this card doesn’t offer rewards. You may see this as a downside if you’re someone who values cash back or points. The card keeps its eyes on the prize by empowering you to improve your credit with consistent on-time payments, which means it doesn’t include some of the bells and whistles of other cards.

The process of qualifying for the card is refreshingly straightforward, especially when compared to some other credit-building options.

You must be a US citizen or resident, 18 or older. You will have to provide your first and last name, physical home address, date of birth, phone number, email address, and a valid Social Security number.

Before you can apply for the card, you must have a Chime Checking Account.² If you don’t already have one, you’ll need to apply for it. Chime’s sign-up process is typically quick and user-friendly, often requiring just basic personal information and verification.

Chime requires you to receive a direct deposit of at least $200 per month to qualify to apply for its secured card. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer. The money must arrive via an Automated Clearing House (ACH) or Original Credit Transaction (OCT) — other deposit delivery methods do not qualify.

Once you meet the direct deposit requirement, Chime may send you an invitation to apply for The secured Chime Visa® Credit Card. This invitation indicates that you’re eligible to move forward with the card application. You can apply by following the instructions that Chime provides. The application process is simple and quick, reflecting Chime’s overall approach to banking.

Applying for the card does not involve a credit check. This means that your application won’t impact your credit score (if you have one), and your approval odds don’t depend on your credit history.

If you have a qualifying Chime Checking Account and would like to apply, you can access the application on Chime’s website by clicking the Apply Now button below:

All credit cards have their pros and cons, and The secured Chime Visa® Credit Card is no exception. You need to weigh its advantages against its disadvantages to form a balanced opinion on whether the card is right for you.

Benefits

The card’s benefits include:

• • No annual fee or interest charges³: You won’t have to worry about yearly fees cutting into your finances or interest piling up on your purchases.

• • Fee-free ATMs⁵: You can use the card fee-free at more than 60,000 MoneyPass ATMs (in 7-Eleven, Walgreens, CVS Pharmacy, Circle K stores, and other locations) or any Allpoint or Visa® Plus Alliance ATMs. However, out-of-network ATM withdrawal and over the counter advance fees may apply. You can find nearby in-network ATMs online or via the Chime mobile app.

• • No credit check for application: Applying for this card doesn’t require a hard credit inquiry, which means your application won’t impact your credit score.

• • Flexible credit limit: You determine your credit limit by the amount you transfer from your Chime Checking Account to the secured deposit account of your The secured Chime Visa® Credit Card. This gives you the freedom to set flexible limits that work with your budget and financial goals.

• • Helps build your credit¹: By reporting your payments to all three major credit bureaus — Experian, TransUnion, and Equifax — the card can help you build a credit history when you consistently pay on time.

• • Does not report credit utilization: Chime does not report your credit utilization ratio (i.e., credit used / credit available) to the credit bureaus, which can protect your credit score against the potential damage from high utilization. This feature allows you to focus on building credit without worrying that the balance you’re carrying will affect your score.

• • Automatic payments feature: The option to set up automatic payments from your secured account ensures you can make timely payments, a key factor in improving your credit score.

• • No minimum security deposit required⁴: Unlike traditional secured credit cards, you don’t need to put down a hefty security deposit to get started.

• • Safer spending with your own money: Since your spending limit is the money you transfer to your secured account, you’re essentially using your own funds, reducing the risk of accumulating debt.

These benefits highlight Chime Credit Builder’s support of financial empowerment and responsible credit use, making it a potentially valuable tool for those looking to improve their credit scores.

Drawbacks

While the card offers several benefits, it’s important to consider its disadvantages to get a full picture:

• • Limited to Chime Checking Account customers: To apply for the card, you need to have a Chime Checking Account and meet specific requirements, such as receiving a qualifying direct deposit², an arrangement which may not suit everyone.

• • No rewards or cash back: Unlike many credit cards, The secured Chime Visa® Credit Card does not offer rewards points, cash back, or other perks that add value to your spending.

• • Requires active management: The flexibility to set your own credit limit by depositing money means you need to actively manage your account and ensure sufficient funds are available to cover your purchases and cash advances.

• • No traditional credit line: Since your credit limit reflects the amount you transfer to your Credit Builder secured deposit account, you don’t have access to a conventional credit line offered by banks. This arrangement may limit your purchasing power if you’re unable to transfer substantial amounts.

• • Limited functionality: The issuer designed the card primarily for building credit¹ and does not offer some of the features and benefits associated with more traditional credit cards, such as purchase protection or travel insurance.

Understanding these disadvantages is crucial in deciding whether The secured Chime Visa® Credit Card supports your financial requirements.

The following secured credit cards differ from The secured Chime Visa® Credit Card in significant ways — two of them offer purchase rewards. You will want to compare them against the Chime card to find the best addition to your wallet.

The Capital One Quicksilver Secured Cash Rewards Credit Card is one of the best secured credit cards available due to its cash back rewards on all eligible purchases and lack of an annual fee.

But the card’s minimum credit limit is $200, which is higher than that of Chime’s. The maximum amount you can deposit varies between $1,000 and $3,000, depending on your credit profile. Capital One reviews your account after six months to determine whether you qualify for a higher credit line without an additional deposit.

The opensky® Secured Visa® Credit Card lets you deposit up to $3,000 and get a matching credit limit. It charges a $35 annual fee but a relatively low APR.

The card issuer applies your deposit toward your balance if you exceed your credit limit, fail to make timely payments, or do anything else that violates the terms of the cardholder agreement. The issuer will refund your deposit minus any amount owed to the bank within eight weeks if you close your account.

We sourced reviews from real cardholders to get their takes on the card. Editor’s note: Reviews have been slightly edited for grammar and spelling.

ThatABXYOGdude is a Reddit contributor who likes their The secured Chime Visa® Credit Card:

“You hear so much back and forth with Chime. My experience for the last three years is perfect … I used nothing but the Credit Builder card. I went on a couple of trips, and now my credit is 800+. I got it verified at a car dealership when I bought a car — he confirmed it, and I got a really good deal…I have no complaints with Chime, even the few times I got charged an out-of-area ATM fee. It took 10 minutes on the phone to get the money back. I, at this point, highly recommend them.”

Jxenvyx found the card to be ineffective:

“I’m going to be honest and say there are better alternatives. When I applied for a home mortgage and had my credit looked at, I was told that this Chime card didn’t look good or count in their eyes because there was no limit, no utilization rate, and basically did nothing to show I was using my credit “responsibly” since it was more like a debit card.”

Big_Nerv7239 said the card helped his credit improve:

“I have used Chime credit builder for 1.5 [months], and it made my credit go up 73 points. I’m really happy with it so far.”

Many online contributors reported confusion about how The secured Chime Visa® Credit Card works. Although the Chime website provides comprehensive information, it takes some effort to find and decipher.

The credit limit logistics on The secured Chime Visa® Credit Card are unique because you can manage the amount dynamically. Chime doesn’t pre-set a limit. However, the Credit Builder account has a maximum limit of $10,000.

Your limit depends on the amount of money you transfer from your Chime Checking Account into your Credit Builder secured account. This means if you transfer $200, your credit limit is $200. If you transfer $1,000, then your limit becomes $1,000. This approach allows you the flexibility to adjust your credit limit based on your financial situation.

This arrangement helps you manage your spending and ensure you’re only charging what you can afford to pay back. It’s a nice feeling knowing that you are limiting your risk of overspending or accruing high-interest debt.

The secured Chime Visa® Credit Card is indeed a real credit card. Chime’s bank partners, Stride Bank, N.A., or The Bancorp Bank, N.A., issue the card pursuant to a license from Visa® U.S.A. Inc. You can use it anywhere merchants accept Visa® credit cards.

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. Credit Builder card issued by The Bancorp Bank, N.A. or Stride Bank, N.A.

What sets the card apart is its focus on assisting people in establishing or repairing their credit. To get this card, you must provide a cash deposit, which serves as a form of collateral to secure a credit limit that you determine.

This card can be a viable option if you want to establish or enhance your credit history. It provides a practical way to access credit as you work toward a higher credit score and a more robust credit history.

Always paying your credit card bill monthly, and on time can help you establish or rebuild your credit. Delinquent payments (i.e., overdue by 30 or more days) can harm your credit score.

Chime reports your payments to the three major credit bureaus (TransUnion, Experian, and Equifax). These reports impact your credit, but the effect may vary as each bureau independently determines your FICO^® Score and VantageScore numbers.

Unlike other credit cards, Chime doesn’t report your credit utilization ratio to the credit bureaus. The reason is that the card has no pre-set spending limit — you determine the limit by funding your secured deposit account.

Yes, you must first establish a Chime Checking Account before you can apply for The secured Chime Visa® Credit Card.² 

The money you transfer from your Chime Checking Account to your Credit Builder secured deposit account determines your credit limit. This means you’re essentially using your own funds as collateral, which secures the credit line.

It’s a clever twist on the traditional secured credit card model, where you’d typically deposit a fixed amount to set your limit. Here, the flexibility allows you to adjust your credit limit based on how much you transfer, giving you control over your spending limit in a very tangible way.

At the same time, the money you’ve transferred to secure your card isn’t just sitting there. When it comes time to pay off your credit card balance, you can use the funds in your Credit Builder secured account to cover your payments. This setup streamlines the process, making it easier for you to manage your payments and ensure you’re spending within your means.

This dual functionality underscores the card’s design to support responsible credit use and financial health. By matching your spending with what you can afford to set aside as collateral, you can develop creditworthy habits to boost your credit score.

You can manage your account online or through the Chime mobile app. These sources let you check your account status, balance, due dates, payment history, and other information.

You can use your card to make purchases in-store, in-app, or online up to your available deposit balance. You can also access the account to deposit, transfer, or withdraw money.

Chime imposes limits on the dollar amount of your card transactions (i.e., purchases and cash advances). The daily dollar limit is the lesser of your Available to Spend Amount and $10,000.

You can’t use the card for purchases or withdrawals until you fund it. Your card’s initial credit limit will be $0. To increase your limit, you must activate your card and make a deposit to your Credit Builder secured account. Your credit limit will depend on the amount you deposit.

Chime offers its optional Safer Credit Building¹ feature to ensure on-time payments. When you turn the feature on, Chime uses funds in your secured account to pay off your purchases. Safer Credit Building uses that money to pay your monthly balance automatically. This will help you avoid late payments and outstanding balances.

The secured Chime Visa® Credit Card has features that are unique within the secured credit card sector. Chime optimized the card for credit building rather than rewards or benefits. The card has no pre-set spending limit since your current deposit balance determines how much you can spend, much like a debit card.

The following chart summarizes the difference between The secured Chime Visa® Credit Card and traditional secured cards:

	The secured Chime Visa® Credit Card	Traditional Secured Card
Security Deposit Requirement	A security deposit serves as collateral and secures your credit limit	A security deposit secures your credit limit
Credit Building Focus	Designed with a primary focus on building or rebuilding credit	Aims to help improve credit but may not have specific credit-building features
Reporting to Credit Bureaus	Reports account activity to major credit bureaus, aiding credit history improvement	Typically reports to credit bureaus, assisting with credit score enhancement
Utilization Reporting	Does not report credit utilization, which can affect credit score calculations	Usually reports credit utilization, which will affect credit score calculations
Minimum Credit Limit	Does not have a minimum credit limit, offering flexibility based on your deposit	Traditional secured cards have a minimum credit limit, limiting flexibility
Flexible Credit Limits Based on Deposits	Allows you to increase your credit limit by adding to your secured deposit account without requiring a new application	Credit limit increases on traditional cards may require a separate application and additional deposit
Interest and Late Fees	Does not charge interest3 or late fees, making it cost-effective	Traditional cards charge interest and late fees, increasing overall costs
Access to Traditional Banking Services	Provides access to a mobile banking platform with various features	It may not include additional banking services
Availability	Available through Chime, an online banking platform	Offered by various banks and financial institutions
Credit Check Requirement	Does not require a credit check during the application process	Traditional secured cards often involve a credit check as part of the approval process

The secured Chime Visa® Credit Card’s laser-like focus on credit-building makes it the perfect choice for some consumers but inappropriate for others who want cash back or points.

The card is a good option if improving your credit is at the top of your list, offering a straightforward method to boost your financial well-being regardless of your current credit situation.

The following consumers may want to own The secured Chime Visa® Credit Card:

• • Individuals with limited or poor credit history: This card can help you start building or rebuilding your credit if you have a limited credit history or a poor credit score.¹ Since it doesn’t require a credit check, it’s accessible to those who may not qualify for traditional credit cards.

• • Credit builders: Anyone actively working to improve their credit scores can benefit from this card. It reports to all three major credit bureaus, helping you establish a positive payment history over time.

• • Budget-conscious consumers: It has no annual fees and doesn’t charge interest.³

• • Flexible credit needs: The card’s flexibility in credit limits relies on your deposits into the secured account. You can manage your limit as your financial situation changes.

• • Chime online banking users: If you’re already using Chime’s online banking platform, The secured Chime Visa® Credit Card integrates seamlessly with your account, providing a convenient financial solution.

While The secured Chime Visa® Credit Card has its advantages, it may not be the optimal choice for consumers with poor credit. We suggest you compare it with the three reviewed alternatives to see which secured card provides the best fit for your lifestyle and needs.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The secured Chime Visa® Credit 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.

¹ On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

² Out-of-network ATM withdrawal and over the counter advance fees may apply.

³ Money added to Chime CardTM 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.

⁴ With a qualifying direct deposit, earn 1.5% cash back on eligible secured Chime Visa® Credit Card purchases.

About the Author

Eric Bank

Finance Writer

Eric Bank is an M.B.A. who has covered financial and business topics since 1985. He has contributed regularly to Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org, and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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