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What is the Chime Credit Builder Card?

by Maria James
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Chime Credit Builder Card aims to help users create a credit score, a score that briefly tells a lender how well you’ve managed your credit in the past and can help predict how responsibly you’ll use credit in the future.

Chime Credit Builder Card works by adding users as authorized users on someone else’s Chime Mastercard account. Chime lists who’s been added to its users’ accounts, so lenders can see that Chime users have other lines of credit.

Chime Credit Builder Card reports your payment activity to the 3 major consumer reporting bureaus (Transunion, Equifax and Experian) on a monthly basis.

Chime does not report Chime Credit Builder Card information to agencies until you are no longer an authorized user on someone else’s Chime account.

Chime is very transparent in its reporting, which is unusual in the credit card industry. The Chime Credit Builder card offers the ability to build credit scores with no annual fee or late fees for most users; Chime also waives the initial $25 setup fee for people with low credit scores (640+ FICO).

How does the Chime Credit Builder card work?

Chime requires you to sign up when adding users: current Chime users or non-users. You can add authorized users for free up to a total of 3 users at a time.

The authorized user will begin reporting their payment activity to the three major credit bureaus once they receive an email with their new card.

Payment activity for Authorized Users will continue to be reported as long as they remain an Authorized User on someone else’s Chime account.

Chime Credit Builder Card helps you build a credit score by reporting your payment activity, without affecting it.

Chime Credit Builder Card is free and there are no monthly fees or hidden costs. Offers the ability to generate credit scores with no annual fee or late fees for most users; also waives $25 initial setup fee for people with low credit scores (640+ FICO).

Chime Credit Builder Card is a real card accepted where Mastercard is accepted. All payments are processed with Mastercard, so you can use it to book flights, shop online, etc.

Chime Credit Builder Card Pros and Cons:

Pros:

No credit check:

Chime does not check your credit score. The Chime Credit Builder Card is approved even if you don’t have an established credit history.

No minimum security deposit:

Chime does not require a security deposit. The Chime Credit Builder card is an unsecured card.

No application fee:

Chime does not charge an application fee when you apply for a Chime credit builder card.

No annual fee:

Chime does not charge an annual fee for Chime credit generator cards. The Chime Credit Builder Card gives you the ability to build your credit without paying an annual fee.

Cell Phone Protection

Chime provides cell phone protection when you make purchases with the Chime Credit Builder Card. Chime Credit Builder Card users can call Chime if they lose their phone, Chime will help users get a temporary card.

No late fees:

Chime does not charge late fees for Chime credit generator cards.

APR without penalty:

The Chime Credit Builder Card carries the same interest rate at all times. Chime has no penalty APR. Chime Credit Builder card users can call Chime if they miss a payment and Chime will extend the payment due date.

Cons:

No rewards program:

Chime does not offer a rewards program as the Chime Credit Builder Card is for building credit only.

No cash back:

Chime does not offer cash rewards because the Chime Credit Builder card is only for building a credit score.

No Introductory APRs:

Chime Credit Builder Card does not offer an introductory APR.

You must have a Chime account:

The Chime Credit Builder card is only available to Chime account users. Users must have a Chime bank to apply for a Chime Credit Builder Card.

Must have social security number:

The Chime Credit Builder card requires a valid social security number.

 

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