How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.If you have Limited / Poor / Fair credit, the Secured Chime Credit Builder Visa® Credit Card could be a good option to help you build credit without incurring fees or interest**. That said, you can only get the card if you have a connected Chime bank account, as well as a $200 cash deposit.
You should know that Chime is not a bank: It’s a financial technology company that helps build savings by rounding up transactions made with your debit card and transferring the extra change from your checking to your savings account. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A. In addition, the Secured Chime Credit Builder Visa® Credit Card has a unique credit limit and payment structure, which we’ll discuss below.
The Secured Chime Credit Builder Visa® Credit Card is a solid option as a last resort. But if you’d prefer the simplicity of a traditional credit card that offers rewards, we encourage you to check out alternative credit-building cards.
How much does it cost to own?Intro Purchase APR
N/A
Regular Purchase APR
N/A
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$0
Cash Advance Fee
$0 when you use any of the 60,000+ in-network ATMs
Foreign Transaction Fee
$0
Balance Transfer Fee
N/A
Doesn't have a minimum deposit amount*
Traditional secured credit cards typically require a minimum security deposit of $200, which serves as your line of credit. But with the Secured Chime Credit Builder Visa® Credit Card, there is no minimum deposit.
Instead, you’ll set your available credit limit by depositing the amount of your choosing into your Credit Builder account. You can then spend up to that amount on your card. You can also use your deposit to pay off the card. If you do the latter, you’ll need to add additional funds to your account to increase your available spending balance.
No annual fee, late fees or foreign transaction fees
Some credit cards that are geared toward building credit come with a spectrum of fees, including setup fees, monthly maintenance fees and annual fees. But the Secured Chime Credit Builder Visa® Credit Card doesn’t charge any of those fees. It also doesn’t charge late fees or foreign transaction fees.
Doesn't charge interest**
Interest charges can add up quickly and easily defeat the best-laid plans for building credit. Fortunately, the Secured Chime Credit Builder Visa® Credit Card doesn’t charge interest, mostly because it works differently than traditional credit cards.
With a regular credit card, you’re essentially borrowing money every time you use your card. If you don’t pay your balance off in full each month, you’ll be subject to interest charges (unless the card has a 0% intro APR offer).
But with the Secured Chime Credit Builder Visa® Credit Card, you can’t spend more than what’s available in your account. And since you’re not rolling over a balance on your card from month to month, you won’t incur interest charges.
No credit check required
The Secured Chime Credit Builder Visa® Credit Card doesn’t require a credit check for approval. This can be especially helpful if your credit is too poor or limited to be approved for a traditional credit card — or even a secured card.
Builds credit with all three bureaus***
When you’re looking for a credit card to build credit, finding one that reports to the three major credit bureaus — Experian, Equifax and TransUnion — is extremely important. That way, your responsible card usage (paying on time, for example) will be reflected on your credit report and help boost your credit profile.
No preset spending limit
Unlike many traditional credit cards, the Secured Chime Credit Builder Visa® Credit Card doesn’t have a preset spending limit. Instead, the amount you’re able to spend is dependent upon the amount you transfer to your Credit Builder account.
Chime account and direct deposit required
You’ll need to have a Chime checking account and qualifying direct deposits of $200 or more to be eligible for the Secured Chime Credit Builder Visa® Credit Card. If you already use Chime, this may not be a huge barrier.
But if you aren’t a current Chime customer and aren’t interested in opening a Chime account, you’ll likely be better off with a credit-building card that doesn’t have these requirements.
Doesn't prepare you for how credit cards work
The Secured Chime Credit Builder Visa® Credit Card doesn’t operate like a traditional credit card in many ways. That can be a plus if you find that this card can help you manage your money more responsibly. That said, if you’re looking to earn stellar rewards or get access to more benefits, a traditional secured card might be a better stepping stone.
Can't graduate to an unsecured credit card
Some issuers of secured credit cards let you graduate to an unsecured card and get your deposit back after you’ve demonstrated responsible use of credit. Unfortunately, the Secured Chime Credit Builder Visa® Credit Card doesn’t provide this option.
Not a rewards card
Earning rewards shouldn’t be your main focus when trying to build credit, so it’s not a major downside that the Secured Chime Credit Builder Visa® Credit Card doesn’t offer a rewards program. However, Chime DealsTM does allow you to earn cash back at over 30,000 merchants for everyday purchases like gas, groceries and dining out at restaurants.
But there are also credit-building cards available, like the Discover it® Secured Credit Card, that offer rewards on every purchase you make.
How do the fees and rewards compare?
In the table below, you’ll see that the Secured Chime Credit Builder Visa® Credit Card overall value comes up short when compared to similar credit-building cards that do offer rewards:
| Yearly fees | Estimated first-year rewards* | |
|---|---|---|
| Secured Chime Credit Builder Visa® Credit Card | $0 | $0 |
| Chase Freedom Rise℠ Credit Card | $0 | $79 |
| Petal® 2 Cash Back, No Fees Visa® Credit Card | $0 | $253 |
| Discover it® Secured Credit Card | $0 | $90 |
Account may require more maintenance than traditional cards
While this isn’t a deal breaker — because you should be proactive about managing your finances — you may find it tedious to move money from outside sources to your Chime bank account. Setting up autopay and automatic transfers from your bank to your Chime account may help.
| Credit Cards | Our Ratings | Rewards Rate | Welcome Offer | Regular APR | |
|---|---|---|---|---|---|
Secured Chime Credit Builder Visa® Credit Card
 Apply Now
on The Bancorp Bank's secure site |
Non-rewards card | N/A | N/A |
Apply Now
on The Bancorp Bank's secure site |
|
Chase Freedom Rise℠ Credit Card*
Learn More
on Chase's secure site |
With Chase Freedom Rise℠, you can start building credit while earning 1.5% cash back on all purchases. Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. | Earn a $25 statement credit after signing up for automatic payments within the first three months of opening your account. With automatic payments, just pick a date and dollar amount to make sure your Credit Card gets paid on time. | 26.49% Variable |
Learn More
on Chase's secure site |
|
Petal® 2 Cash Back, No Fees Visa® Credit Card*
|
Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants | N/A | 27.99% - 31.49% | ||
Discover it® Secured Credit Card*
|
2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | Discover will match all the cash back you’ve earned at the end of your first year. | 27.74% Variable APR |
With Chase Freedom Rise℠, you can start building credit while earning 1.5% cash back on all purchases. Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. Plus, earn a $25 statement credit after signing up for automatic payments within the first three months of opening your account. With automatic payments, just pick a date and dollar amount to make sure your Credit Card gets paid on time.
You can increase your chances of being approved for this card by opening a Chase checking account with a minimum balance of $200. Plus, you should also know that Chase will begin evaluating your account for credit line increases in as little as six months.
Similar to the Secured Chime Credit Builder Visa® Credit Card, the Chase Freedom Rise℠ Credit Card has a $0 annual fee. However, it does charge a high 26.49% Variable APR if you carry a balance on your card from month to month.
Much like the Secured Chime Credit Builder Visa® Credit Card, the Petal® 2 Cash Back, No Fees Visa® Credit Card doesn’t require a credit check and comes with limited fees. It has a $0 annual fee and no late fees. As for foreign transaction fees, there are none.
The Petal® 2 Cash Back, No Fees Visa® Credit Card offers credit limits ranging from $300 to $10,000. Plus, you may be eligible for a credit line increase in six months after making qualifying on-time payments.
A major downside of this card is that you may end up with an extremely high APR if you can’t qualify for the lower amount: 27.99% - 31.49% APR. It does, however, let you earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants.
The Discover it® Secured Credit Card is another great choice to help build credit. In fact, it’s currently our top pick for the best secured credit card. This $0-annual-fee card offers cash back on every purchase and there’s no penalty APR. As for late fees, there are none the first time you pay late. After that, up to $41.
You will have to submit a security deposit ranging from $200 to $2,500, which serves as your line of credit. But after you’ve had the card for seven months, Discover will begin conducting monthly account reviews to see if you’re eligible to graduate to an unsecured card and get your deposit refunded.
The Discover it® Secured Credit Card also offers a 10.99% Intro APR for 6 months on balance transfers — rare for a credit card intended for those with Limited / Poor credit. After the intro period, a 27.74% Variable APR applies.
If you’re not able to get a traditional credit card due to poor or limited credit, the Secured Chime Credit Builder Visa® Credit Card may be a good intermediary card to help build your credit. The safety nets it offers make it an ideal first card for someone who’s still developing good financial habits.
But if you can qualify for a more traditional credit-building credit card, like the Discover it® Secured Credit Card, you’ll get a rewards program and the ability to graduate to an unsecured card after demonstrating responsible card usage.
Apply Now
*Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
**Out of network ATM withdrawal and over the counter advance fees may apply. See here for details.
***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.
The Secured Chime Credit Builder 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.
To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime® Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
The information related to the Discover it® Secured Credit Card, Chase Freedom Rise℠ Credit Card and Petal® 2 Cash Back, No Fees Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
