If you’re looking to build a credit history, there are a vast amount of credit card options available, but this number dwindles when searching for a credit card with minimal risk, no annual fees, interest rates, or debt involved, making the Chime Credit Builder Visa® Card a highly popular choice among those looking for a safe and effective option.
Let’s run through 11 of the most commonly asked questions relating to the Chime Credit Builder Card to gain a deeper understanding of its purpose.
What Is the Chime Credit Builder Card?
The Chime Credit Builder Card is a secured credit card offering a nontraditional and safe method of building a credit history. By influencing a controlled approach to spending, cardholders deposit the money they spend onto the card prior to purchasing, negating debt, overspending, and worries associated with regular credit cards.
How Does the Chime Credit Builder Card Work?
The Chime Credit Builder Card works by preloading funds from your Chime Spending Account onto the card, which acts as a security deposit and also your spending limit.
This way any spending you make during the month is automatically paid off by these funds, effectively negating credit card debt. At the end of the month Chime reports your payments to the 3 credit bureaus, TransUnion, Equifax, and Experian, thus safely building your credit history.
How Do You Get the Chime Credit Builder Card?
Firstly you will need to use the Official Chime Website to create a Chime Spending Account, then download the app onto your phone, add an existing bank account, set up a direct deposit, and deposit $200 or more to be eligible for the card.
After this is completed you can order a card by downloading the app, going to settings, and clicking the try credit builder option. The card will then be sent to you, taking between 7-10 business days to arrive.
Can You Overdraft Your Chime Credit Builder Card?
One of the main purposes of the Credit Builder Card is to help raise credit level, so to ensure this is protected, there is currently no overdraft feature for the card. To avoid confusion, for debit cards, Chime’s SpotMe feature will spot you between $20-$200 with no overdraft fees.
How to Add Money to The Chime Credit Builder Card:
To add money to your Credit Builder Card you will need to preload money onto the card through your Chime spending account. To do this:
1: Open the Chime app
2: Locate the add money option
3: Add money to the Credit Builder Card
How much money you add determines your spending limit.
How to Move Money from The Chime Credit Builder Card?
It is possible to transfer/move available funds from your Chime Credit Builder Card back into your Chime spending account.
1: Firstly open the Chime app
2: Locate the home screen and click the move money option.
3: Then tap the transfer funds option (spending account only)
4: Click on your Chime Credit Builder Account
5: Click on your Spending Account
6: Enter the desired amount, review the particulars and confirm the transfer.
Can You Withdraw Cash from The Chime Credit Builder Card?
Yes, you can withdraw cash on your Credit Builder Card at any ATM. However, withdrawals are limited to $500 per day. Also, as this is effectively a cash advance you might want to avoid interest and fees, so Chime recommends using one of the 60’000+ fee-free in-network ATMs (use the Chime app to view the ATM map to locate one near you).
How Do You Get a Replacement Chime Credit Builder Card?
To replace lost or stolen cards:
1: Open the app
2: Go to settings
3: Use the request a replacement card option and follow instructions.
This will deactivate your existing card, and shipping will take 7-10 business days. You will also be granted access to a temporary digital card to use until your new card arrives.
How to Change Your PIN on Your Chime Credit Builder Card?
To change the pin on your Chime Credit Builder Card you can call Chime’s 24/7 customer service at 1-844-244-6363. Make sure you have access to your card info to answer questions and validate the card belongs to you.
How to Cancel Your Chime Credit Builder Card:
You can cancel your Chime Credit Builder card/account by sending an email to their customer support, but firstly there are requirements to ensure a smooth experience.
1: Make sure there is no money left in the account, if there is you can transfer this to a linked account via ACH transfer, or your funds can be returned to you via check to your mailing address
2: Unlink any bank accounts associated with the account
3: Check payment history and make sure there are no pending payments, if there are then cancel them
4: You will not be able to cancel the card with any outstanding balance, so clear the negative balance
5: Make sure you are not due any refunds in your account
Finally, send an email to Chime’s customer service at Support@chime.com requesting permanent deletion of the account.
For those using an Apple device and Chime app version 5.109 or above, you can use the app to cancel your card and close your account.