The Chime Credit Builder card is a powerful tool designed to help individuals build or rebuild their credit. While the regular plastic version is widely available, many are interested in obtaining the exclusive metal Chime Credit Builder card. This blog will guide you through the steps to get it and discuss its benefits and limitations.
Why Choose the Chime Credit Builder Card?
The Chime Credit Builder card offers several advantages for those looking to improve their credit scores. This card is especially beneficial for people with poor credit or those who are new to credit. It reports to all three major credit bureaus, helping you build a positive credit history.
Key Benefits
- No annual fees
- No interest charges
- No large security deposits
- No credit checks
- Reports to all three major credit bureaus
- Accepted anywhere Visa is accepted
- No fees for card replacements
Steps to Obtain the Chime Credit Builder Card
Before you can get the metal Chime Credit Builder card, you must first qualify for the regular plastic version. Here are the steps you need to follow:
1. Open a Chime Checking Account
You need a Chime checking account to get started. There’s no minimum deposit required to open this account, making it accessible for everyone.
2. Receive a $200 Direct Deposit
To qualify for the Chime Credit Builder card, you must receive a direct deposit of at least $200 into your Chime checking account. This deposit can come from any W-2 job, including gig economy jobs like DoorDash and Uber.
3. Transfer Funds to Your Credit Builder Account
Once you have the Chime checking account and have received the $200 direct deposit, you can transfer money from your checking account to your Chime Credit Builder account. This amount will determine your spending limit.
How to Get the Metal Chime Credit Builder Card
After you’ve qualified for and received the plastic Chime Credit Builder card, you may be eligible for the metal version. Chime occasionally offers the metal card to select users based on specific criteria. Here’s how you can increase your chances:
1. Make Frequent Purchases
Chime may send you an offer to get the metal card if you make a certain number of purchases within a specified period. For example, one user had to make 40 purchases within 60 days, with a maximum of five transactions per day.
2. Follow the Criteria
The offer criteria may vary, so it’s essential to follow the instructions provided in the email. Ensure each transaction meets the minimum amount required, usually over $1.
Understanding the Chime Credit Builder Card
While the Chime Credit Builder card offers numerous benefits, it’s crucial to understand its limitations:
Credit Utilization
The Chime Credit Builder card does not report your credit utilization to the credit bureaus. This can be both a pro and a con. It won’t negatively impact your credit score if you use a significant portion of your available funds, but it also won’t help you demonstrate good credit utilization habits.
No Fixed Credit Limit
The card doesn’t have a fixed credit limit. Your limit is determined by how much money you transfer from your checking account to your Credit Builder account. This can be advantageous since it prevents you from overspending and accumulating debt.
Automatic Payments
Chime offers a “Safer Credit” feature that ensures your monthly expenses are automatically paid from your Credit Builder account. This helps you avoid late payments, which can significantly impact your credit score.
Who Should Use the Chime Credit Builder Card?
The Chime Credit Builder card is ideal for:
- Individuals with poor or no credit history looking to build or rebuild their credit
- People who want to avoid late payments and interest charges
- Those who prefer a card with no annual fees and no credit checks
- Anyone looking for a credit card that easily links to their checking account
- Individuals who want to build credit without accumulating debt
Final Thoughts
The Chime Credit Builder card is a valuable tool for those looking to improve their credit scores. While the metal version is an exclusive perk, the plastic version offers numerous benefits that make it worthwhile. If you’re struggling with poor credit or want to establish credit for the first time, the Chime Credit Builder card is an excellent option to consider.