You’re good to go as long as you have a Chime Checking Account and a qualifying direct deposit of $200.
If you have no credit history or a low credit score, it can be almost impossible to get approved.Ĭhime doesn’t perform a credit check. Most major credit card companies perform a credit check when you apply for a card. Oh, and late fees? Accidents happen (we’ve been there too), so we won’t charge you a cent if you miss a payment. According to Forbes, the average credit card interest rate in 2021 clocked in at 16.45%.Īnd the interest rate on a Chime Credit Builder card? (I think you know the answer.) None.Ĭhime’s Credit Builder card is an interest-free way to start building your credit without the risk of slipping into inescapable credit card debt.
So what’s the annual fee for a Chime Credit Builder card? $0.īut even more costly for consumers is a credit card’s interest rate. That’s $94 just to keep the credit card in your wallet. Nearly a quarter of all credit cards charge an annual fee - and it’s an average of $94 a year, per a 2021 Consumer Finance study. Let’s break down the advantages of a Credit Builder card: No fees 💳 A higher credit score means easier approval for personal loans, car loans, and even renting an apartment - and at a lower interest rate. That’s easy: Chime Credit Builder is the interest-free way to build credit history. Your Chime Checking Account comes with a Visa ® Debit Card, so why should you still open a Credit Builder card?
