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If your goal is to build credit, the Chime Credit Builder Secured Visa® Credit Card may be a good option for you. This secured credit card doesn't require a credit check, and there are no late fees, foreign transaction fees, or interest charges, making it a genuinely fee-free card.
While you will need to open an account with Chime to use this card, account activity is reported to all three credit bureaus, which can help you build credit. Find out more about this card's perks in our full Chime Credit Builder Secured Visa® Credit Card review.
New/Rebuilding Under(579)
Intro APR
Purchases: N/A
Balance Transfers: N/A
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Annual Fee
$0
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A solid card to consider for consumers with limited credit who want a secured card with no fees, no minimum security deposit, and no credit check for approval.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Discover will match all the cash back you’ve earned at the end of your first year. | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 27.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.24%, 24.24%, or 29.24% Variable APR |
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Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases | 1.5-3 points per dollar Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.24% - 28.24% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
This credit card is a good fit for: Consumers with limited credit who want a secured card with no fees, no minimum security deposit, and no credit check for approval.
Here are the best features of the Chime Credit Builder Secured Visa® Credit Card.
There is no annual fee to use this card. It's worth noting that there's also no application fee or maintenance fees. While there are other secured cards with no annual fees, some do charge a yearly fee. If you have limited funds, choosing a card with no annual fee is a smart idea, and this card fits the bill.
Typically, interest is charged when a cardholder uses their card and doesn't pay the balance in full by the due date. This is the case with most unsecured and secured credit cards. The Chime Credit Builder Secured Visa® Credit Card doesn't charge interest.
There are no foreign transaction fees for international purchases with this card. Credit cards with this type of fee typically charge around 3%.
If you have limited credit, getting approved for a credit card can be challenging, especially if the card issuer requires a credit check. The good news is the Chime Credit Builder Secured Visa® Credit Card doesn't require applicants to undergo a credit check for approval. This can be especially helpful for applicants with minimal credit or low scores.
Unlike many secured credit cards, this one has no minimum security deposit requirement. While there is no required amount, keep in mind that your credit limit will be determined by the deposit you make. For example, if you make a $250 deposit, your limit will be $250.
The Chime Credit Builder Secured Visa® Credit Card is a good option for consumers who want to build credit or improve their existing credit. Account activity is reported to Equifax, Experian, and TransUnion. This includes reporting whether your balance is paid on time every month and tracking late payments.
Most secured credit cards hold on to your deposit, and you must pay your bill with separate funds. With the Chime Credit Builder Secured Visa® Credit Card, you can use your deposit toward payments. Just remember that your credit limit will go down as you use your deposit funds.
Despite its many perks, the Chime Credit Builder Secured Visa® Credit Card has some areas that could be improved.
If you want to use the Chime Credit Builder Secured Visa® Credit Card, you'll need to open a Chime Spending Account. So if you don't yet have an account with Chime, you'll want to plan on taking that step first.
The card works together with your Chime Spending Account so you can move money from your Chime Spending Account to your Credit Builder account. If you don't want to open an account with Chime, this isn't the right card for you.
Unlike other secured credit cards, this card functions more like a prepaid card. Instead of charging money to your card and borrowing it from the card issuer, you will load money from your Chime Spending Account into your Credit Builder account.
You can use your initial deposit to make payments, and the money you load into your Credit Builder account can also be used as payments. Since you're spending your own money, it's more like a prepaid card. While this isn't a flaw, it's something to know before applying.
If you're hoping to earn rewards on your spending, this card isn't a good fit. It doesn't offer any rewards or sign-up bonuses. If you want to earn rewards, check out some of the best secured card options to see if there's a better fit for you.
Some secured credit cards let cardholders move to a secured credit card after a certain amount of time -- or after showing they can manage their credit well. The Chime Credit Builder Secured Visa® Credit Card doesn't offer this option. If you hope to get an unsecured credit card in the future, you'll have to apply for one separately.
Because there's no credit check when applying for the Chime Credit Builder Secured Visa® Credit Card, your credit score won't be a factor in determining whether you're approved. You will, however, need to open a Chime Spending Account before applying for this card.
If you have limited credit and are searching for a secured card to help you build your credit, this card may be for you.
If these statements describe you, consider applying for the Chime Credit Builder Secured Visa® Credit Card:
However, if you want a secured card that offers the opportunity to graduate to an unsecured credit card or a secured card that earns rewards, this may not be the best option for you.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
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