For the people that are confused, I think the easiest way to think of this is that it's essentially a debit card that builds credit. A debit card means you put money into an account, then spend what you want until $0. What happens when you hit $0? Well, you can't use your debit card until you add more money. Simple. 1. Put money into Chime credit builder account, let's say $100 2. Chime sets aside $100 and gives you that amount worth of credit. 3. You spend $50 worth of CREDIT 4. At end of billing cycle, the $100 chime set aside, minus $50 CREDIT balance is paid off. 5. The Chime credit builder balance account has $50 now 6. The Chime CREDIT balance is now $0 (How much you owe) 7. Profit - The total amount you paid for your purchase is $50 and you have $50 left in the Chime credit builder account. You didn't pay twice. You still have $100 worth of goods. It really is that simple. Don't over-complicate it!
3 & 4 is where im confused because whats being paid off ? this concept negatively impacted my credit because it said i owed 13$ & im still extremely confused. in my brain the money i was spending was just that. never knew i had to pay anything off.. pls re explain to me :(((
Hi Jude, we recognize how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. At the end of each month, you can use the money previously moved to pay for your monthly charges. The consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Every month, Chime will report your activity to the major credit bureaus. Learn more: bit.ly/3lAOQ2E
Hi there, we recognize how impactful and important this is for you. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Also, Chime typically reports to credit bureaus at the beginning of every month. Credit bureaus can take a few weeks to process reports, so you might not see the changes until later in the month. Learn more here: bit.ly/3m2nCCl
I didn’t have credit at all. But once I unlocked the credit builder card I loaded money into it just like my debit. But I completely stopped using my chime debit car and strictly used the credit builder. It took about 8 months but I got my score up to 750 just using credit builder alone. I also didn’t have anything I needed to disputed. I honestly highly recommend it. Just use it instead of your debit card and pair it with credit karma . Now credit karma doesn’t know how to really read the balance since I transfer from savings to credit builder as I go. But months into it you can definitely see progress
Incredible. Thanks for sharing. I just signed up for credit builder. I'm 28 and they wont even give me a number when it comes to my credit score. Apparently there's so little data theres just no number. I'm excited! I've found it hard to get a secured card because of the $200-$500 initial cost. This is super cool.
Ok, my understanding is that we're basically buying "Chime Credit" and the balance owed is them using the money transferred to cover whatever CC was used for regardless if any "credit" remains. At the end of the month, Chime reports that your bill is paid on time because thay already have the money. As long as you keep using it, you should show a steady history of paying credit card bills on time AND in full.
So basically you’re saying whatever money I put into the chime credit builder and use is already paid off? so no money will be missing from my account when the time to pay the statement comes cuz they already have that money to pay it? So like basically what I’m trying to say is let’s say my statement at the end of the month is 500 dollars and there’s only 200 is in my cc that won’t turn into negative 300?
Not sure why this card is getting hate lol it’s for building credit. This means if you have absolutely zero credit, this is a great way to start. Obviously if you have credit and you’re looking for a credit card this is not going to be a card for you. People are stupid lol I think this is a great concept to help beginners, build credit from scratch.
@@thevoidstalker bro you got this man just always pay your balance in full. Don’t spend what you don’t have. Even if you have 0 apr for the first year still pay your card in full. Good luck on your journey
So I’m confused on this I just got my credit builder card do I just spend it and whatever I originally set aside is what gets paid? Because if I originally put the money in there I don’t understand what’s being paid every month. Is it like chime is giving me an allowance of the money I put in there then they take that money I put in there and pay it off? I’m confused
@youngblizzard31 You're right at the last part, which is what their safe credit feature is for. So here are the steps 1) Put $100 in chime credit builder card from your checking account. 2) You'll be given a credit builder card with $100 limit (remember, this is not your $100 deposit, it's an amount equivalent to it. Your $100 deposit is separately locked) 3) Use your credit builder card throughout the month (let's say you spent $40 from the $100 limit) 4) At the end of the month, chime will send you email stating how much you need to pay inorder to bring back your credit builder card to its $100 (in this case, it's $40). You have 2 options to make this payment. Option 1 : Use the $100 you initially deposited to setup the credit builder and pay $40 from it. Option 2: Use your checking account to pay $40. When chime reports this to the bureau, it's an indication that you use credit, and pay it back on time.
@@youngblizzard31its basically where you put money in there and that's how much credit you have to spend so you're never spending what you don't have. That's the amount of credit and money you have left. You have to pay every month because you used the credit not the money, but the money you did set aside and determined your balance is used to pay it off, so the money basically has a specific purpose and that's being your credit limit and credit money
Yeaah I'm lost, I've been using the credit builder for about a year now and I've noticed my debt has be steadily climbing, my check goes straight to the secured account and I use it almost in place of my debit card because I was under the pretense that since I was using my own money just loading it on the card I wouldn't need to pay anything back, since there's going over your "limit" how is it that I need to pay
It's because all your money is in the credit builder secured money spot, its credit that your building and anything you have on your credit builder that you have spent will be charged to you, and once you pay it off your credit score goes up. I don't think keeping all your money in the credit builder account is wise to do because you won't be able to pay anything off, because all your money is not in your checking account.
I don’t understand the point of the card . The one I have works like a reloadable debit card , my check goes to it and I can use it the same way I use the chime debit card . I get that it’s a credit building card but what’s the point of having a credit card if you can’t use it in case of an emergency when you don’t have any money left over in your checking account 🤷🏾♂️
Hi there! Thanks for reaching out. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@@Chime can you elaborate on what you mean by “the money you move to your secured account is the amount you can spend”? Say for instance I had $500 deposited in my secured account , but I moved it over to my checkings . Could I still spend $500 from my secured account even though I have $0 in the account ?
First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. To move money into your Credit Builder secured account from your Chime Checking account, do it right in the Chime app. Then spend anywhere Visa® is accepted on your everyday purchases. Watch this for more info: bit.ly/39doq3A
Savings. Save save. You should always try to have a cushion. I work in Finance and it's shocking regardless of salary how many Americans live by the skin of their teeth each month. Needs vs wants and budget. It's done by the majority of the world. Why it's so hard for Americans has always puzzled me.
I just got my Credit Builder Card and I’m confused also. I think a lot of people are very confused on how this card works. I personally know that I spend about $300 every two weeks on food and gas. So I have started my deposit of $275 and I am using it on these two categories. I am going to replenish my account with another $275 in two weeks. So let’s say that I spend that $275 twice for the month. Am I paying the whole amount for the month or am I paying the last $275 since I have already replenished the account. It is kind of confusing lol
Hi Robyn, we recognize how important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
Look at it more as a prepaid card. You put 275, so your credit like is 275, when you spend your own 275. It automatically reports it as a payment on time. The concept is to simple. It does you a favor for their service. Kicoff is another afford app to help build credit, it's like a membership that u pay 5 bucks a month, in return they simply report that you made the monthly payment on time, the report is what boostes your credit for ON TIME PAYMENT.
I think what some are misunderstanding is that Chime Credit Builder is another way for people who have bad credit who can’t get a Credit Card, can use CCB to help build their credit back so they can get one. People must know the difference between “secured”. So when you think about it, it’s not a stupid idea… it doesn’t apply to everyone. Be mindful and don’t speak on what you fully don’t understand, it’ll only make you a fool of yourself.
Hey Dra, we appreciate your interest! Chime is a financial technology company, which means we offer financial products like checking, savings accounts, and debit cards without having any actual branches. We are also offering Credit Builder which is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪
I still don't get it. Also can I spend more than the amount of money I had actually deposited into the card? What if I typically have $1000 deposited into my account every two weeks but I have spent that thousand and have a bill come up for $500? Will I be able use it and pay it back later?
Hi there! We appreciate you grabbing our attention. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@@BoobeeMylesplease help me understand 😢 I have a statement with $700 do I pay that back with the money from my checking account on the due date? Also safer credit building is on so idk what thats supposed to do. Im so incompetent when it comes to this 😢
@2.0jpeg39 So, you say you're incompetent, but YOU'RE DOING EVERYTHING RIGHT! KEEP SAFE CREDIT BUILDER ON & KEEP DOING WHAT YOU'RE DOING!.. Your $700 balance will be paid off from your purchases. Be well & take care!💪🏾💯
To sign up for credit builder, it says I need to set up a direct deposit with my employer. I have my direct deposit set up to my bank already, is there another way to set up credit builder or am i going to have to split my paychecks?
Hey John! Thank you for reaching out. A Chime Checking Account with a direct deposit of $200 or more to your account in the past 365 days is required to qualify for a Credit Builder card. Currently, the qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer paid as Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Note: You can easily set up Direct Deposit by providing your Routing and Account numbers to your employer or benefits provider. You can find these numbers in the Settings section of your Chime app. Instructions can be found here: bit.ly/3khc91w Some employers require a voided check, bank name, or bank address to set up Direct Deposit. To request these details, enter the Move Money section of your Chime app, select Direct Deposit, and request a pre-filled direct deposit form. This form includes a voided check and will be sent directly to your email!
Hi there! Thank you for reaching out. Credit scores are determined by the bureaus independently and are based on a number of different factors. Consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Building credit takes time so don’t give up! 💪 Learn more about credit reporting here: bit.ly/3f8nwXE
I guess I’m still confused. Since it’s not a typical secured card, you can only use what you move to it, why is there a “balance” at the end of the month. It’s not like a regular card where I pay an amount and you extend a line of credit based on that amount. I’m literally paying what I’m using. If I move $200 and I spend $200, why is there a balance at the end of the month? You didn’t extend credit. Am I missing something?
Hi Klean! Thank you for reaching out. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
@@ChimeThis didn’t answer the question If I already loaded money to use why is there a balance at the end of the month? I could understand if this was a traditional secured card and you’ve extended a line of credit in exchange for a secured deposit but it’s not a traditional secured card. I can’t use the card unless I move money. Who am I paying back if I’m only using the money I transferred??
Let's say you have 100 and spend 50.. You have now 50 credit limit left And the 50 you spent will be set aside and will be used to pay for your balance by the end of the billing cycle.. (to make you a good payer) Question: who paid the 50 to the merchant? -Chime is paying it for the meantime.. You pay chime using the money that was set aside during purchase.. (to improve credit limit)
@@Yoskqbeats Wrong. That would be a traditional secured card which I would understand. Chime is not extending any credit or paying anything for me. I’m only able to spend what I move to the account.
Quick question, say i do credit builder and then i lose my job and theres no money coming in or out for awhile and the cards aren't used? Does that go against me, if so please explain thank you 🤔
Hi Angel! We care about this as much as you do. If you haven’t set up direct deposit with Chime yet, you can still enroll once you’ve set up that direct deposit. You can only apply in the Chime app. Applications from the web, phone, or email won't be accepted. Note: To be eligible for the Chime Credit Builder Secured Visa® Credit Card you must receive a qualifying direct deposit of $200 or more to your Chime Checking account. You will see if your application is approved or not in the app.
Hi Anthony, thanks for reaching out. Credit Builder can be used for pretty much all purchases you used to make with your debit card. There aren't any wrong types of purchases either - you can use Credit Builder anywhere Visa® is accepted.
I love chime but the credit builder card doesn't work for me. It doesn't report to my credit report no matter how many purchases I make with it or how many on time payments I make. A credit card with an actual bank is better.
You're mistaken.. if that were true you could file a lawsuit against chime for falsifying credit reports, so I don't think that's happening, I think you're mistaken😂
Hi Boobee, thanks for reaching out. We recognize how impactful it is for you. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@@BoobeeMyles no your wrong. It doesn't report to my credit at all. I review my credit report and it's not on there. I have been with chime for years. Don't care to file a lawsuit.
@@Chime i understand that, but why do I have to pay TWICE of what I'm spending, when it's my own money I'm using to fund my secured credit account? Ex. I spend my credit line of $100, then pay the $100 back... I'm now, essentially out of $200 when I only use $100, there should be a better way, that math doesn't add up, my money flow will decrease in hopes that my credit score increases, that's gambling!
Hi Noel! Thank you for reaching out. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want! The maximum Credit Builder can hold is $10,000.
This is so confusing! I received my Chime card a couple of months ago but I have not activated it yet. I have really bad credit. So this is not for rebuilding credit if you have bad credit right???
I just need to know what happens if card doesn't get used in awhile what happens and if you decide down the road to switch to another bank or just shut down card, whats the process for that. Yeah i definitely am thinking too much in this situation smh
So let’s say you deposit $500 into the secure account but you’ve only used $100 does the safer credit building pay the money back from the $400 you have left or does it take the money from your checking to pay it off?
Hi there! Thank you for reaching out. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
@@KittyKat-vb1ndHow is that simple math, I spend $100, then I pay off my $100 at the end of the month, now I'm out of $200, instead of $100.. Honestly, That's backwards!
@@BoobeeMyles That’s what I’m trying to figure out before I use it. Like, why would I pay twice? Is the amount that I paid going right back into the credit card to be spent again. Weird ish.
@@Br1tt_B whatever money you spend is put on hold & used to pay off your balance at the end of every month, it's worth it, just start with $100 & use the card to buy $1 or $2 items, spend about $35/month & you'll be fine
Hey there! Thank you for reaching out, and we know how important this is for you. You can use your Credit Builder card at car rental companies and hotels. Sometimes, these merchants will charge a higher amount upfront in case other costs come up - like a security deposit. It can take up to 30 days for these funds to be released back to your card. Check your app to make sure you have enough available to spend on your card just in case!
If your car loan lender allows it, you can make a car payment with a credit card. However, credit card purchases impose fees on the merchant, so many loan servicers accept only cash-backed payment methods, like a debit card, check, money order or a direct transfer from a checking or savings account. 5k on credit card can cost the merchant 300-500. ALSO you risk paying more and going into major debt by paying car loans with credit cards. car loans apr can be 6% on your monthly. credit cards can have 0% apr, but what if something happens and you couldnt make the payment before the APr hit. now your 400 car note, plus 6% apr 420ish and you paid with credit card, missed the APR bc of emergencies, 24% gets slapped on top of it, your 420 goes to about 650-700, now with apr of 24% if lucky 12%. you still gotta make the next month car note, another 420, you pay into your credit debt from previous note, you get it down to 400. goes back up to 550 ish next month, the cycle continues. and essentially you have paid 100's into APR for a credit card. over time, thousands, and you can see how this can snowball into bankruptcy
I take pictures of the debit cards and the receipt.But if I misplace the debit card then find it, how can I reload the money on the card without having the card ? What cards can I reload money without adding my ssn and can withdrawal at the atm or get cash back ?
Hi there! We recognize how important this is for you. You can deposit cash in your Chime Checking Account at over 90,000 retail locations with our cash deposit partners. While most retailers charge fees for cash deposits at their own discretion, cash deposits made at Walgreens locations are free. To deposit cash, you just need to present your cash and Chime debit card, and ask the cashier to deposit the cash into your Chime Checking Account. More info on our features and FAQs: bit.ly/2viOOIi
I don't get it. If i am esentially already paying for my purchase with money i put on the card what am i making payments for? Thats paying for something twice,
Hi there! We appreciate you bringing this to our attention. When you make a purchase using your Credit Builder card, we subtract that amount from your available to spend on your card. That way, you won’t spend more than you have in your secured account. And there’s always money set aside to make payments on your card! The total amount you spend with your Credit Builder card is your balance. At the end of the month, you can then use the money set aside in your secured account to pay your monthly balance. If you choose to turn on the Safer Credit Building feature, Chime will automatically use the money set aside to pay off any outstanding balance. This way, you always pay on time, one crucial aspect of building credit. (Go to Settings > Credit Builder Card > Safer Credit Building) If you choose to pay manually, you’ll receive a notification to pay your statement every month. Learn more here: bit.ly/3m2nCCl
Hey there! Thank you for reaching out. There are no credit requirements to qualify for Credit Builder! All you need is a Chime Checking Account and a qualifying direct deposit of $200 or more within the past 365 days. More info here: bit.ly/36C6fT2
Hi there! Thanks for connecting with us. The amount of money you transfer to your Credit Builder account equals the amount you can spend on the card. It doesn’t have a pre-set limit. Because your card has no pre-set credit limit, we don’t report percentage utilization to credit bureaus. If you spend up to the amount you have moved to Credit Builder, it won’t appear on your credit history as a high-utilization card.
So when i put money on my credit builder card, does that money instantly come out of my checkings account. Or is it reserved for the payment at the end of the month?
Yes, it helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
If I’m understanding this correct, if I transfer $100 to my credit builder account and only spend $50 that month from my available to spend (which is $100 in total) I can expect with Safer Credit Building active to then have the remaining $50 in my credit builder account automatically be used to pay the statement for the month?
Hey there! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Hey Marie! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Hi Dee! Thank you for reaching out! Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪 Check it out here: bit.ly/3w5eTpd
We don't currently support depositing money at ATMs. Members can deposit cash in their Chime Checking Account at over 90,000 retail locations with our cash deposit partners. While most retailers charge fees for cash deposits at their own discretion, cash deposits made at Walgreens locations are free. To deposit cash, a member just needs to present their cash and Chime debit card, and ask the cashier to deposit the cash into their Chime Checking Account. Afterwards, you can move money into your Credit Builder secured account through your Chime Checking Account. The easiest way is by directly moving your paycheck into Credit Builder every payday. You can turn this on by going into Settings > Credit Builder Card > Move My Pay. You can also move money anytime you want or need right from the home screen button "Move money to Credit Builder"
My question is say I put $100 into my account and I spend 50, does the 50 that's left in my account get used to pay the 50 that I spend? Or is the 50 that I spent put on hold and I'll still have 50 left in the account at the end of the month.
Hi Crissy, great question! Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
so the you have a 100 you spend 50 it will take 50 from your credit limit and that original 50 is used to pay back. you will not pay 50 twice just the once think of it like a prepaid visa ua-cam.com/video/o9BPWxhDtpE/v-deo.htmlsi=taT2qPIIi67H9NMy
Hi Tana! Thank you for reaching out. Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. Furthermore, we’re partnering with Experian to give all Credit Builder members access to their FICO® Score in our app! To sign up, create an Experian account through the app by going to the settings menu in the top left screen and follow the prompts. Learn more: ua-cam.com/video/Wbh3OKV01AA/v-deo.html
Hey Kevin! Thank you for reaching out. There are no credit requirements to qualify for Credit Builder! All you need is a Chime Checking Account and a qualifying direct deposit of $200 or more within the past 365 days. More info here: bit.ly/36C6fT2 Note: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer paid as Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT).
Hi there! We hear how this is important. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want! Additionally, secured credit cards work differently from regular credit cards because they require a cash deposit. The amount of money a member deposits sets their spending limit. Note: The maximum Credit Builder can hold is $10,000.
Ok, so let’s say I put $25 into my credit builder account. I use the $25 on gas. I then have to repay that $25? Or do I just not do anything because I initially put the $25, and didn’t borrow it bc I put it there to spend? I’m confused
Hey there! Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY Note: Credit Builder may show a negative balance if a final charge exceeds the pre-authorized amount. This happens when merchants don't know the final amount due at the initial time of payment. Just move money to your Credit Builder account to cover it before the 23rd of next month!
Or lets say i put 50 into my card go buy 20$ in lunch now i have 30 in my credit builder to cover the 20 i spent on food i just move 20 from my checking into my credit builder correct?
Hey Prezey! Thanks for reaching out. Great question! Chime has extended our SpotMe feature to the Chime Credit Builder Secured Visa® Credit Card! After opting in, your SpotMe limit is shared between both your Chime Debit and Credit Builder card. A member's negative balance from a SpotMe transaction on their debit or credit card will be repaid the next time they receive a direct deposit or transfer of any kind into their Checking Account and secured deposit account. For more details, check out ⬇️: www.chime.com/spotme/
Hey there! We acknowledge how meaningful this is for you. There are no credit requirements to qualify for Credit Builder! Furthermore, all you need is a Chime Checking Account. Credit Builder offers features that help you stay on top of key factors that impact your credit score. That means that the consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Every month, Chime will report your activity to the major credit bureaus. Note: Signing up for one is easy! Go to Settings > Try Credit Builder and follow the instructions. Learn more about this here: bit.ly/3f8nwXE and bit.ly/36C6fT2
Hi there! We recognize how impactful and important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
Let me understand I have this correctly I send money from my checking account to credit builder? So basically I’m spending my own money already just when I’m spending it builds credit ?
Hi Marissa! Thanks for reaching out. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus. Watch this for more info: bit.ly/39doq3A
@@Chimeif I open a chime account and apply for the chime credit builder card , can I move money from my physical account to the credit builder to use to pay my bills and make purchases
Hey Jah! Thank you for reaching out. Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪 Check it out here: bit.ly/3w5eTpd Additionally, balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈 Learn more here: bit.ly/3m2nCCl
I have a question, my credit score says I’m in debt with chime for over $1500. And I don’t have a problem paying it, I can get it done,But I don’t know how to pay my bill. Can you help???
Hi there! We recognize how important this is for you. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
So, if I have a credit limit of $100 & I spend the whole $100, then at the end of the month, I pay the $100 off, I'm now out of $200 for $100 worth of spending, how does that make sense??
@@ryans9855 bruh, it's simple math, I'm out of $200 because it's all my money being put up. You're misunderstanding the concept of this secured credit card sir.
You can anyways pull the money back out of the credit builder. So you add 100, spend 100, pay 100 (making your balance +100)., then easily take it back out. I thought the same thing until I did just that. Then I realized I didn't lose a dime.
Hi there! Thank you for getting in touch about this. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Hey Jacob, thanks for reaching out! In order to get a Credit Builder Card, you need to have received a qualifying direct deposit of $200 or more within the past 365 days. More info here: bit.ly/36C6fT2 Unlike traditional credit cards, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and no minimum security deposit required. There’s also no credit check to apply! Instead of extending a preset limit, the money you move to your secured account is the amount you can spend on your card. Now you don't ever have to worry about spending more than you have. Learn more here: bit.ly/39eLKxN
Hi there! We recognize how important this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Hi there! We know how important this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@@ChimeThanks for replying. So just to clarify bc like I said “I’m a little slow”… Say I move $100 to my credit builder acct and I use $50 on some shoes or something. Would I have to move $50 from my regular chimes acct to my credit builder acct by a month after the date I used the $50 in my credit acct???
We appreciate you getting back to us. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” We'll report your monthly activity to the major credit bureaus. Watch this for more info: bit.ly/39doq3A
Hi Ari! Thank you for reaching out. Chime offers the Secured Chime Credit Builder Visa® Credit Card to help members build their credit without the complexity, fees, and burdens of most traditional credit cards. If you miss a payment, we’ll disable your Credit Builder card and ask you to pay your overdue balance using the money you’ve already moved to Credit Builder, transfers from your Checking Account or an ACH transfer before turning it back on. If you don’t pay your charges, we may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected on your credit report. Learn more here: bit.ly/3m2nCCl
Hi Marcos, we recognize how impactful and important this is for you. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
When you move money to your credit card, the money is kept in your card's secured account to secure the purchases you make. The amount in this secured account is what you can spend with your card. Turn on Safer Credit Building to automatically pay your monthly credit card statement using the money in your secured account. You can choose when to make these automatic payments -either 1 or 10 days after you get your statement.
I think the issue is how it’s being worded. Yes you deposit money into the credit builder account and it gives you a limit based on what you deposit, but when you use the card, you aren’t using MONEY, your using CREDIT. And if you’re using the safer credit builder, it deducts the money from what you put into the account and puts the money aside for you (which is why it looks like instant purchases) until it’s time to make your bill payment for the credit you’ve spent to pay your bill. There’s no extra payment on your part needed. But how it’s worded and displayed is really confusing.
Can i use this card abroad and are there any fees then when paying with this card in Europe lets say. If i charge the card $1000 and just use this card in Europe for paying in the restaurants, hotels....etc.
Hey there! Thank you for reaching out. To enable or disable international transactions in the app: 1. Go to Settings 2. Go to Account Management 3. Scroll to Credit Builder 4. Tap the International Transactions slider 5. Green means transactions are enabled, and gray means transactions are disabled Note: Some members may have a different experience when they tap Settings. They still have access to the same services in-app, but they may need to find those services. You can also tap the double-slider icon on the Account Summary page to enable and disable transactions. Remember that when you turn off transactions for a Chime card, you only block card-based transactions for that specific account. Non-card-based transactions, like direct debits or ACH transactions (like certain recurring transactions), will continue to be processed as usual.
Thank you you for getting back to us! Chime does not charge a fee for international transactions! Please be aware that our fee-free ATM network only covers ATMs within the United States. Your card is charged an ATM fee when you use an international ATM.
This is really confusing and the answers from "Chime" are not making it clear! I want to know: 1. If I have moved $200 to my credit builder account (secured credit account) and then make a $50 purchase, does the "available to spend" amount go down by $50? 2. When / how do I receive my monthly bill or statement showing me what I owe on the credit builder account? 3. How do I pay the bill for the purchases I made on the credit builder account? Do I pay it from my regular checking account? How? By transferring another $50 to my credit builder account? Please explain! You never seem to answer this question!
Hi there! We know how important this is for you. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want! The maximum Credit Builder can hold is $10,000. Also, at the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
CA = Checking account CB = Credit builder Payments to whom or what? If i put $200 in the CB from my CA... Am I (me) setting the limit at $200? and am I (me) making payments to myself? Who am i making payments to and where does my money go? To myself? If I spent $125 from my CB account out of the $200 I put in it (as the limit)... Is the $125 the outstanding balance? and does it use the money in the CA at the END of the month or EACH pay period to replenish the $200 limit that I set and the $125 automatically taken from the CA IS "the payment"? If i put money in the CB account.. is there ever a chance my money will disappear?
Hi Brian! Thank you for reaching out, and we know how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus. Also, balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈 Check out all of the details here ⬇️ bit.ly/39doq3A bit.ly/3m2nCCl
@@Chime so if I set the credit builder limit at 200 by putting $200 into the credit builder account from my checking I have $200 in the credit builder account to spend but... If I spend only $50 from the credit builder account does it use the remaining $150 in the credit builder account to pay back the 50 I spent or does it take the 50 out of my checking account to bring the credit builder amount back to $200? This is where I'm confused.
When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want! Also, there are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
Hi Lonnie, thanks for reaching out. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
My question is if i deposit $300 of my money then u take it set it aside and give me $300 credit and i spend that credit why am i having to repay that vredit anount when i paid for it up front???? Where did my original $300 go and if i put another $300 in there r u going to just take it and leave a $0 bal at the end of the billing cycle? or will i have $300 in my account still?
Hi Danky! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@Chime yall do know that didn't answer my question right? Where did my original $300 go? And why am I having to pay back money I gave to u to begin with?
@@dankyjones352that’s what I’m wondering!!! I put the money to begin with in there, so what am I having to pay back???? I spent what I put? I didn’t borrow. Wtf
What if I put 100$ in my credit card account and used 35 I have 65 left but I wanna add more so I have a total of 150 I can use could I add 50 to make it 115 I have now being I spent 35 already then at the end of the bill cycle I’ll have 150 in my credit account ?? Or wait til end of the cycle to add the extra 150?
Hi there! We understand how important this must be for you. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Can someone please explain the pay back process with this card say I put 900$ in there and spend 900$ throughout the month do I pay back that 900 as in like a payment that’s taking that money and I’ll never see it again or will I just have to put 900 back into my credit builder and is that considered paying it back? I’m confused help please thanks
Hey Shawn, we appreciate your interest. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
ill answer this since Chime seems to be using AI to answer to the comments lol. so shawn asked an specific question. you put 900, you spent all 900. in the credit chime card ofcourse. now there is a due balance for you in your CREDIT HISTORY, that you are in debt for 900. that is not bad, that is normal. because then you take a separate 900 dollars, and pay your debt. now your credit history shows, shawn had 900 debt paid in time! you got your goods and services for the original 900 you spent, now you paid another 900 into it of still your own money. that 900 is there ready to spend again, OR you transfer it to the debit card if you are done building credit. keep in mind, you got to pay what you spend from you credit chime card, so make sure you have the funds to pay back what you spend. you are paying it back so that YOUR credit history shows, THEY PAID! those 900 you pay back with is still yours, and you have the option to do as you wish. capisce?
Hi Suren! Thank you for bringing this to our attention. Balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈 Learn more here: bit.ly/3m2nCCl "
Hey there, thanks for reaching out. Signing up for one is easy! Go to Settings > Try Credit Builder and follow the instructions. Note: A Chime Checking Account with a direct deposit of $200 or more to your account in the past 365 days is required to qualify for a Credit Builder card.
Hi there! Thanks for reaching out. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
People are so confused. Best explanation- it is just like a debit card converted to credit card, but you cannot spend wha you dont have gets? This is for people who cannot be approved for a real credit card that wants to build credit, so chime design a credit builder that will turn you debit card savings count as credit. Gets?
Yeah i dont get it you move money to the credit builder account and then use the money to pay off purchases. Then at the end of the month you get a statement for you to pay all over again. They getting money from you twice.
Hi there, we recognize how impactful this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@@Chime oh ok so you all are just reporting the transactions that I made with the credit builder account?.So what is safe credit building? Do I need it on or off?
Great question! Balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! Also, Safer Credit Building is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. Learn more here: bit.ly/3m2nCCl
WHY DID CHIME DEPOSIT MY DIRECT DEPOSIT INTO MY DEBIT CARD WHEN I SIGN UP TO HAVE MY FUNDS AUTOMATICALLY SENT TO MY CREDIT BUILDER CARD. SOME TYPE OF FRAUD GOING ON!
Hi Donaldson! We know how this can lead to frustration. While we aren't able to help with account-specific issues over social, please be confident that our Member Services team is equipped to help you with this. If you reach out to us at 1-844-244-6363, our team will investigate this quickly and be able to help further.
Hi there! We recognize how important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
Hey Mesheyona. We appreciate your interest! Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus. Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
So I have a credit builder account but I turned off transactions. Do I need to apply for a new one? and how do I if so ? I don't see it in the settings menu
Hi Timmy! Thanks for reaching out. What's your $ChimeSign? Once you share that with us, we'll take a look! As a reminder, we'll never proactively send you Private Messages. Never share personal info like your email, phone number, or account numbers on UA-cam, and always check to make sure you're interacting with the official Chime account. If someone messages you asking for anything other than a $ChimeSign it's not us.
Hey Adriana, we understand how frustrating this must be for you. Our Member Services team can help take a look at what might be happening here. Please get in contact with us at 1 (844) 244-6363, and we'll be able to investigate this more deeply with you.
Hey Kokushi! Thanks for reaching out. You can move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
This entire concept is stupid , repaing any negative amounts should automatically build our credit. Why would I transfer money already available to spend to an account I have to pay back when i already have it? I like chime but this was a stupid idea!
It's really not that difficult to understand, they are taking your money and loaning it back to you.. they report to the credit bureau.. that's the difference!
For someone with bad credit, like myself, it's a great idea. I am in the process of paying off those stupid mistakes I made when I was younger, but that alone is not going to boost my credit. Not quickly anyway. I need an account or multiple accounts reporting positive remarks to the credit bureaus besides the ones I am actively paying off. For someone like me who can't afford to keep getting negative inquiries on my credit report due to being denied credit cards again and again, Credit Builder is a great solution. I make purchases as I normally would, and instead of my direct deposit going into my checking account every paycheck, it simply goes into my Chime Credit account and they report it positively to the credit bureaus every month. I pay no additional fees, no interest and I am not losing anything, only gaining points. You don't "pay back" anything.
I'm sorry chime, there's a lot of clearly incompetent people in the comment section 😂. How hard is it to understand that the credit builder card is to help your low credit having azz build up an on time credit payment history? Put whatever money you plan on paying bills with into the credit builder card account and pay your bills with it and chime will report to the credit bureau's that you are making on time payments. It may take a few months but your credit score will go up everytime you pay your bills. Just maybe after using it for a year or so, you'll get credit card offers from actual credit card providers. Chime isn't a credit card provider, they're just trying to help your irresponsible azz 😂
You're sadly mistaken, a pre-paid credit card isn't going to raise your credit score, in the slightest bit. It's only stupid because you're confused, I get that.
So say I move $100 to the credit account. I spend all $100. Do I have to pay an extra $100 at the end of the month? Essentially paying $200 to spend $100? Everyone in these comments are making 0 sense 😂
Hi Brady! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E Also, at the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
Im so confused. Why is there a balance???? Help me, i want to use my new credit bulilder card but now im confused. The comments are confusing too. @chime
Hi Angel! We recognize how impactful this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement: 1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. 2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.” Learn more here: bit.ly/3m2nCCl
So if I move $50 from my spending account to my credit card , And I use $10 of it At then of the month The $40 left will cover my $10 statement And if I won’t to add more because now im at $30, I would just have to transfer more money in to the credit card That’s what I think 🔥
Hi there! Thank you for reaching out. We know how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus. Watch this for more info: bit.ly/39doq3A
@ransackedbananas9309 Let's say you have 100 and spend 50.. You have now 50 credit limit left And the 50 you spent will be set aside and will be used to pay for your balance by the end of the billing cycle.. Question: who paid the 50 to the merchant? -Chime is paying it for the meantime.. You pay chime using the money that was set aside during purchase..
actually its not. the money you spent is the payback. you have 50 spend 10 have 40 left and it stays as such till you buy more. ua-cam.com/video/o9BPWxhDtpE/v-deo.htmlsi=taT2qPIIi67H9NMy
So the short story is you are loaning yourself money. It's not like a prepaid debit card like people are saying. You loan yourself money then pay yourself back every month. Think of it like paying yourself back on a savings account you took money out of.
So the short story is you are loaning yourself momey. It's not like a prepaid debit card like people are saying. You loan yourself money then pay yourself back every month.
For the people that are confused, I think the easiest way to think of this is that it's essentially a debit card that builds credit. A debit card means you put money into an account, then spend what you want until $0. What happens when you hit $0? Well, you can't use your debit card until you add more money. Simple.
1. Put money into Chime credit builder account, let's say $100
2. Chime sets aside $100 and gives you that amount worth of credit.
3. You spend $50 worth of CREDIT
4. At end of billing cycle, the $100 chime set aside, minus $50 CREDIT balance is paid off.
5. The Chime credit builder balance account has $50 now
6. The Chime CREDIT balance is now $0 (How much you owe)
7. Profit - The total amount you paid for your purchase is $50 and you have $50 left in the Chime credit builder account. You didn't pay twice. You still have $100 worth of goods.
It really is that simple. Don't over-complicate it!
3 & 4 is where im confused because whats being paid off ? this concept negatively impacted my credit because it said i owed 13$ & im still extremely confused. in my brain the money i was spending was just that. never knew i had to pay anything off.. pls re explain to me :(((
Hi Jude, we recognize how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. At the end of each month, you can use the money previously moved to pay for your monthly charges. The consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Every month, Chime will report your activity to the major credit bureaus.
Learn more: bit.ly/3lAOQ2E
@@Chime so if it says i owe 13$ on my Experian how is that possible ???
Hi there, we recognize how impactful and important this is for you. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Also, Chime typically reports to credit bureaus at the beginning of every month. Credit bureaus can take a few weeks to process reports, so you might not see the changes until later in the month.
Learn more here: bit.ly/3m2nCCl
Thank you so much for explaining.
I didn’t have credit at all. But once I unlocked the credit builder card I loaded money into it just like my debit. But I completely stopped using my chime debit car and strictly used the credit builder. It took about 8 months but I got my score up to 750 just using credit builder alone. I also didn’t have anything I needed to disputed. I honestly highly recommend it. Just use it instead of your debit card and pair it with credit karma .
Now credit karma doesn’t know how to really read the balance since I transfer from savings to credit builder as I go. But months into it you can definitely see progress
What does this mean?!
Never thought about it this way. This might be the tip I was looking for. Thank you 🙏🏿
Definitely helped me make the decision to go ahead w chime....I've been " out of circulation" for awhile,so I have no credit.....
What if u choose to stop using it once ur credit goes up and go to other banks
Incredible. Thanks for sharing. I just signed up for credit builder. I'm 28 and they wont even give me a number when it comes to my credit score. Apparently there's so little data theres just no number. I'm excited! I've found it hard to get a secured card because of the $200-$500 initial cost. This is super cool.
Ok, my understanding is that we're basically buying "Chime Credit" and the balance owed is them using the money transferred to cover whatever CC was used for regardless if any "credit" remains. At the end of the month, Chime reports that your bill is paid on time because thay already have the money. As long as you keep using it, you should show a steady history of paying credit card bills on time AND in full.
So basically you’re saying whatever money I put into the chime credit builder and use is already paid off? so no money will be missing from my account when the time to pay the statement comes cuz they already have that money to pay it? So like basically what I’m trying to say is let’s say my statement at the end of the month is 500 dollars and there’s only 200 is in my cc that won’t turn into negative 300?
Not sure why this card is getting hate lol it’s for building credit. This means if you have absolutely zero credit, this is a great way to start. Obviously if you have credit and you’re looking for a credit card this is not going to be a card for you. People are stupid lol I think this is a great concept to help beginners, build credit from scratch.
I just turned 18, & this is looking like the safest bet to build credit, especially with most apartments doing credit checks near where I live.
@@thevoidstalker bro you got this man just always pay your balance in full. Don’t spend what you don’t have. Even if you have 0 apr for the first year still pay your card in full. Good luck on your journey
So I’m confused on this I just got my credit builder card do I just spend it and whatever I originally set aside is what gets paid? Because if I originally put the money in there I don’t understand what’s being paid every month. Is it like chime is giving me an allowance of the money I put in there then they take that money I put in there and pay it off? I’m confused
@youngblizzard31 You're right at the last part, which is what their safe credit feature is for. So here are the steps
1) Put $100 in chime credit builder card from your checking account.
2) You'll be given a credit builder card with $100 limit (remember, this is not your $100 deposit, it's an amount equivalent to it. Your $100 deposit is separately locked)
3) Use your credit builder card throughout the month (let's say you spent $40 from the $100 limit)
4) At the end of the month, chime will send you email stating how much you need to pay inorder to bring back your credit builder card to its $100 (in this case, it's $40). You have 2 options to make this payment.
Option 1 : Use the $100 you initially deposited to setup the credit builder and pay $40 from it.
Option 2: Use your checking account to pay $40.
When chime reports this to the bureau, it's an indication that you use credit, and pay it back on time.
@@youngblizzard31its basically where you put money in there and that's how much credit you have to spend so you're never spending what you don't have. That's the amount of credit and money you have left. You have to pay every month because you used the credit not the money, but the money you did set aside and determined your balance is used to pay it off, so the money basically has a specific purpose and that's being your credit limit and credit money
Yeaah I'm lost, I've been using the credit builder for about a year now and I've noticed my debt has be steadily climbing, my check goes straight to the secured account and I use it almost in place of my debit card because I was under the pretense that since I was using my own money just loading it on the card I wouldn't need to pay anything back, since there's going over your "limit" how is it that I need to pay
I’m so lost too lol
It's because all your money is in the credit builder secured money spot, its credit that your building and anything you have on your credit builder that you have spent will be charged to you, and once you pay it off your credit score goes up.
I don't think keeping all your money in the credit builder account is wise to do because you won't be able to pay anything off, because all your money is not in your checking account.
I don’t understand the point of the card . The one I have works like a reloadable debit card , my check goes to it and I can use it the same way I use the chime debit card . I get that it’s a credit building card but what’s the point of having a credit card if you can’t use it in case of an emergency when you don’t have any money left over in your checking account 🤷🏾♂️
Hi there! Thanks for reaching out. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
@@Chime can you elaborate on what you mean by “the money you move to your secured account is the amount you can spend”? Say for instance I had $500 deposited in my secured account , but I moved it over to my checkings . Could I still spend $500 from my secured account even though I have $0 in the account ?
First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. To move money into your Credit Builder secured account from your Chime Checking account, do it right in the Chime app. Then spend anywhere Visa® is accepted on your everyday purchases.
Watch this for more info: bit.ly/39doq3A
Savings. Save save. You should always try to have a cushion. I work in Finance and it's shocking regardless of salary how many Americans live by the skin of their teeth each month. Needs vs wants and budget. It's done by the majority of the world. Why it's so hard for Americans has always puzzled me.
@@KittyKat-vb1nd amazing you can't understand most Americans don't make enough money to even save. Our economy is destroyed
I just got my Credit Builder Card and I’m confused also. I think a lot of people are very confused on how this card works. I personally know that I spend about $300 every two weeks on food and gas. So I have started my deposit of $275 and I am using it on these two categories. I am going to replenish my account with another $275 in two weeks. So let’s say that I spend that $275 twice for the month. Am I paying the whole amount for the month or am I paying the last $275 since I have already replenished the account. It is kind of confusing lol
Hi Robyn, we recognize how important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
Look at it more as a prepaid card. You put 275, so your credit like is 275, when you spend your own 275. It automatically reports it as a payment on time. The concept is to simple. It does you a favor for their service. Kicoff is another afford app to help build credit, it's like a membership that u pay 5 bucks a month, in return they simply report that you made the monthly payment on time, the report is what boostes your credit for ON TIME PAYMENT.
P
I think what some are misunderstanding is that Chime Credit Builder is another way for people who have bad credit who can’t get a Credit Card, can use CCB to help build their credit back so they can get one. People must know the difference between “secured”. So when you think about it, it’s not a stupid idea… it doesn’t apply to everyone. Be mindful and don’t speak on what you fully don’t understand, it’ll only make you a fool of yourself.
I have used a chime for a few months now, my credit score went down almost every month and just today it went down 10 points. 😢 I don't know anymore 😅
It’s because you have to add the money back at the end of the month before they report it to the credit bureau
So, do you have 2 cards? One regular and one credit builder?
Hey Dra, we appreciate your interest! Chime is a financial technology company, which means we offer financial products like checking, savings accounts, and debit cards without having any actual branches. We are also offering Credit Builder which is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪
I still don't get it. Also can I spend more than the amount of money I had actually deposited into the card? What if I typically have $1000 deposited into my account every two weeks but I have spent that thousand and have a bill come up for $500? Will I be able use it and pay it back later?
Hi there! We appreciate you grabbing our attention. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
Nope, & that will cause debt somewhere, so stay away from that way of thinking
Do i got have $200 deposit for credit builder card ?
@@godbless-bp2fd you have to receive a direct deposit of $200 to get the credit builder card in the mail
No reporting limit and usage is a deal breaker
We have to make payments on the credit bulider??
Yes, but chime will do it for you as long as you make purchases & have safe credit builder turn on
@@BoobeeMylesplease help me understand 😢 I have a statement with $700 do I pay that back with the money from my checking account on the due date? Also safer credit building is on so idk what thats supposed to do. Im so incompetent when it comes to this 😢
@2.0jpeg39 So, you say you're incompetent, but YOU'RE DOING EVERYTHING RIGHT! KEEP SAFE CREDIT BUILDER ON & KEEP DOING WHAT YOU'RE DOING!.. Your $700 balance will be paid off from your purchases. Be well & take care!💪🏾💯
To sign up for credit builder, it says I need to set up a direct deposit with my employer. I have my direct deposit set up to my bank already, is there another way to set up credit builder or am i going to have to split my paychecks?
Hey John! Thank you for reaching out. A Chime Checking Account with a direct deposit of $200 or more to your account in the past 365 days is required to qualify for a Credit Builder card.
Currently, the qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer paid as Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT).
Note: You can easily set up Direct Deposit by providing your Routing and Account numbers to your employer or benefits provider. You can find these numbers in the Settings section of your Chime app. Instructions can be found here: bit.ly/3khc91w
Some employers require a voided check, bank name, or bank address to set up Direct Deposit. To request these details, enter the Move Money section of your Chime app, select Direct Deposit, and request a pre-filled direct deposit form. This form includes a voided check and will be sent directly to your email!
Just switch your direct deposit info to chime or yes spilt your pay checks up & have $200 direct deposited to chime, done.
Curious to know what happens if you stop using the card and leave the balance at 0 ...will your score drop drastically?
Hi there! Thank you for reaching out. Credit scores are determined by the bureaus independently and are based on a number of different factors. Consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Building credit takes time so don’t give up! 💪
Learn more about credit reporting here: bit.ly/3f8nwXE
I guess I’m still confused. Since it’s not a typical secured card, you can only use what you move to it, why is there a “balance” at the end of the month. It’s not like a regular card where I pay an amount and you extend a line of credit based on that amount. I’m literally paying what I’m using. If I move $200 and I spend $200, why is there a balance at the end of the month? You didn’t extend credit. Am I missing something?
Hi Klean! Thank you for reaching out. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay.
There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
@@ChimeThis didn’t answer the question If I already loaded money to use why is there a balance at the end of the month? I could understand if this was a traditional secured card and you’ve extended a line of credit in exchange for a secured deposit but it’s not a traditional secured card. I can’t use the card unless I move money. Who am I paying back if I’m only using the money I transferred??
Let's say you have 100 and spend 50..
You have now 50 credit limit left
And the 50 you spent will be set aside and will be used to pay for your balance by the end of the billing cycle.. (to make you a good payer)
Question: who paid the 50 to the merchant? -Chime is paying it for the meantime..
You pay chime using the money that was set aside during purchase.. (to improve credit limit)
@@Yoskqbeats Wrong. That would be a traditional secured card which I would understand. Chime is not extending any credit or paying anything for me. I’m only able to spend what I move to the account.
@@Conn20kz if you're the one paying for the transaction you made, who pays your bill at the end of the month?
Quick question, say i do credit builder and then i lose my job and theres no money coming in or out for awhile and the cards aren't used? Does that go against me, if so please explain thank you 🤔
Found an answer yet
No it don’t
Hi Angel! We care about this as much as you do. If you haven’t set up direct deposit with Chime yet, you can still enroll once you’ve set up that direct deposit. You can only apply in the Chime app. Applications from the web, phone, or email won't be accepted.
Note: To be eligible for the Chime Credit Builder Secured Visa® Credit Card you must receive a qualifying direct deposit of $200 or more to your Chime Checking account. You will see if your application is approved or not in the app.
What kind of purchases would you make on chime debit card vs. Chime credit card?
Hi Anthony, thanks for reaching out. Credit Builder can be used for pretty much all purchases you used to make with your debit card. There aren't any wrong types of purchases either - you can use Credit Builder anywhere Visa® is accepted.
@Chime hi what if I'm not working right now, because of cancer. I want to open the credit builder but only have the debit chime for now.
I love chime but the credit builder card doesn't work for me. It doesn't report to my credit report no matter how many purchases I make with it or how many on time payments I make. A credit card with an actual bank is better.
You're mistaken.. if that were true you could file a lawsuit against chime for falsifying credit reports, so I don't think that's happening, I think you're mistaken😂
Hi Boobee, thanks for reaching out. We recognize how impactful it is for you. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
@@BoobeeMyles no your wrong. It doesn't report to my credit at all. I review my credit report and it's not on there. I have been with chime for years. Don't care to file a lawsuit.
@@Chime i understand that, but why do I have to pay TWICE of what I'm spending, when it's my own money I'm using to fund my secured credit account? Ex. I spend my credit line of $100, then pay the $100 back... I'm now, essentially out of $200 when I only use $100, there should be a better way, that math doesn't add up, my money flow will decrease in hopes that my credit score increases, that's gambling!
@@zziz6137 smh, that's not realistic & it's illegal, but Goodluck going forward
So do you get a credit limit after your first month or do you add to it each month
Hi Noel! Thank you for reaching out. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want!
The maximum Credit Builder can hold is $10,000.
@@Chime if I were to stop using credit builder once my credit went up would u guys close the account?
This is so confusing! I received my Chime card a couple of months ago but I have not activated it yet. I have really bad credit. So this is not for rebuilding credit if you have bad credit right???
I just need to know what happens if card doesn't get used in awhile what happens and if you decide down the road to switch to another bank or just shut down card, whats the process for that. Yeah i definitely am thinking too much in this situation smh
Hi Jen! We recognize how impactful this is for you. What’s your ChimeSign? (If someone asks for anything other than a ChimeSign, that’s not us!)
Did you ever get an answer to this question?
So let’s say you deposit $500 into the secure account but you’ve only used $100 does the safer credit building pay the money back from the $400 you have left or does it take the money from your checking to pay it off?
Hi there! Thank you for reaching out. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
Yep. Simple math.
@@KittyKat-vb1ndHow is that simple math, I spend $100, then I pay off my $100 at the end of the month, now I'm out of $200, instead of $100.. Honestly, That's backwards!
@@BoobeeMyles That’s what I’m trying to figure out before I use it. Like, why would I pay twice? Is the amount that I paid going right back into the credit card to be spent again. Weird ish.
@@Br1tt_B whatever money you spend is put on hold & used to pay off your balance at the end of every month, it's worth it, just start with $100 & use the card to buy $1 or $2 items, spend about $35/month & you'll be fine
I get paid cash at work..what other options do i have to qualify for credit builder
Guess i should wait to get a job😂 this seems amazing though.
why you cant use the chime builder credit card to pay credit card bills or car notes? some companies do not accept credit card payments why is that?
Hey there! Thank you for reaching out, and we know how important this is for you. You can use your Credit Builder card at car rental companies and hotels. Sometimes, these merchants will charge a higher amount upfront in case other costs come up - like a security deposit. It can take up to 30 days for these funds to be released back to your card. Check your app to make sure you have enough available to spend on your card just in case!
If your car loan lender allows it, you can make a car payment with a credit card. However, credit card purchases impose fees on the merchant, so many loan servicers accept only cash-backed payment methods, like a debit card, check, money order or a direct transfer from a checking or savings account. 5k on credit card can cost the merchant 300-500. ALSO you risk paying more and going into major debt by paying car loans with credit cards. car loans apr can be 6% on your monthly. credit cards can have 0% apr, but what if something happens and you couldnt make the payment before the APr hit. now your 400 car note, plus 6% apr 420ish and you paid with credit card, missed the APR bc of emergencies, 24% gets slapped on top of it, your 420 goes to about 650-700, now with apr of 24% if lucky 12%. you still gotta make the next month car note, another 420, you pay into your credit debt from previous note, you get it down to 400. goes back up to 550 ish next month, the cycle continues. and essentially you have paid 100's into APR for a credit card. over time, thousands, and you can see how this can snowball into bankruptcy
I take pictures of the debit cards and the receipt.But if I misplace the debit card then find it, how can I reload the money on the card without having the card ? What cards can I reload money without adding my ssn and can withdrawal at the atm or get cash back ?
Hi there! We recognize how important this is for you. You can deposit cash in your Chime Checking Account at over 90,000 retail locations with our cash deposit partners. While most retailers charge fees for cash deposits at their own discretion, cash deposits made at Walgreens locations are free.
To deposit cash, you just need to present your cash and Chime debit card, and ask the cashier to deposit the cash into your Chime Checking Account.
More info on our features and FAQs: bit.ly/2viOOIi
I don't get it. If i am esentially already paying for my purchase with money i put on the card what am i making payments for? Thats paying for something twice,
Hi there! We appreciate you bringing this to our attention. When you make a purchase using your Credit Builder card, we subtract that amount from your available to spend on your card. That way, you won’t spend more than you have in your secured account. And there’s always money set aside to make payments on your card!
The total amount you spend with your Credit Builder card is your balance. At the end of the month, you can then use the money set aside in your secured account to pay your monthly balance. If you choose to turn on the Safer Credit Building feature, Chime will automatically use the money set aside to pay off any outstanding balance. This way, you always pay on time, one crucial aspect of building credit. (Go to Settings > Credit Builder Card > Safer Credit Building)
If you choose to pay manually, you’ll receive a notification to pay your statement every month.
Learn more here: bit.ly/3m2nCCl
Is there a way to not use direct deposit like Self.
Hey there! Thank you for reaching out. There are no credit requirements to qualify for Credit Builder! All you need is a Chime Checking Account and a qualifying direct deposit of $200 or more within the past 365 days.
More info here: bit.ly/36C6fT2
So what happens if i put money onto the credit builder and do NOT spend it? What's happening then?
Hi there! Thanks for connecting with us. The amount of money you transfer to your Credit Builder account equals the amount you can spend on the card. It doesn’t have a pre-set limit. Because your card has no pre-set credit limit, we don’t report percentage utilization to credit bureaus. If you spend up to the amount you have moved to Credit Builder, it won’t appear on your credit history as a high-utilization card.
So when i put money on my credit builder card, does that money instantly come out of my checkings account. Or is it reserved for the payment at the end of the month?
Yes, it helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
If I’m understanding this correct, if I transfer $100 to my credit builder account and only spend $50 that month from my available to spend (which is $100 in total) I can expect with Safer Credit Building active to then have the remaining $50 in my credit builder account automatically be used to pay the statement for the month?
Hey there! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
How much is the end of month fee
I don't get it.
I move $100 to spend $100 right? To build my credit. So what money im paying automatically every month?
Hey Marie! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
@Chime but what monthly charge? I thought this card don't have any fees? I'm using my owe money right
Can you use the credit builder to pay your bills? Like cellphone etc
Hi Dee! Thank you for reaching out! Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪
Check it out here: bit.ly/3w5eTpd
The only problem there should always be an option to deposit your money.
Hey there! Thanks for reaching out. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
@@Chime like every time when I like to deposit any money, there is no option to deposit it.
@@Chime at the ATM 🏧
We don't currently support depositing money at ATMs. Members can deposit cash in their Chime Checking Account at over 90,000 retail locations with our cash deposit partners. While most retailers charge fees for cash deposits at their own discretion, cash deposits made at Walgreens locations are free.
To deposit cash, a member just needs to present their cash and Chime debit card, and ask the cashier to deposit the cash into their Chime Checking Account.
Afterwards, you can move money into your Credit Builder secured account through your Chime Checking Account. The easiest way is by directly moving your paycheck into Credit Builder every payday. You can turn this on by going into Settings > Credit Builder Card > Move My Pay.
You can also move money anytime you want or need right from the home screen button "Move money to Credit Builder"
But still there should always be am option even if the cashier is not there .
My question is say I put $100 into my account and I spend 50, does the 50 that's left in my account get used to pay the 50 that I spend? Or is the 50 that I spent put on hold and I'll still have 50 left in the account at the end of the month.
Hi Crissy, great question! Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
This did not answer her question correctly. Yes or no?
@@Chime that’s not a sufficient explanation…still confused
Everybody's confused 😅
so the you have a 100 you spend 50 it will take 50 from your credit limit and that original 50 is used to pay back. you will not pay 50 twice just the once think of it like a prepaid visa ua-cam.com/video/o9BPWxhDtpE/v-deo.htmlsi=taT2qPIIi67H9NMy
So basically if I don’t have money in my credit card right? I can spend my fico credit?
Hi Tana! Thank you for reaching out. Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card.
Furthermore, we’re partnering with Experian to give all Credit Builder members access to their FICO® Score in our app! To sign up, create an Experian account through the app by going to the settings menu in the top left screen and follow the prompts.
Learn more: ua-cam.com/video/Wbh3OKV01AA/v-deo.html
Assuming this is not a good fit for entrepreneurs? Can not get a direct deposit as I don’t work for anyone.
Hey Kevin! Thank you for reaching out. There are no credit requirements to qualify for Credit Builder! All you need is a Chime Checking Account and a qualifying direct deposit of $200 or more within the past 365 days. More info here: bit.ly/36C6fT2
Note: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer paid as Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT).
Can't you just deposit money as the security amount to start? Why do you need a direct deposit?
Hi there! We hear how this is important. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want!
Additionally, secured credit cards work differently from regular credit cards because they require a cash deposit. The amount of money a member deposits sets their spending limit.
Note: The maximum Credit Builder can hold is $10,000.
Ok, so let’s say I put $25 into my credit builder account. I use the $25 on gas. I then have to repay that $25? Or do I just not do anything because I initially put the $25, and didn’t borrow it bc I put it there to spend? I’m confused
Hey there! Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront. More info here: bit.ly/3crptyY
Note: Credit Builder may show a negative balance if a final charge exceeds the pre-authorized amount. This happens when merchants don't know the final amount due at the initial time of payment. Just move money to your Credit Builder account to cover it before the 23rd of next month!
Or lets say i put 50 into my card go buy 20$ in lunch now i have 30 in my credit builder to cover the 20 i spent on food i just move 20 from my checking into my credit builder correct?
Hey Prezey! Thanks for reaching out. Great question! Chime has extended our SpotMe feature to the Chime Credit Builder Secured Visa® Credit Card! After opting in, your SpotMe limit is shared between both your Chime Debit and Credit Builder card.
A member's negative balance from a SpotMe transaction on their debit or credit card will be repaid the next time they receive a direct deposit or transfer of any kind into their Checking Account and secured deposit account.
For more details, check out ⬇️: www.chime.com/spotme/
So i have never had a credit card i am 100% new to starting credit will this help or do i have to already have a credit card
Hey there! We acknowledge how meaningful this is for you. There are no credit requirements to qualify for Credit Builder!
Furthermore, all you need is a Chime Checking Account. Credit Builder offers features that help you stay on top of key factors that impact your credit score. That means that the consistent use of Credit Builder can help you build payment history, increase the length of your credit history over time, and more. Every month, Chime will report your activity to the major credit bureaus.
Note: Signing up for one is easy! Go to Settings > Try Credit Builder and follow the instructions.
Learn more about this here: bit.ly/3f8nwXE and bit.ly/36C6fT2
If I’m spending my own money why do I have to pay a statement balance??
Hi there! We recognize how impactful and important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
Let me understand I have this correctly I send money from my checking account to credit builder? So basically I’m spending my own money already just when I’m spending it builds credit ?
Hi Marissa! Thanks for reaching out. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus.
Watch this for more info: bit.ly/39doq3A
@@Chimeif I open a chime account and apply for the chime credit builder card , can I move money from my physical account to the credit builder to use to pay my bills and make purchases
Why do I have to pay a bill when it’s my own money And who does the bill payment money go to ?
Hey Jah! Thank you for reaching out. Credit Builder is a secured credit card with no annual fees, no interest, and no credit check to apply. And unlike traditional secured credit cards, it allows you to use the money you move to Credit Builder to pay for monthly charges! You can use it anywhere Visa® is accepted for everyday purchases - gas, groceries, monthly subscriptions - anything! It's a new way to build credit 💪 Check it out here: bit.ly/3w5eTpd
Additionally, balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈 Learn more here: bit.ly/3m2nCCl
I have a question, my credit score says I’m in debt with chime for over $1500. And I don’t have a problem paying it, I can get it done,But I don’t know how to pay my bill. Can you help???
Hi there! We recognize how important this is for you. At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
So, if I have a credit limit of $100 & I spend the whole $100, then at the end of the month, I pay the $100 off, I'm now out of $200 for $100 worth of spending, how does that make sense??
It doesn't because you are misunderstanding it.
If your credit limit is $100 and you spend $100 then you pay off the $100 then you return to $0
@@ryans9855 bruh, it's simple math, I'm out of $200 because it's all my money being put up. You're misunderstanding the concept of this secured credit card sir.
You can anyways pull the money back out of the credit builder. So you add 100, spend 100, pay 100 (making your balance +100)., then easily take it back out. I thought the same thing until I did just that. Then I realized I didn't lose a dime.
It’s like a gift card that’s tracked by the credit bureau
@@clarocg6248 kind-of, but with a balance you have to pay every month
love chime, tons of videos on my channel
I’m so confused, example: if I have $20 my credit card and use it it has $0 then I re put $20 that’s paying it back ?? Someone plz help
Hi there! Thank you for getting in touch about this. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
Do i have to deposit money into chime each month to keep it activated or is it a 1 time direct deposit?
Hey Jacob, thanks for reaching out! In order to get a Credit Builder Card, you need to have received a qualifying direct deposit of $200 or more within the past 365 days. More info here: bit.ly/36C6fT2
Unlike traditional credit cards, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and no minimum security deposit required. There’s also no credit check to apply!
Instead of extending a preset limit, the money you move to your secured account is the amount you can spend on your card. Now you don't ever have to worry about spending more than you have.
Learn more here: bit.ly/39eLKxN
i literally do not understand. is this not paying for the same thing twice?? why not just use the debit card?!?! I DONT UNDERSTAND
Hi there! We recognize how important this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
I’m a little slow I guess. I wish a chime member can just show up at my house and show me bc I’m trying to build my credit mane
Hi there! We know how important this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
@@ChimeThanks for replying. So just to clarify bc like I said “I’m a little slow”… Say I move $100 to my credit builder acct and I use $50 on some shoes or something. Would I have to move $50 from my regular chimes acct to my credit builder acct by a month after the date I used the $50 in my credit acct???
@@Chime when I clicked this link, it said the video was private
We appreciate you getting back to us. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases.
At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
We'll report your monthly activity to the major credit bureaus. Watch this for more info: bit.ly/39doq3A
So not penalty on late payments?
Hi Ari! Thank you for reaching out. Chime offers the Secured Chime Credit Builder Visa® Credit Card to help members build their credit without the complexity, fees, and burdens of most traditional credit cards. If you miss a payment, we’ll disable your Credit Builder card and ask you to pay your overdue balance using the money you’ve already moved to Credit Builder, transfers from your Checking Account or an ACH transfer before turning it back on.
If you don’t pay your charges, we may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected on your credit report.
Learn more here: bit.ly/3m2nCCl
Do can i spend the $200 deposit?
Hi Manawyddan! Thank you for reaching out. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
No matter how I look at it, I'm still paying twice for the same charges.
Hi Marcos, we recognize how impactful and important this is for you. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
When you move money to your credit card, the money is kept in your card's secured account to secure the purchases you make. The amount in this secured account is what you can spend with your card.
Turn on Safer Credit Building to automatically pay your monthly credit card statement using the money in your secured account. You can choose when to make these automatic payments -either 1 or 10 days after you get your statement.
The point is to BUILD CREDIT they kinda manipulate the credit bureaus
I think the issue is how it’s being worded. Yes you deposit money into the credit builder account and it gives you a limit based on what you deposit, but when you use the card, you aren’t using MONEY, your using CREDIT. And if you’re using the safer credit builder, it deducts the money from what you put into the account and puts the money aside for you (which is why it looks like instant purchases) until it’s time to make your bill payment for the credit you’ve spent to pay your bill. There’s no extra payment on your part needed. But how it’s worded and displayed is really confusing.
@@chayziegreat explanation
Can i use this card abroad and are there any fees then when paying with this card in Europe lets say. If i charge the card $1000 and just use this card in Europe for paying in the restaurants, hotels....etc.
Hey there! Thank you for reaching out. To enable or disable international transactions in the app:
1. Go to Settings
2. Go to Account Management
3. Scroll to Credit Builder
4. Tap the International Transactions slider
5. Green means transactions are enabled, and gray means transactions are disabled
Note: Some members may have a different experience when they tap Settings. They still have access to the same services in-app, but they may need to find those services. You can also tap the double-slider icon on the Account Summary page to enable and disable transactions. Remember that when you turn off transactions for a Chime card, you only block card-based transactions for that specific account. Non-card-based transactions, like direct debits or ACH transactions (like certain recurring transactions), will continue to be processed as usual.
@@Chime thanks. And are there any international transaction fees? If yes how many %
Thank you you for getting back to us! Chime does not charge a fee for international transactions! Please be aware that our fee-free ATM network only covers ATMs within the United States. Your card is charged an ATM fee when you use an international ATM.
@@Chime awesome. Thank u
This is really confusing and the answers from "Chime" are not making it clear! I want to know:
1. If I have moved $200 to my credit builder account (secured credit account) and then make a $50 purchase, does the "available to spend" amount go down by $50?
2. When / how do I receive my monthly bill or statement showing me what I owe on the credit builder account?
3. How do I pay the bill for the purchases I made on the credit builder account? Do I pay it from my regular checking account? How? By transferring another $50 to my credit builder account? Please explain! You never seem to answer this question!
Hi there! We know how important this is for you. Credit Builder doesn’t have a preset credit limit. When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want!
The maximum Credit Builder can hold is $10,000.
Also, at the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
@@Chime Thank you! Very good and thorough answers. I'm impressed.
CA = Checking account
CB = Credit builder
Payments to whom or what? If i put $200 in the CB from my CA... Am I (me) setting the limit at $200? and am I (me) making payments to myself? Who am i making payments to and where does my money go? To myself?
If I spent $125 from my CB account out of the $200 I put in it (as the limit)... Is the $125 the outstanding balance? and does it use the money in the CA at the END of the month or EACH pay period to replenish the $200 limit that I set and the $125 automatically taken from the CA IS "the payment"?
If i put money in the CB account.. is there ever a chance my money will disappear?
I, myself am basically just paying myself back each month since I, myself am the "bank" that set the credit builder limit?
Hi Brian! Thank you for reaching out, and we know how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus.
Also, balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈
Check out all of the details here ⬇️
bit.ly/39doq3A
bit.ly/3m2nCCl
@@Chime so if I set the credit builder limit at 200 by putting $200 into the credit builder account from my checking I have $200 in the credit builder account to spend but... If I spend only $50 from the credit builder account does it use the remaining $150 in the credit builder account to pay back the 50 I spent or does it take the 50 out of my checking account to bring the credit builder amount back to $200? This is where I'm confused.
When you move money to your Credit Builder secured account this is the amount you can spend on your card (displayed as available to spend). When you make a purchase with your Credit Builder card your available to spend goes down -- this way you don't spend more than you have. You can move money to Credit Builder whenever you want!
Also, there are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
So is the money from checking acocint paying off whatever I put in the credit builder or does the balance in the credit bullder pay itself
Hi Lonnie, thanks for reaching out. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
My question is if i deposit $300 of my money then u take it set it aside and give me $300 credit and i spend that credit why am i having to repay that vredit anount when i paid for it up front???? Where did my original $300 go and if i put another $300 in there r u going to just take it and leave a $0 bal at the end of the billing cycle? or will i have $300 in my account still?
Hi Danky! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
@Chime yall do know that didn't answer my question right? Where did my original $300 go? And why am I having to pay back money I gave to u to begin with?
@@dankyjones352that’s what I’m wondering!!! I put the money to begin with in there, so what am I having to pay back???? I spent what I put? I didn’t borrow. Wtf
What if I put 100$ in my credit card account and used 35 I have 65 left but I wanna add more so I have a total of 150 I can use could I add 50 to make it 115 I have now being I spent 35 already then at the end of the bill cycle I’ll have 150 in my credit account ?? Or wait til end of the cycle to add the extra 150?
Hi there! We understand how important this must be for you. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
Can someone please explain the pay back process with this card say I put 900$ in there and spend 900$ throughout the month do I pay back that 900 as in like a payment that’s taking that money and I’ll never see it again or will I just have to put 900 back into my credit builder and is that considered paying it back? I’m confused help please thanks
Hey Shawn, we appreciate your interest. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
ill answer this since Chime seems to be using AI to answer to the comments lol. so shawn asked an specific question. you put 900, you spent all 900. in the credit chime card ofcourse. now there is a due balance for you in your CREDIT HISTORY, that you are in debt for 900. that is not bad, that is normal. because then you take a separate 900 dollars, and pay your debt. now your credit history shows, shawn had 900 debt paid in time! you got your goods and services for the original 900 you spent, now you paid another 900 into it of still your own money. that 900 is there ready to spend again, OR you transfer it to the debit card if you are done building credit. keep in mind, you got to pay what you spend from you credit chime card, so make sure you have the funds to pay back what you spend. you are paying it back so that YOUR credit history shows, THEY PAID! those 900 you pay back with is still yours, and you have the option to do as you wish. capisce?
It says outstanding balance but how can you have an outstanding balance if you're paying with your own money?!
Hi Suren! Thank you for bringing this to our attention. Balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores! 📈
Learn more here: bit.ly/3m2nCCl "
I have a debit card so how do I get a credit builder card
Hey there, thanks for reaching out. Signing up for one is easy! Go to Settings > Try Credit Builder and follow the instructions. Note: A Chime Checking Account with a direct deposit of $200 or more to your account in the past 365 days is required to qualify for a Credit Builder card.
I have checking account card and my credit builder card thanks chime
If I have 0 on my credit builder card can I spend more than 0
Hi there! Thanks for reaching out. The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
People are so confused.
Best explanation- it is just like a debit card converted to credit card, but you cannot spend wha you dont have gets? This is for people who cannot be approved for a real credit card that wants to build credit, so chime design a credit builder that will turn you debit card savings count as credit. Gets?
Yeah i dont get it you move money to the credit builder account and then use the money to pay off purchases. Then at the end of the month you get a statement for you to pay all over again. They getting money from you twice.
Hi there, we recognize how impactful this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
@@Chime oh ok so you all are just reporting the transactions that I made with the credit builder account?.So what is safe credit building? Do I need it on or off?
Great question! Balance on credit reports (or also called "new balance") is the amount you've spent since your last statement and now. When you make purchases, that amount doesn’t settle immediately - instead it is set aside in your Credit Builder secured account. This money can then be used at the end of month to pay your monthly charges. By putting a hold on that money and then using it to pay your bill at the end of the month, you’re contributing to a history of regular on-time payments - one of the keys to improving credit scores!
Also, Safer Credit Building is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance. Learn more here: bit.ly/3m2nCCl
WHY DID CHIME DEPOSIT MY DIRECT DEPOSIT INTO MY DEBIT CARD WHEN I SIGN UP TO HAVE MY FUNDS AUTOMATICALLY SENT TO MY CREDIT BUILDER CARD. SOME TYPE OF FRAUD GOING ON!
Hi Donaldson! We know how this can lead to frustration. While we aren't able to help with account-specific issues over social, please be confident that our Member Services team is equipped to help you with this. If you reach out to us at 1-844-244-6363, our team will investigate this quickly and be able to help further.
Make no sense. If I put the money in there in the first place then what payment am I really making at the end of the month
Hi there! We recognize how important this is for you. Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
So wait the money I put in to use is taken out. But I still have to pay that 😂😂😂😂😂😂 at the end of the month
Can some dumb this down a little bit more for me ?? 😭 like kindergarten level ts cause I’m confused 😭
Hey Mesheyona. We appreciate your interest! Credit Builder is a secured credit card. It helps you build credit by letting you borrow against the money you put into your Credit Builder secured account and reports your progress to top credit bureaus.
Unlike traditional secured credit cards, Credit Builder allows you to use the money you move to Credit Builder to pay for what you spend that month! Additionally, Credit Builder has no interest, $0 annual fee, $0 maintenance fee, and there’s no large deposit required upfront.
More info here: bit.ly/3crptyY
How do I turn it back on
Hi there! Thank you for reaching out. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
So I have a credit builder account but I turned off transactions. Do I need to apply for a new one? and how do I if so ? I don't see it in the settings menu
We appreciate your quick response. Transactions can also be turned on/off by logging into your account at chime.com and selecting settings! 💳
Yeah but when I did that I didn't see anything about a credit builder card or account settings does that mean it's closed?
Hi Timmy! Thanks for reaching out. What's your $ChimeSign? Once you share that with us, we'll take a look!
As a reminder, we'll never proactively send you Private Messages. Never share personal info like your email, phone number, or account numbers on UA-cam, and always check to make sure you're interacting with the official Chime account. If someone messages you asking for anything other than a $ChimeSign it's not us.
Why does Chime keep denying me a Credit Builder?
Hey Adriana, we understand how frustrating this must be for you. Our Member Services team can help take a look at what might be happening here. Please get in contact with us at 1 (844) 244-6363, and we'll be able to investigate this more deeply with you.
So I have to put $300 on the card to spend it, then pay another $300 to pay it off? That’s $600 out of nowhere and the first $300 doesn’t return?
Hey Kokushi! Thanks for reaching out. You can move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
Learn more: bit.ly/3lAOQ2E
This entire concept is stupid , repaing any negative amounts should automatically build our credit. Why would I transfer money already available to spend to an account I have to pay back when i already have it? I like chime but this was a stupid idea!
It's really not that difficult to understand, they are taking your money and loaning it back to you.. they report to the credit bureau.. that's the difference!
For someone with bad credit, like myself, it's a great idea. I am in the process of paying off those stupid mistakes I made when I was younger, but that alone is not going to boost my credit. Not quickly anyway. I need an account or multiple accounts reporting positive remarks to the credit bureaus besides the ones I am actively paying off. For someone like me who can't afford to keep getting negative inquiries on my credit report due to being denied credit cards again and again, Credit Builder is a great solution. I make purchases as I normally would, and instead of my direct deposit going into my checking account every paycheck, it simply goes into my Chime Credit account and they report it positively to the credit bureaus every month. I pay no additional fees, no interest and I am not losing anything, only gaining points. You don't "pay back" anything.
That’s how EVERY CREDIT CARD WORKS DUMMY
How
Still don’t make sense so basically what I load is key says I put 200 that’s means I have to pay 400$ an what is they charging u ?
I'm sorry chime, there's a lot of clearly incompetent people in the comment section 😂. How hard is it to understand that the credit builder card is to help your low credit having azz build up an on time credit payment history? Put whatever money you plan on paying bills with into the credit builder card account and pay your bills with it and chime will report to the credit bureau's that you are making on time payments. It may take a few months but your credit score will go up everytime you pay your bills. Just maybe after using it for a year or so, you'll get credit card offers from actual credit card providers. Chime isn't a credit card provider, they're just trying to help your irresponsible azz 😂
Basically it's really not different than pre paid credit card. This is kind of stupid!
You're sadly mistaken, a pre-paid credit card isn't going to raise your credit score, in the slightest bit. It's only stupid because you're confused, I get that.
So say I move $100 to the credit account. I spend all $100. Do I have to pay an extra $100 at the end of the month? Essentially paying $200 to spend $100? Everyone in these comments are making 0 sense 😂
Hi Brady! Thank you for reaching out. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time. Learn more: bit.ly/3lAOQ2E
Also, at the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
cool
Nm i figured it out
They chose a girl with such a satisfying voice 😍☺️
Chime
🤔
Im so confused. Why is there a balance???? Help me, i want to use my new credit bulilder card but now im confused. The comments are confusing too. @chime
Hi Angel! We recognize how impactful this is for you. Move money into your Credit Builder secured account from your Chime Checking account, and do it right in the Chime app! The money you move to your secured account is the amount you can spend on your card. You can use your Credit Builder card anywhere Visa® is accepted and at the end of each month, you can use the money previously moved to pay for your monthly charges. We report your activities to the major credit bureaus to help you build credit over time.
At the end of every month (around the 28th or 29th), you’ll receive an email with your Credit Builder statement that you will need to pay. There are 2 ways to pay your statement:
1. Safer Credit Building - This is the most popular way to pay among Chime members. It’s a handy feature we built to help you pay on time. When you turn on Safer Credit Building, the money previously moved to Credit Builder will automatically be used to pay your monthly balance.
2. Manually - You also have the option to pay your bill manually. To manually make a Credit Builder payment, select Settings → Credit Builder → Safer Credit Building → and then tap on “Make a payment now.”
Learn more here: bit.ly/3m2nCCl
So if I move $50 from my spending account to my credit card ,
And I use $10 of it
At then of the month
The $40 left will cover my $10 statement
And if I won’t to add more because now im at $30,
I would just have to transfer more money in to the credit card
That’s what I think 🔥
Hi there! Thank you for reaching out. We know how important this is for you. First, you move money to Credit Builder from your Chime Checking Account. That becomes the amount you can spend on your card. Then spend anywhere Visa® is accepted on your everyday purchases. We'll report your monthly activity to the major credit bureaus. Watch this for more info: bit.ly/39doq3A
@ransackedbananas9309
Let's say you have 100 and spend 50..
You have now 50 credit limit left
And the 50 you spent will be set aside and will be used to pay for your balance by the end of the billing cycle..
Question: who paid the 50 to the merchant? -Chime is paying it for the meantime..
You pay chime using the money that was set aside during purchase..
actually its not. the money you spent is the payback. you have 50 spend 10 have 40 left and it stays as such till you buy more. ua-cam.com/video/o9BPWxhDtpE/v-deo.htmlsi=taT2qPIIi67H9NMy
So the short story is you are loaning yourself money. It's not like a prepaid debit card like people are saying. You loan yourself money then pay yourself back every month. Think of it like paying yourself back on a savings account you took money out of.
So the short story is you are loaning yourself momey. It's not like a prepaid debit card like people are saying. You loan yourself money then pay yourself back every month.
I’m confused 🫤…. Can someone make it make sense?
Hi Lakeisha! We appreciate your interest. We'd like to learn a bit more about how we can help you-can you share a bit more about what's going on?
Honestly I don’t see the purpose of that .., I definitely haven’t saw the benefits in this card…it’s a bit pointless 🤌🏾