You also have the option to pay your bill manually.Īs you make your payments, Chime will report them to the three major credit bureaus. To help you make sure you never miss a payment, Chime offers a Safer Credit Building feature that automatically pays off the balance with the funds from your secured account. You’ll be required to pay off the balance each month. Each time you make a purchase, Chime will lower your available limit based on how much you spend. The amount you transfer will act as your credit limit. However, you will need to set up your spending limit by transferring funds from your Chime Spending Account to your Chime Credit Builder card. You won’t have to undergo a credit check. Once you’ve set up the Chime Spending Account and received a qualifying direct deposit, you can apply for the Chime Credit Builder Secured Visa Credit Card. This means that you cannot skirt the requirements by sending yourself money via Venmo or PayPal. The direct deposit must be made from an employer or government program. In addition to opening a Chime Spending Account, you must receive a qualifying direct deposit of at least $200 to that account. In fact, you might enjoy the straightforward perks offered by the Chime Spending Account. Since Chime doesn’t charge fees for this account and provides options to help you build your savings automatically, signing up is risk-free.
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