How Chime WILL Change Your Financial Life | BEST FINTECH 2022 - YouTube

I love financial tools that make understanding your personal finances as easy as possible

and at the top of the list in terms of simple and clean financial tools would of course

be Chime.

Now we've talked about Chime in a ton of different videos but today I want to specifically focus

on how I believe Chime can change your financial life.

Alright let's jump right into it.

What is going on everyone I hope you are all having a fantastic day.

So like I said we've done more detailed videos on each specific product that Chime offers

so I will link to some of those videos below the like button however I think it's important

that we zoom out and understand how unique the Chime platform truly is with its incredible

simple and easy to learn design.

I do want to clarify that Chime is not sponsoring this video and I always just wanna help you

find the best financial tool for your situation but if you do feel that Chime is worth a shot

then there is a link down in the description that will help support my channel.

Alright so there's three main account options that Chime currently offers and I'll say from

the start that this isn't necessarily going to be your one stop shop in terms of everything

you could possibly need from a financial tool.

At least for the time being they don't offer any kind of lending services like auto loans

or mortgages and they also don't have anything on the investing side of things.

Now are those things that they could add in the future, who knows but the point I'm really

going to be driving home in today's video is a lot of people don't need the complex

and oftentimes confusing tools that similar platforms offer.

Most people just want a basic and easy to understand way to manage their personal finances

on a consistent basis and if that is you then Chime definitely fits the bill.

Alright so like I said you've got your checking account, your optional savings accounts, as

well as the Chime Credit Builder Secured Visa Credit Card which is a really unique product

that we’ve talked about in length previously.

Obviously with your chime checking account you're going to get a visa debit card for

those in person and online purchases, you can withdraw cash at over 60,000 free to use

ATM's, you can get paid up to two days early with direct deposit, and you even get fee

free overdraft protection up to $200 through spotme for eligible members.

With your optional savings account you're going to earn 0.5% interest which will hopefully

be on the rise since interest rates are currently going up and you can also set up automatic

savings when you receive your direct deposited paycheck and set up round up transfers that

will round up purchases on your debit card to the nearest whole dollar and automatically

deposit the difference into your savings.

This account has no fees across the board and all the bells and whistles that we've

all come to expect with these modern fintech companies.

Now I get that we flew through all of that so if you want an in depth review again check

out those previous videos but what is it that sets this platform apart from the many options

that we all have and of course how is that going to change your financial life.

Well having used chime for almost two years now and of course having reviewed hundreds

of different bank accounts and other financial platforms, the big differentiator I see here

is simplicity.

Other platforms offer a million account options and very niche features that only apply to

a small group of people and while that's by no means a bad thing, there is something to

be said for a platform that you can sign up for in a matter of minutes, get a basic understanding

of your budget, and slowly work towards the different savings and other financial goals

that you are trying to reach.

You're not going to be showered with advertisements to open a new account, you're not going to

be punished and smacked with some ridiculous overdraft fee just because you're having trouble

making ends meet one month, and you don't need to be some financial guru to understand

how to effectively use this platform to better your financial situation.

The Chime website says that this is banking that has your back and I would add to that

that it really is banking for everyone.

In my opinion that's probably why Chime has had so much success in the past few years

because they understand that money isn't everything to people and it shouldn't be and they just

want to give you a clean and quick way to understand your finances, reach those financial

goals, and then get on with your day and not be bogged down by some confusing overly designed

platform.

Now all of that being said, the one exception to the simple checking and savings setup with

Chime is of course their incredibly unique credit builder product.

Now again this product can get a little bit confusing and I have made entire videos breaking

down exactly how this works so if you do get a little confused no worries just leave a

comment on this video or check out those videos as well.

But without confusing you too much, the Chime credit builder card is essentially just an

extension of your checking and savings accounts but if used properly, this product can help

build your credit score which obviously has a number of financial benefits without any

annual fee, without a credit check, and if you turn on and utilize the safer credit builder

feature your bill will automatically be paid with funds that you are essentially preloading

meaning you don't have to worry about digging yourself into a mountain of credit card debt

and balancing all those payments and trying to climb your way out of the ridiculous interest

and fees that traditional credit card products charge.

We've talked about this product at length but again, who cares and how is that going

to change your financial life.

Well, it goes back to that idea of banking for everyone and the fact is, there are millions

and millions of people who do not have access two simple, and affordable methods of building

their credit score.

Meaning those individuals end up never building a credit score which means higher interest

rates and higher monthly payments or even worse, they end up taking on incredibly high

interest and dangerous lending products because they have no other option and end up getting

themselves into a huge financial mess.

Add on top of that the fact that many traditional credit cards can cost hundreds of dollars

per year, charge interest rates of 20% or more and have lots of hidden fees, and again

it just gets so confusing that easily building your credit is just not realistic for a lot

of consumers.

So when Chime designed the credit builder card, they didn't make it just for individuals

with establish credit or people with good income…they made this product for everyone

and having worked closely with the team at Chime and spent hours truly understanding

the intent behind this product, I can confidently say that they want to make building your credit

score and all of the benefits that come with that easily accessible and easy to understand

for that everyday consumer and that includes you.

Alright so enough of the dramatic speeches, here is the step-by-step game plan on exactly

how you can use the Chime platform to change your financial life.

Step one, you want to open up a Chime checking and optional savings account, set up direct

deposit, set up those automatic savings goals as well as the round up transfers because

why not and start to get an understanding of how much money is coming in and how much

money is going out.

The Chime platform is by far the most sleek and simply designed tool that I have personally

used but if you need some help then I did make a step by step how to video walking you

through each of the menus.

But once you get direct deposit setup you'll also be eligible for the spot me fee-free

overdraft protection which I would definitely turn on just in case things get tight and

even when they do, not only is Chime not going to charge you some stupid overdraft fee like

many national banks but they will even spot you up to $200 which is incredible.

And once you've got everything set up with you checking and optional savings account

and have those direct deposits coming in, you can then go ahead and apply for the Chime

credit builder card.

Now if you already have a crazy good credit score and a number of credit cards that you

know how to use responsibly then no this product is probably not the best option for you.

However it is free, there's no interest, there's no credit check, and it is literally the easiest

and safest way to build credit that I have ever seen so whether you have no credit history,

damaged credit, amazing credit, it doesnt matter…the credit builder product is worth

a shot and if you're already using the other Chime tools and have direct deposit then you're

eligible regardless of your other financial metrics.

With this simple platform that you can quickly understand right from your phone, you've now

got a means of earning, spending, saving, budgeting, and even building credit which

will have so many financial benefits in the long term all without any fees, confusing

menus and features, or any of the garbage that leads a lot of individuals to shy away

from many other financial tools.

Again Chime is not sponsoring this video however if you do want to sign up for the chime platform

and help support my channel which I really appreciate then there is a link to sign up

down below the like button as well as a number of tutorials and reviews if you're interested

in those.

As always thank you so much for your time I really do appreciate it so much take it

easy and I'll see you in the next one!