Chime Credit Builder Card Review 2022 | Build Credit From ZERO - YouTube

Having good credit is so important...we all  know that. But building that good credit  

score whether you're starting from zero or  have poor credit history can be incredibly  

confusing and typically involves taking on  some kind of debt whether that's a mortgage,  

a car payment, student loans, or more often than  not a traditional credit card that can get you  

into a world of trouble if you don’t know how to  use it properly. That's where the Secured Chime  

Credit Builder Visa® Credit Card comes in.  It helps you to build that fantastic credit  

score without paying any interest or fees  while significantly lowering the risk of  

debt…sounds too good to be true so let's explain  how this works. Alright, let's jump right into it.  

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

did a review of this very unique Chime Credit  Builder card and to this day that is the most  

popular video on my channel and you all seem to  absolutely love this product. So today I figured  

we would revisit the topic, brush up on what  the Credit Builder card offers and how it works,  

and help you decide whether or not this is still  a product worth getting in 2022. I do want to let  

you know that this video is made in affiliation  with Chime however as I just mentioned I have been  

talking about this product for a long time before  they ever reached out to me and this is going to  

be a fully open and honest review as you've all  come to expect so if you do want to sign up for  

the Credit Builder card I will leave a link in  the description below but if not I just really  

appreciate you checking out the video. Alright so  with all that out of the way what in the world is  

the Credit Builder card and how can it possibly  help build your credit score and credit history  

without any of the drawbacks that come with the  standard methods of building credit. Well, this  

is where things can get a little bit confusing  and I still get comments all the time of people  

being a little unsure exactly how this product  works so let's break it down to make it super  

simple. Essentially you are going to add money to  your Credit Builder secured about in a set amount  

of money, let's say $100 for example, and then  you are able to spend up to $100 before having  

to add more money to the account to be able to  use your card again. And when it comes time to  

“pay off” your balance, you have already set that  money aside meaning you either manually make the  

payment with the funds in your secured account or  you can turn on the safer credit builder feature  

to have your bill automatically paid with  those pre-loaded funds. The big difference  

with the Credit Builder card, however, is  that once you make your payment, Chime is  

going to report that as an on-time payment.  And again, making those payments is a breeze  

because you can't spend money unless you’ve  already set that money aside. And if you're  

familiar with how building your credit score  works in a traditional sense, your on-time payment  

history is by far the most important factor in  building your credit score. Remember that with a  

traditional credit card product, the credit card  provider is essentially giving you a short term  

loan up to a predetermined limit meaning you could  spend money on a credit card even if you don't  

actually have that amount of money in your account  and that's where you can get into a lot of trouble  

because if you don't pay off that card on time  you'll start accruing interest in fees and dig  

yourself into a financial hole that can be very  difficult to get yourself out of. So the fact  

that the Chime Credit Builder card is able to  offer all the advantages of helping build your  

credit score4 with a significantly reduced chance  of accruing debt or having any kind of interest or  

fees is amazing. Again instead of taking on that  short-term loan from the credit card provider your  

essentially paying off that purchase beforehand  and using that money that you've already set aside  

to make your purchases assuming you’ve turned on  that safer credit builder feature which I highly  

recommend. And when Chime reports that as an  on-time payment to the three major credit bureaus  

that is good for your credit score. So if  you're still a little confused about how  

exactly this works, definitely let me know down in  the comments section and also check out the video  

that I made a while back comparing the standard  Chime Checking debit card to the Credit Builder  

card, which gives a real-world example of how  this credit builder product works. This all sounds  

great, but how do you get the Credit Builder card  and what is required in order to get approved.  

Well, the first thing you'll want to go ahead  and do is to open up a standard Chime Checking  

account. I've done a lot of videos on this product  and there is a lot to love here including round-up  

savings tools, the ability to get paid up to  2 days early with direct deposit, more than  

60,000 free-to-use ATMs, and a ton of other great  benefits. The reason I mentioned that is because  

you're going to use your Chime Checking account  to fund your Chime Credit Builder secured account.  

With the checking account, you can also open an  optional savings account if you’d like to have  

everything under one platform. But once you get  your standard Chime Checking account opened up and  

a qualifying direct deposit, you are then eligible  to go ahead and apply for this Credit Builder card  

and the best part is that there is no credit  check in order to apply and while there aren't  

specific financial metrics (Credit Score/Income  Requirements) that are posted regarding what is  

required to get approved, in talking with the  team over at Chime, it is very clear that their  

mission here is to help as many members as they  possibly can to help build that credit score  

again without the drawbacks of traditional credit  building methods. So if you're starting from zero,  

this might be the perfect product for you because  again there's no fees, no interest, a much-reduced  

chance of accruing debt, and no credit check in  order to apply. Now one other thing I do want  

to clarify that I often get questions about  is this is not what's often referred to as a  

secured credit card. If you're not familiar, with  a secured card you essentially give the credit  

card provider a predetermined amount of money say  $500, and then you are able to spend up to $500  

on that particular card and if you decide one day  to just not pay off your balance then the credit  

card company keeps your $500 security deposit and  that's the end of it. That's a very common product  

for beginners but again I want to clarify that the  Chime credit builder card is NOT a typical secured  

credit card because while there is technically  a “security deposit” in order to fund your card,  

there is no predetermined amount or minimum.  Once you're approved for the Credit Builder card  

you're simply going to move money from your Chime  Checking account into your secured Credit Builder  

account and then responsibly use it like your  other credit cards. and don't worry if you put say  

$1000 onto your Credit Builder secured account and  you only spend $100 it's not like that other $900  

is gone you can always move it back  and forth between the two accounts and  

when it really comes down to it, the  credit builder card is quite simple  

once you learn how to use it. So whether you are  starting from zero, have poor credit history, or  

even if you have a really decent credit score but  are just looking to take things to the next level,  

then this is a fantastic product that really  doesn't have many drawbacks in my opinion so again  

if you would like to give this product a shot  then it definitely check out that first link in  

the description where you can sign up and I'll  also link to the sign-up page for the standard  

chime checking account if you don't yet have that  one either. One last question I do frequently get  

is does this product offer any kind of cash back  or rewards and the simple answer is no. For the  

time being this product is strictly focused  on helping you build your credit score and  

while I'd love to see them add some rewards and  other benefits in the future, I can definitely  

get behind the mission of wanting to focus on one  thing at a time and bringing new customers for the  

right reasons and not entice them with some flashy  signup offer or anything like that because really  

that's how a lot of credit card companies bring in  customers in the first place and then before you  

know it they've gotten themselves into a financial  mess which is the complete opposite of what Chime  

is trying to do with this product. So I'd love to  know what you think of the Chime Credit Builder  

card down in the comment section below and if  you have used this in your comfortable sharing,  

I would love to know how it helped improve  your credit score. I've had subscribers send  

me messages and leave comments of their credit  scores improving by several hundred points  

just by using this product which is absolutely  amazing so if you're comfortable sharing then I'd  

love to hear your story in the comments section  as well. Again if you do want to sign up for the  

Credit Builder card or the Chime Checking account  then I will leave links to both of those down in  

the description below and you’ll help support my  channel which I seriously appreciate so much. As  

always if you do get value out of this content  and you want to help support me the easiest way  

to do that is by checking out Chimes' Credit  Builder card and showing them some love and of  

course by hitting the like button and subscribing  to the channel. Thank you to Chime for making such  

a unique and incredible product and for supporting  my content and of course, 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!