What is Chime Debit VISA?
Chime Debit Visa is a type of debit card offered by Chime, an online-based financial services company in the United States. It is designed to be a free and convenient alternative to traditional banking products, with no monthly fees, overdraft fees or foreign transaction fees. The Chime Debit Visa card can be used anywhere that Visa debit cards are accepted , making it widely accessible and versatile.
The Chime Debit Visa card is issued by The Bancorp Bank , N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. This means that customers can use their Chime Debit Visa card for everyday purchases, online shopping, bill payments, and other transactions, just like any other Visa debit card. Additionally, users can withdraw cash fee-free from over 38,000 MoneyPass and Visa Plus Alliance ATMs located across the United States.
Chime Debit Visa cardholders can manage their accounts through the Chime mobile app, which is available for both iOS and Android. The app allows users to check their account balance, view transaction history, disable their card if it's lost or stolen, and set up custom alerts for account activity. Customers can also transfer money to other Chime members instantly and for free, using the Pay Friends feature.
In summary, the Chime Debit Visa card is a free and convenient banking product provided by Chime, which allows customers to manage their accounts through a mobile app and access their funds fee-free through a vast network of ATMs.
Frequently Asked Questions about chime debit visa
A Chime debit card works like any other debit card – it's connected to your bank account and allows you to pay directly from that account at merchants and get money from ATMs. You can connect the checking account to your current bank account for funding or make direct deposits to your new Chime checking account.
Chime's debit card is linked to your bank account and a prepaid card is not. So, if you use your Chime debit card, your purchases are deducted from your Checking Account. A prepaid card, on the other hand, is not connected to any bank account and it's up to you to load money onto it in advance.
Chime's services are provided by The Bancorp Bank and Stride Bank. Both banks are FDIC-insured up to the limit allowed by law: $250,000 per depositor, per account type. In addition to two deposit accounts, Chime offers a credit card through its Credit Builder account.
The secured Chime Credit Builder Visa® Credit Card¹ empowers qualifying Chime members to build credit for free with no annual fees or interest. ² Just fund the Credit Builder account with a security deposit,³ swipe the credit card on everyday purchases, and make on-time payments each month to help build your credit.
So you just got your chime Visa debit card welcome. Here's how to activate it. Start by logging in and tapping the card status widget. Then hit the button that says activate. And your sent.
The Chime Credit Builder Visa® Credit Card charges no interest because it doesn't let you spend more than what you have available in your Credit Builder secured account. In some ways, it's a credit card that bears similarities to a reloadable prepaid debit card.
$10,000
Flexible credit limit
Your credit limit on the Chime Credit Builder Secured Visa is equal to the amount you deposit in your Credit Builder account. You can choose any amount up to $10,000, and you can increase or decrease that amount anytime by transferring funds in or out of your Chime checking account.
Chime Can Help Build Credit History, but It's Not for Everyone. Chime reports account activity to all three credit bureaus. Cardholders looking to build better credit can establish on-time payment behavior and lengthen their credit history. (Note that late payments can still negatively affect a credit score.)
Cons: Limited account options: Chime currently offers just a checking and savings account, which may be challenging for consumers who have more extensive needs. Making cash deposits can be challenging: Cash deposits cannot be made at ATMs.
Chime pros and cons
- No monthly fees, overdraft fees or minimum balance required.
- Great savings options, pays high interest.
- Get paid up to 2 days early3 via direct deposit.
The Secured Chime Credit Builder Visa® Credit Card advertises a path to build a healthy credit history - a similar claim other secured cards share. Cardholders must make a deposit to the secured card to set a credit limit and then they can make everyday purchases.
Product Details
- 38,000+ free ATMs nationwide through MoneyPass® and Visa® Plus Alliance.
- Free cash deposits at Walgreens; May deposit cash at other select retail locations but you may be charged a fee.
- Rounds debit card purchases up to the nearest dollar and moves spare change into your Chime Savings Account.
No, you won't be able to make any purchases with the Chime Credit Builder card if you don't have any money in your secured account. In fact, the card's application disclosure states that you must add funds to your secured account within 60 days of your approval notification or Chime will cancel your card.
Chime Credit Builder Visa® Credit Card: Basics
Security deposit: No minimum security deposit is required. The money you transfer from your Chime Spending Account to your Credit Builder secured account is how much you can spend with the card. Bonus: None. Rewards: None.
30 points
Chime claims that using the card can improve your credit score by an average of 30 points in just eight months. If you hope to see similar results, you'll need to make sure you're making on-time payments on your Chime Credit Builder card and any other revolving credit accounts and loans you may have.
Chime Can Help Build Credit History, but It's Not for Everyone. Chime reports account activity to all three credit bureaus. Cardholders looking to build better credit can establish on-time payment behavior and lengthen their credit history. (Note that late payments can still negatively affect a credit score.)
