If you’re looking to build credit for the first time or rebuild credit if you’ve had problems in the past, I have found the absolute best product for you. It’s the Chime Credit Builder Card, but it comes with none of the drawbacks of the typical rip-off credit builder products. I’m going to tell you all about it below, plus if you sign up for it you will actually make $100 profit and get a no-fee checking account to boot!
To be eligible to get this awesome credit card I’m going to describe below, you will need to have a Chime checking account. Chime’s checking is an awesome product. There are no fees at all associated with the account, unless you decide to get an advance on your paycheck with them, and if you do that, the fee is just $2. Otherwise, there are no other fees…no overdraft fees, no monthly maintenance fees, nothing!
Even better, when you sign up for the Chime checking account you will get a $100 bonus if you follow my link to sign up and receive your pay by direct deposit (min: $200) in the first 45 days after account opening. That’s an easy $100 moneymaker!
Chime checking has great benefits: free debit card, some cashback offers at local restaurants, free “Spot Me” bonuses that allow you to overdraft up to $150 without paying any fees, plus the opportunity to receive an advance on your regular paycheck at no fee or a fee as low as $2. Also, they don’t hold your incoming direct deposits until their scheduled payout days, so you could even receive your paychecks via direct deposit up to two days early. I personally use Chime and love them!
But, let’s get to the real subject of this post…the Chime “secured” credit builder card.
The Chime secured credit card is a separate “credit” card that reports to the credit bureaus and establishes positive payment history, something that you will need if you’re looking to make a major purchase like a car or home OR if you’re looking to qualify in the future for cool rewards credit cards. But the really cool part is how it works…
Most secured cards tie up your money for the life of your account. The Chime secured card doesn’t work that way. You can move money to and from your Chime account to this secured card. For example, you can move $500 to the secured card from your Chime checking and you will have a $500 limit. However, the only part that is locked up that you can’t withdraw is the amount you have spent and owe on the card. So in this example, if you have spent $123 of the $500, you can still withdraw the other $377 cash back to your regular Chime bank account if you need it. Basically, the credit limit is flexible and you control it.
Another great thing about this card is the absence of annual or monthly fees. One of the problems with the crappy secured cards with fees is that you eventually will want to close the account to avoid the fees and/or get your deposit back, and with the account closure you lose all that positive payment history. However, that’s not a factor with the Chime secured credit card. They don’t charge you anything to have the account and your deposit isn’t trapped for the life of the account; you won’t have a reason to close the account and lose the positive payment history. That’s freaking awesome!
And I still haven’t mentioned the best feature! You can make it impossible to have a late payment, so you’re guaranteed that only good stuff shows up on your credit report. You do this by enabling the option that they will pay your statement balance in full automatically with money from your security deposit, ensuring that your payment is always made on time. It’s impossible to default if you do that!
So if you’re serious about building or rebuilding your credit and/or you want to make an easy $100 profit, it’s time to join me as a Chime customer. GO HERE TO LEARN MORE ABOUT CHIME AND/OR SIGN UP!