The Chime Credit Builder is a convenient credit card that offers low interest on purchases. It operates just like a standard MasterCard in which you can use it buy groceries, gas or any other household items. There are no annual fees, no monthly minimums and no additional credit checks. They can be issued by Discovery Credit System, Inc., MasterCard, or VISA depending on the issuing bank. (Visa and MasterCard.)
This credit builder offers two kinds of rewards: cash back and rewards. Cash back rewards you when you make purchases with your card at certain merchants. Rewards are a second type that offers an additional incentive to spend. It gives you points. Each year, you can earn as many as two thousand bonus points. You can earn points that lead to free flights and other benefits.
In order to receive the rewards, the cardholders must open a savings account with the bank they choose. They must also make at least six payments each month to maintain the account. Cardholders who fail to pay the balance on time will be given a cash advance equal to a portion of their credit line. And if the balance is still unpaid after the introductory period is completed, they will have to pay a high interest rate, a one time large balance fee and a per-transaction late fee.
This credit builder offers a safer credit building feature than most unsecured credit cards. The cardholders do not need to have zero balances to start the introductory period. They must open a savings bank account at the bank they choose. They must also make at least six payments each month to maintain the account. If the cardholders do not pay the balance when it falls due, they will receive a percentage of their credit line in the form of a cash advance.
Although the credit builder card does not have an annual fee, it requires cardholders to pay high interest rates. The cardholders must also pay off a minimum of a 30-day delinquent balance before the introductory period ends. The credit builder credit card does not consider credit history.
You will receive an email each month with a link to enter your information during your introductory period. You will only be able to access a unique link if you submit an application for a Chime credit review. This is to stop cheating as anyone can apply for these rewards. A monthly membership fee will be charged each month, according to the details you provide in your email.
For those who are concerned about the on-time payments, the on-time payment will be converted to an automatic debit and your charges will stop. This credit-building feature has a significant advantage. Automatic debits will automatically be deposited into your savings account if you use major credit bureaus such as Equifax, TransUnion, and Experian.
With the on-time payments, you can also get a credit score boost within three months. The reason is because the automatic debits will be reported to the major credit bureaus as well as the TransUnion. You can find positive reviews about Chime by doing a quick internet search. They are mostly positive because the customer service was good and the 30 points that can be earned in a month is a huge plus!
Next, you have the option to purchase using your debit card. The on-time payments that can be received via electronic deposit will add up to thirty points. This can be used to accumulate a large amount of money each month. You can also set a spending limit and be able pay the balance off at any moment.
Now that you know all about the Chime credit cards and the various methods that can help build your credit score, it is time for you to start building your profile. In order to do so, you will need the access to a computer with internet access and a printer. When you log onto the website, you will be asked for your name, address and social security number. You can also choose which type of lender you would prefer to work with. Once you enter these information, then you will just have to wait for the system to analyze your data.
You may be surprised at the variety of options available to you if you choose to use the Chime credit card. Some of them include, getting cash back on purchases, receiving a higher than usual percentage from sales and being able to earn rewards within a short period of time. The secured credit account is one of the best ways to build credit. Finally, you can use the prepaid debit cards or the pre-paid ones.