Daniel Rosen reviews Chime's Credit Builder card, which reports to all three credit bureaus and charges no annual, interest, or late fees. It uses your own money to set spending limits instead of a security deposit, but has no rewards and requires a Chime account and direct deposit.
Chime has gained a lot of traction lately thanks to a strong marketing push. Chime offers a secured credit card designed to help users build their credit score through regular on time payments, which are reported to all three major credit bureaus. Instead of requiring a set security deposit. Your spending limit is based on the money you transfer into your account, and this feature is great for limiting debt and keeping your finances in control. Chime's Credit Builder card comes with no annual fees, no interest or late fees, and there is no hard inquiry when you apply. But you'll need a Chime spending account and direct deposit, and it doesn't offer cash back or rewards. While that might not matter as much when you're digging yourself out of debt, it's not a great long term strategy and it definitely won't help you get ahead.
