The monthly payment for the Chime Credit Builder Visa® Credit Card is $0. There are no monthly fees associated with the card.
Understanding Chime Credit Builder's Costs
The Chime Credit Builder card is designed to help individuals build credit safely without incurring common fees often found with other credit-building products. Unlike many secured credit cards, the Chime Credit Builder card stands out for its lack of recurring charges.
A key benefit of the Chime Credit Builder card is the absence of:
- Monthly fees: You will not be charged a recurring fee each month to maintain your account.
- Annual fees: There are no yearly charges for using the card.
- Minimum security deposit: While it is a secured credit card, Chime does not require a minimum security deposit to get started. Instead, the amount you move from your Chime Spending Account to your Credit Builder Secured Account becomes your credit limit.
This structure allows users to focus on building their credit history through responsible spending and payments without the added burden of fees eating into their budget or the need for a large upfront deposit.
Chime Credit Builder Fee Summary
To provide a clear overview, here's a summary of the common fees often associated with credit cards and how Chime Credit Builder compares:
| Fee Type | Chime Credit Builder Cost |
|---|---|
| Monthly Payment/Fee | $0 |
| Annual Fee | $0 |
| Minimum Security Deposit | None required |
| Interest Rate | N/A (no interest if paid off using secured funds) |
By offering a card with no monthly payments or fees, Chime aims to make credit building accessible and straightforward, allowing users to improve their credit scores without unexpected costs.
