Chime® Credit Builder card or Self Visa® Credit Builder?
Chime® Credit Builder card or Self Visa® Credit Builder? If you need to build credit, you should take a look at the following comparison.
by Aline Augusto
Chime® Credit Builder card vs. Self Visa® Credit Builder: which is the best?
Working on your credit score and history is very important if you want to access credit with better conditions. However, many people struggle to be approved when applying for tools that help build credit, such as credit cards. To help you with that journey, we brough two very interesting options. Below, you’ll learn more about them and see if the Chime® Credit Builder card or Self Visa® Credit Builder can help you get a better financial future.
But, there are some financial institutions that make it possible for those people to access tools designed for credit building. Today, we have chosen two you might enjoy for their benefits and safety. Check out the comparison between great secured cards right below!
|Chime® Credit Builder card||Self Visa® Credit Builder|
|Other perks||No minimum security deposit required;|
No credit check required;
Wide ATM access;
|No credit history required;|
Visa basic benefits included;
No upfront security deposit required
|APR||None||24.24% (variable APR)|
How does the Chime® card works
Chime was launched to be different and to make the banking experience different. The company is a financial technology entrepreneur that helps people to access financial products and services in an easy way.
Also, they believe that the banking experience needs to be free, straightforward, and not full of requirements.
One of its products is the Chime Credit Builder card, a secured Visa that doesn’t charge any fees whatsoever. Plus, the card doesn’t charge any interest, as well.
You don’t need to worry about a credit check when applying for it, and no minimum security deposit is required.
So, basically, this card is a powerful tool you can rely on to build credit if you use it responsibly.
The Chime Credit Builder reports to all three major credit bureaus, Experian, Equifax, and TransUnion.
Furthermore, it is a Visa, which means it has a worldwide acceptance.
To use the Chime secured card is pretty simple. All you have to do is open an account at Chime, make a deposit, and move money from the Checking Account to the Credit Builder. The amount you decide to move is how much you can spend with your card.
The app features a Safer Credit Building, an option you can turn on to automatically make the payments on time and build credit.
How does the Self Visa® Card works
Another option for a secured card is the Self Visa Credit Builder. To be able to get it, you need to open a Credit Builder Account.
Then, you must meet the following criteria:
- Make three monthly payments on time;
- Have at least $100 in savings progress;
- Manage to maintain your account in good standing.
After that, you can get your card with no extra money upfront. Basically, you choose how much you want to get from your savings progress, and that will be your credit limit.
The card is a powerful and helpful tool for you to build credit since it reports to all three major credit bureaus like the Chime card.
Also, it is a Visa, which guarantees worldwide acceptance.
When applying for the card, there won’t be a hard inquiry or credit check, so you won’t need to worry about it.
Moreover, the card comes with a basic Visa package of benefits, including Zero Liability, emergency card replacement, and more.
Advantages of Chime® Credit Builder
Chime Credit Builder is designed to be a straightforward tool for those who want and need to build credit.
Also, this card doesn’t have any kind of fee or interest attached to it.
There is no minimum security deposit required, too.
And the mobile app makes the experience complete and pretty easy to manage.
The Chime Credit Builder reports to all three major credit bureaus, which allows you to increase your credit score when using the card responsibly.
And the credit limit is flexible and adjustable, providing full control for you of your finances.
Advantages of Self Visa® Credit Builder
Self Visa Credit Builder is a good secured card if you use it responsibly. Since it reports to all three major credit bureaus, you can start building credit as soon as you get the card.
There is no additional money upfront, as well.
Furthermore, you can increase the limit by maintaining your account in good standing.
Finally, it is a Visa, which means it provides worldwide acceptance.
Disadvantages of Chime® Credit Builder
Although this Chime secured card is fantastic, it doesn’t offer rewards. Also, you must open an account at Chime to be able to apply for the card.
Disadvantages of Self Visa® Credit Builder
Unfortunately, you must open a Credit Builder Account and meet the requirements to be able to apply for the card.
Also, it charges an annual fee and interest and doesn’t offer any kind of reward.
Chime® Credit Builder card or Self Visa® Credit Builder: which one should you choose?
Even though Self Visa Credit Builder offers a basic Visa package of benefits, which includes some protection features, this card comes with fees and interest.
Since both cards help people build credit, it is important to be aware of how much you will pay for fees and interest.
In that case, the Chime Credit Builder card might be a better option since it doesn’t charge any kind of fees or interest, and it doesn’t put many requirements on the way to get the card.
On the other hand, if you want a third option before deciding which card is the best for you, check out our next suggestion.
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