Here are a few things to keep in mind when your Credit Builder card arrives!
Credit Builder vs. Chime debit card
You can use your Credit Builder card for pretty much all the purchases you used to make with your debit card. Think necessities like gas and groceries, recurring bills, but also fun things too like eating out and your next new pair of shoes. There are no wrong types of purchases when it comes to Credit Builder, all purchases can help you start building credit.
But hold onto that debit card! SpotMe isn’t available on Credit Builder, so make sure to keep your Chime debit card handy too.
Fee-Free ATM Withdrawals with Credit Builder²
You can use your Credit Builder card to get cash at any ATM, but you won’t pay interest or fees at in-network ATMs². When you use a credit card to withdraw cash from an ATM, you’re getting what’s called a “cash advance”.
Unlike most credit cards, we don’t charge you interest or fees for this cash advance when you use your card at in-network ATMs² (find one near you using the ATM Map in the Chime app).
How much money should you transfer to your Credit Builder Account?
That is totally up to you! However, to take advantage of all your monthly purchases to start building credit, you could move your entire monthly spending budget to Credit Builder so all your purchases can now help you build credit. Money moved to Credit Builder will be held in a secured account and determines how much you can spend with your Credit Builder card. At the end of the month, your money in the secured account can be used to pay your balance automatically with the Safer Credit Building feature³.
If you need to use SpotMe, you can always transfer money back to your Chime online checking account instantly and use your debit card. You can make the transfer in your Chime app, from the Move Money tab.
The easiest way to move money into Credit Builder is by using Move My Pay. This feature will move the amount of your choice into Credit Builder on every payday. This way, you won’t miss a chance to use your card.
