Chime is a financial technology company from the United States of America. The institution operates as a bank but not necessarily a bank but offers services similar to a bank. You can get a savings and a checking account here. Furthermore, you can get a chance to build your credit and begin enjoying higher limits for loans. The question is, can I use my Chime credit builder card with no money?
You will find out about this shortly. We have various ways financial companies can help you grow your credit scores. These include credit cards and credit builder loans. You must use either a secured credit card or a credit-builder loan to build your credit from scratch. Both require that you deposit some money to act as security if you cannot pay the loan due to financial difficulties.
For your information, Chime operates purely online. That means there are no physical offices you can visit to get services. Even recharging your account usually happens online. Since we are heading to times where people will not need to line up in banks to get services, the institution is heading in the right direction. Above all, purely online financial companies are cheaper compared to banks as they do not incur any costs.
How to get started with Chime?
Getting started is easy if you have a smartphone, computer, or even a tablet and a secure and consistent internet connection. You have to visit the Chime website and navigate to the account opening tab, and you are good to go.
You need an email address, phone number, and identification document. You will also need to provide your Social Security Number and valid home address. Again, you should be the United States Citizen or resident of any of the states.
You will need to enter your email in the space provided, and tap apply now to get started. You will then get other directives on how to proceed. Once your Chime account is active, you will then be able to deposit cash to Chime and transact accordingly.
Why consider Chime for your financial services?
There are various reasons why Chime stands out as among the best financial companies you can rely on. The following are the reasons why you should consider using Chime. Have a look.
i) Transparency
We all know that many financial companies usually have hidden fees that you discover later, only to be told that it was in the fine print. That isn’t encouraging. However, with Chime, you will never hear of any hidden fees whatsoever. Everything is as it is.
ii) Early direct deposit
Chime allows you to receive your direct deposit two days earlier than traditional banks. That way, you can start using your money early in advance. There is no need to keep waiting for money to the extent of borrowing from others. Direct deposit is a way of money transfer whereby you receive payments from government agencies or your employer.
You have to fill in a direct deposit form and submit it to the concerned source. Direct deposit requires the sender to transfer money using the routing number and account number of your Chime account. Therefore, you must include those details when filing a direct deposit form.
iii) Check deposit
With Chime, you do not have to deposit your check at a bank because it is possible online. You need to sign the back of your check, then take pictures and upload them to Chime. After processing, the funds will reflect in your account.
Together with many online money transfer platforms such as Cash App, Venmo, and PayPal, the institution has rendered the traditional check deposit option irrelevant.
iv) Zero monthly fees
Various financial companies charge monthly fees to maintain your account. However, Chime does not charge any monthly fees whatsoever. You can be sure to save so much within a year. Furthermore, opening a new account is completely free.
Furthermore, no opening balance is required whatsoever. You will not need to maintain any minimum balance or pay international transaction fees.
v) Zero Liability Protection
If you lose your debit card, there is no worry about replacing your card as the institution will help you. Above all, if any illegal transaction is done with your card, the institution will be liable. You will therefore not lose your money.
vi) Chime debit card
When you open the Chime Spending account, you get a debit card that you can use for your various financial transactions. There is no worry about how to put money on the Chime card because it allows you to spend the balance in your account. Therefore, if you add money to your account, the funds are available for use with the card.
You can use a debit card to get funds from ATMs as long as you have your PIN. There are more than 60,000 free ATMs that you can use for your free withdrawals when you need cash. You can also get money from your card at various stores such as Walgreens, Walmart, CVS, and 7-Eleven.
vii) Save money
You can utilize the Chime savings account and keep the money for your future use. It is rare to find online financial services with a savings account, but this is Chime bringing you an account to keep the money just in your palms.
The company automatically moves 10% of your direct deposit amount of $500 and above to your savings account. Again, they usually round up every Chime debit card transaction to the nearest dollar and move the round-up from your Chime Spending Account to your Savings Account.
viii) Security
Chime is very secure to have your money there. There are various security features that the bank has put in place to make sure that your funds stay safe all long. For example, we have biometric features whereby you can use your fingers or face unlock to log into your account. You can also use a passcode to access your account. Remember that your password should remain a secret, or someone else may access your funds.
Furthermore, your money has FDIC insurance because Chime partners with three banks; The Bancorp Bank, Stride Bank, and N.A are members of FDIC, which means every Chime account is insured up to $250,000. If the institution collapses, you will still get your money back.
xi) Mobile banking
The platform allows you to manage your money using a mobile application. Therefore, you can pay your bills, transfer money from Chime to your bank account, check your balance, among other activities, with just a few taps on your smartphone. You can also turn on balance notifications and alerts so that in case there is any strange activity in your account; you can notice and take the necessary action.
x) Credit building
Chime helps you build your credit when you apply for the Chime Credit Builder Secured Visa® Credit Card. The card has no annual fee or interest, no credit check to apply, and no minimum security deposit needed.
Your card usage will assist you in building your credit every day you use your card, and within six months, you can see an improvement in your overall scores. You can use the card to buy goods and services everywhere Visa credit cards are accepted.
It is interesting to note that Chime reports to all three credit bureaus every time you use your card, and you will be able to see an increase of 30 points on average within the stipulated time.
Can I use my Chime credit builder card with no money?
You cannot use your Chime credit builder card without money since it is a secured credit card. Secured credit cards need you to deposit money for security purposes. All you need to do is apply for the card online, recharge it and start building your scores.
However, you will not need any minimum deposit amount to use the card, as I have mentioned above. The amount you put in your card is the credit limit. Therefore, the question about if you can use your credit card with no money is well answered.
If it were an unsecured credit card, it could be possible to use your credit card without depositing money since your credit scores determine the limit you get.
How do you send money with Chime?
Chime users can send money to each other. If someone sends me money to my Chime account, they will have added my account balance. Therefore, receiving money from others is one way you can recharge your Chime account. You can also send money to other Chime users in the following manner.
- Log in to your mobile app
- Tap the Friends tab
- Search the recipient’s $ChimeSign, or enter their email or phone number
- Enter the amount to transfer and the reason why you’re sending the funds
- Confirm the transfer details
- Select Pay Now to send the money
Bottom line
Chime is a financial technology company that operates in the US. You can open an account if you are a US Citizen or reside in any US state with an identification document, SSN, email address, and phone number. You can acquire a debit card to use for your transactions.
Chime operates online as it has no physical locations. Using the Chime Credit Builder Secured Visa® Credit Card, you can build your credit scores.
