The Chime Credit Builder Secured Visa and the Capital One Secured Mastercard are two options for individuals looking to rebuild or establish their credit. Both cards require a security deposit, but there are some differences between them.
General Comparison
|
| |
|---|---|---|
Chime Credit Builder Secured Visa | Capital One Secured Mastercard | |
Annual Fee | $0
| $0 |
Rewards | None
| N/A |
Welcome bonus | None
| N/A |
Credit Limit | Depends on how much you move from your Chime Checking Account | $200 – $1,000 |
Foreign Transaction Fee | 0%
| $0 |
Purchase APR | N/A | 30.74% (Variable) |
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Compare Extra Perks & Credit Building Features
Chime Credit Builder Secured Visa
No Annual Fee or Interest: Chime Credit Builder comes with no annual fees or interest charges, making it a cost-effective option for users.
No Credit Check: Applying for Chime Credit Builder doesn't involve a credit check, providing accessibility to individuals with various credit backgrounds.
No Minimum Security Deposit: Unlike many secured credit cards, Chime Credit Builder doesn't require a minimum security deposit, offering flexibility for users.
Reports to All 3 Credit Bureaus: Chime Credit Builder reports to all three major credit bureaus, aiding in the establishment and improvement of credit over time.
No Credit Utilization Reporting: With Chime's unique account design, there's no pre-set credit limit, and credit utilization isn't reported to credit bureaus. Users can spend based on their transferred amount without concerns about credit utilization percentages, providing more financial freedom.
- $0 Fraud Liability: You have the reassurance that you will not be held financially responsible for any unauthorized charges.
Capital One Secured Mastercard
Automatic Credit Line Reviews: Capital One Secured offers automatic consideration for a higher credit line after as little as 6 months of responsible card use.
Credit Reporting: The card reports to all three major credit bureaus, providing an opportunity to build credit with a history of responsible card usage.
No Hidden Fees: Capital One Secured comes with no foreign transaction fees, replacement card fees, or authorized user fees, ensuring transparency and no unwanted surprises.
Refundable Deposits & Upgrades: Responsible card use may result in earning back the initial deposit and the potential to upgrade to a standard, unsecured Platinum card.
Make Your Deposit, Open Your Account: A minimum deposit of $49, $99, or $200 opens your account, providing an initial credit line of $200.
Account Alerts: Set up personalized email or text reminders to stay informed about your account activity and manage it effectively.
CreditWise from Capital One: Enjoy free credit monitoring with CreditWise, regardless of whether you have a Capital One credit card, without impacting your credit score.
$0 Fraud Liability: In case of a lost or stolen card, you won't be held responsible for unauthorized charges, offering added security.
Account Alerts from Eno: Receive alerts for potential mistakes or unexpected charges, such as duplicate purchases or sudden recurring bill increases, enhancing fraud detection and financial oversight.
Compare The Alternatives
If you're looking for a credit-building credit card, here are some alternatives :
|
|
| |
|---|---|---|---|
OpenSky® Secured Visa® Credit Card | Citi Secured | Discover It Secured | |
Annual Fee | $35
| $0
| $0
|
Rewards | None |
None
None
|
1-2%
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases
|
Welcome bonus | None |
None
None
|
Cashback Match™
Discover will match all the cash back you’ve earned at the end of your first year.
|
Foreign Transaction Fee | 3%
| 3%
| 3%
|
Purchase APR | 25.64% (variable) | 21.24% – 29.24% (Variable)
| 28.24% Variable
|
Compare Chime Credit Builder Card
Both Chime and Upgrade cards are new in the view, offers great features for beginners who don't established their credit yet. Which one wins?
Chime is our winner as it offers no credit check and no foreign transaction fees, unlike the Citi Secured which is a more conservative card.
Chime Credit Builder Secured Visa vs. Citi Secured Mastercard: Comparison
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. The secured Credit Builder card issued by Stride Bank, N.A.
