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
The Chime Credit Builder Secured Visa keeps things simple and aims to include everyone financially. They're big on not charging you extra — no annual fees or interest to worry about. Plus, they throw in some handy features like early direct deposit and a round-up savings option to help you stay on top of your money.
To get in on the Credit Builder action, you'll need a Chime checking account and regular direct deposits of $200 or more. This card works like a secure superhero for your credit — the more money you put into your secure account, the more you can spend. What's cool is that there's no fixed credit limit, so your spending power matches the cash you stash in that secure account.
Now, onto the Capital One Secured Mastercard. It's all about simplicity and making credit accessible. You can hop on board with a minimum deposit as low as $49, $99, or $200, depending on how credit-worthy you are.
Much like the Chime card, the Capital One Secured Mastercard doesn’t offer perks like rewards or a welcome bonus. However, it does come with no annual fees or foreign transaction fees, making it a simple and effective option for building your credit without any added costs or complications.
Here's a side-by-side comparison of the card's main features:
|
| |
|---|---|---|
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 | 29.99% (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 | 25.14% 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 Chime Credit Builder Visa® Credit Card is issued by either The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, under a license from Visa U.S.A. Inc. It can be used anywhere Visa credit cards are accepted. For details on the issuing bank, check the back of your card.
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.
