753 Credit Score: Is It Good or Bad?

Having a 753 credit score places you firmly within the very good credit category, unlocking potential access to top-tier financial offerings. This score significantly enhances your likelihood of securing prime personal loans, high-end rewards credit cards, and favorable interest rates. Although approval can never be entirely assured, possessing a very good credit score greatly improves your chances.

Being well above the national average, a very good credit score is commendable but doesn't represent the pinnacle of creditworthiness. It indicates a strong history of financial responsibility and low credit risk to lenders. We'll delve into the implications of such a score, explore ways to sustain it, and discuss methods to elevate your credit even higher.

What kind of credit score is 753?

Credit scores falling between 740 and 799 are part of the very good category. 21% of people in the United States have scores in this range. Achieving a very good credit score signals to lenders that you're a low-risk borrower and is indicative of timely bill payments, low debt levels, and judicious financial management.

Individuals with a credit score of 753 are perceived by lenders as reliable and financially responsible, allowing them to avoid high interest rates, extra fees, or security deposits that are typically imposed on those with poorer credit to protect the lender’s interests. This level of trust translates into eligibility for loans with favorable interest rates and lenient terms and access to credit cards with lucrative rewards.

Moreover, having a very good credit score can have other financial advantages, including lower premiums on insurance policies, better terms on rental agreements, and even enhanced employment prospects. By practicing responsible credit habits you can sustain and potentially improve your score, unlocking even more financial benefits and opportunities.

Getting a credit card with a 753 credit score

Sporting a 753 credit score places you in a coveted spot for credit card acquisition. You will likely qualify for most cards, including those with superior rewards, minimal interest rates, and top-tier perks. Issuers of credit cards highly favor applicants within this score bracket, allowing you the luxury to pick and choose cards that most suitably match your financial aspirations and spending patterns.

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With a very good credit score, you will have your choice of rewards cards. Popular types of rewards cards include:

Cash Back Cards: Cash back cards are an excellent choice for those who prefer straightforward rewards. These cards offer a percentage of cash back on every purchase, typically ranging from 1% to 5%. Some cards provide higher cash back rates for specific categories like groceries, gas, or dining. For example, a card might offer 3% cash back on groceries, 2% on dining, and 1% on all other purchases. These cards are perfect for everyday spending and are easy to manage, as the rewards can often be redeemed as statement credits or deposited directly into your bank account, making them highly convenient and beneficial.

Points Cards: Points cards allow you to earn points for every dollar spent, which can be redeemed for various rewards, including merchandise, gift cards, travel, or even cash back. These cards often come with sign-up bonuses, enabling you to earn a large number of points by spending a certain amount within the first few months. Points cards are ideal for those who enjoy the flexibility of choosing different types of rewards based on their needs. They offer a versatile way to maximize the value of your spending, catering to diverse preferences and financial goals.

Miles Cards: Miles cards are specifically designed for travelers, offering miles for purchases that can be redeemed for airline tickets, hotel stays, and other travel-related expenses. Each dollar spent earns a certain number of miles, and some cards provide bonus miles for purchases made directly with airlines or travel partners. These cards are particularly beneficial for frequent flyers looking to reduce travel costs, as accumulated miles can significantly offset the price of travel. Additionally, miles cards often come with travel-related perks like priority boarding, free checked bags, and access to airport lounges, enhancing the travel experience.

Co-Branded Cards: Co-branded cards are issued in partnership with specific retailers, airlines, or hotel chains, offering enhanced rewards for purchases made with the co-branding partner. For instance, an airline co-branded card might offer additional miles for airline purchases, priority boarding, and free checked bags. Similarly, a hotel co-branded card could provide free hotel stays, room upgrades, and other exclusive benefits. These cards are best suited for loyal customers of the brand offering the card, as they can maximize the rewards and perks offered, providing significant value and enhancing their overall experience with the brand.

Travel Cards: General travel cards are versatile options that provide rewards for a wide range of travel expenses, including flights, hotels, car rentals, and more. These cards often offer travel-related perks such as travel insurance, no foreign transaction fees, and access to airport lounges. Additionally, some cards provide bonus points or miles for travel-related purchases, enhancing their value. Travel cards are ideal for frequent travelers who want flexibility in how they redeem their rewards, allowing them to maximize benefits and enjoy a more comfortable and cost-effective travel experience.

Business Rewards Cards: Business rewards cards cater to business owners by offering rewards for business-related expenses such as office supplies, advertising, and travel. These cards can provide cash back, points, or miles, and often include useful features like expense tracking, employee cards, and higher credit limits. Additionally, they help businesses manage their expenses more efficiently while earning valuable rewards. By using a business rewards card, you can maximize your spending benefits and reinvest the rewards into your business, enhancing your overall financial management and operational efficiency.

Balance Transfer Cards: If you're managing significant debt, a balance transfer card with a 0% introductory APR can be a lifesaver. These cards allow you to transfer existing high-interest debt to the new card and pay it off without interest for a set period, typically 12 to 18 months. This can save you a substantial amount in interest and help you become debt-free faster. However, balance transfer cards usually charge a transfer fee, typically 3% to 5% of the transferred amount, so it’s important to calculate if the savings outweigh the cost.

Having a 753 credit score allows you to choose from various rewards credit cards. Whether you prefer cash back, points, miles, or co-branded rewards, there is a card that can suit your needs. It’s important to assess your spending habits and financial goals to select the card that will provide the most value.

Getting a personal loan with a 753 credit score

With a 753 credit score, securing a personal loan should be easy. Few lenders require a credit score above 740, so your score almost guarantees your application's acceptance. As a borrower with prime status, you're poised to receive loans under the most favorable conditions and with minimal interest rates from lenders. Your very good credit score is a key asset, allowing you to get any loan you need, whether it's to consolidate debt, purchase a big-ticket item, or cover unexpected expenses.

Here are different types of loans you might consider:

Personal Loans: Personal loans are versatile financial tools that can be used for various purposes such as home improvements, medical expenses, or vacations. They typically come with fixed interest rates and repayment terms, making budgeting easier and more predictable. With your high credit score, you can expect to receive competitive interest rates and favorable terms from reputable lenders, allowing you to borrow money with confidence and manage your expenses effectively. Personal loans provide the flexibility to address a wide range of financial needs efficiently.

Debt Consolidation Loans: Debt consolidation loans are designed to combine multiple debts into a single loan with a lower interest rate, simplifying repayment and saving you money on interest. With your excellent credit score, you can secure a debt consolidation loan at a favorable rate, making it easier to manage your finances. By consolidating your debts, you can reduce your debt burden more quickly, streamline your payments, and focus on achieving financial stability and freedom. This approach helps in efficiently tackling high-interest debts and improving overall financial health.

Business Loans: Business loans provide essential funds for starting, expanding, or maintaining a business, covering expenses such as equipment, inventory, or payroll. Your strong credit score increases your chances of securing a business loan with favorable terms, including lower interest rates and flexible repayment options. This financial support can significantly contribute to your business's growth and success, allowing you to invest in necessary resources, manage cash flow effectively, and capitalize on new opportunities to ensure your business thrives in a competitive market.

Secured Loans: Secured loans require collateral, such as a car, home, or savings account, to back the loan, making them less risky for lenders. As a result, secured loans often feature lower interest rates and higher borrowing limits compared to unsecured loans. Your strong credit score, combined with valuable collateral, enhances your ability to obtain a secured loan with attractive terms. This type of loan can provide you with the funds needed for significant expenses while benefiting from more favorable financial conditions, making repayment more manageable. The catch with secured loans is that if you default on the loan the lender can seize your asset to recoup their losses.

Auto Loans: Auto loans are used to finance the purchase of a vehicle, whether new or used. With a high credit score, you can qualify for low-interest rates and favorable loan terms, significantly reducing the overall cost of your vehicle purchase. These favorable terms make auto loans a practical and cost-effective option for acquiring a car, allowing you to spread the cost over time while enjoying the benefits of lower monthly payments and less interest paid over the life of the loan.

Mortgages: Mortgages are long-term loans used to purchase property. With a very good credit score like yours, you can secure a mortgage with a low interest rate, saving you thousands of dollars over the life of the loan. Additionally, your excellent credit may qualify you for superior loan products, such as those with flexible repayment terms or lower down payment requirements. This financial advantage can make homeownership more affordable and accessible, allowing you to benefit from better terms and significant savings throughout your mortgage.

Cash Advance Loans: Cash advance loans from fintech apps provide short-term loans that are typically repaid on your next payday. These apps let you access quick cash with no interest, no credit check, and minimal fees. You link your bank account, set up direct deposit, and the app will determine how much to lend to you. The fee structure varies depending on the app. Some charge a flat rate, while others use a subscription model, or ask for an optional tip. Almost all offer a fast funding fee if you need the cash instantly. While the fees are minimal, they can add up if you tip too much or constantly pay a fast funding fee. Overall, cash advances are a useful low cost option for emergencies but should not be relied on.

Prequalifying and Comparing the Best Offers: Before committing to any loan, it's wise to prequalify with at least three different lenders. Prequalification involves a soft credit check, which won't affect your score. The lender looks at your basic financial information to see if you may qualify and provides an estimate of the loan terms you might receive. Prequalifying for a loan does not guarantee approval but lets you know if you have a chance at receiving the loan. This preliminary step also allows you to compare offers based on interest rates, repayment terms, fees, loan amounts, and other features to ensure you apply for the best offer available.

Utilizing online comparison tools or online loan marketplaces can streamline this process and help you efficiently find the best loan for your needs. These tools and platforms enable you to compare multiple offers by submitting a single application. You can then make an informed decision and apply directly with the lender who offers you the most favorable terms. Taking the time to prequalify and compare will lead to better financial health and smarter borrowing decisions.

Your 753 credit score opens doors to a wide range of loans with favorable terms. Whether you need a personal loan, a mortgage, or a business loan, your creditworthiness positions you to secure the best offers available. Always prequalify and compare multiple options to ensure you get the most beneficial terms for your financial situation.

Take your 753 credit score with a grain of salt

Celebrating a 753 credit score is appropriate, yet it's essential to remain proactive in managing your credit. Since credit scores fluctuate, perpetually monitoring and adjusting your financial habits is key to keeping your score on the higher end or improving it. Periodically review your credit report, as any discrepancies or fraudulent activities can harm your score. Keep on top of your bills and usage so that your score stays high.

While having a very good credit score is advantageous, lenders consider various other aspects in their decisions, such as your income, job security, and debt burden. A 753 score does not guarantee loan approval, particularly if your debt-to-income ratio is high or you've made several new credit inquiries within a year. These factors can impact lenders' perceptions of your creditworthiness, sometimes outweighing the benefits of a high score.

Therefore, while it is important to take pride in your very good score, understanding its limitations is equally important. You need to maintain an overall healthy financial state to access the very best financial products. To do this, pay down your debt, have stable employment, and pay all your bills on time.

Staying informed and vigilant about your overall financial health will help ensure you continue to enjoy the benefits of a high credit score and make informed decisions about your credit and loans.

How can I get my score even higher?

Being in the very good credit score range sets you apart from those with poor credit, and typically, you'll have access to premier financial products. However, you can go further if you want to be part of the exclusive 800s group. Continue practicing solid credit habits and be patient, as time plays a crucial role in achieving top-tier credit scores.

Understanding Credit Score Calculation

The two main credit scoring models are FICO by the Fair Isaac Corporation and VantageScore, jointly created by the three main credit bureaus: Experian, Equifax, and TransUnion. The scoring models are very similar but the exact weight they put on factors differs a bit. In general, if you have a very good score in one you will have a very good score in the other. We will talk more about FICO as this is the older model used by the vast majority of lenders.

FICO scores are calculated based on five key factors:

Payment History (35%): This is the most significant factor and reflects your track record of making timely payments. Late payments, defaults, and collections negatively impact your score.
Credit Utilization (30%): This ratio compares your total credit card balances to your total credit limits. Lowering your utilization rate below 30%, and ideally under 10%, can boost your score.
Length of Credit History (15%): The age of your oldest account, the average age of all your accounts, and the age of your newest account are considered. Longer credit histories typically result in higher scores.
New Credit (10%): Opening several new accounts in a short period can be seen as risky behavior, potentially lowering your score.
Credit Mix (10%): A variety of credit types, such as credit cards, mortgages, and auto loans, can positively affect your score.

Strategies to Enhance Your Credit Score

To inch closer to an exceptional credit score, remember these key strategies:

Review Your Report: Regularly checking your credit report is essential for maintaining a healthy credit score. By reviewing your report, you can identify and correct any inaccuracies or signs of unauthorized activity that could negatively impact your credit standing. Annual credit report checks also help you stay informed about your financial health and ensure that all information is up-to-date and accurate.

Embrace Autopay: Even with a strong track record indicated by a 753 score, mistakes happen. Autopay can prevent missed payments by automatically paying the full balance or minimum due before the due date, safeguarding against oversight. This simple step ensures you maintain your very good credit rating by avoiding late fees and protecting your credit history from negative impacts.

Reduce Credit Utilization: Aim to lower your credit utilization even further, from 30% to under 10%. Active credit use is necessary for building credit, so continue making purchases with your cards judiciously. This strategy helps maintain a healthy credit score by demonstrating responsible credit management and keeping your debt levels low relative to your credit limits.

Pay Down Balances: Paying down your balances throughout the month can help manage your credit utilization more effectively. By reducing your outstanding balances before your statement closing date, your reported credit utilization ratio will be lower, positively impacting your credit score. This proactive approach ensures that your credit report reflects lower balances, demonstrating responsible credit management and potentially boosting your overall credit score.

Hold Onto Old Accounts: The urge to close unused accounts might be strong, but doing so can negatively impact your score by increasing your utilization ratio and shortening your credit history. Unless the costs outweigh the benefits, keep these accounts open. Maintaining older accounts helps preserve your credit length and overall score stability.

Apply for New Credit Sparingly: Frequent credit applications can signal to lenders an overreliance on credit, potentially lowering your score. To maintain your strong credit rating, apply for new credit only when necessary. This cautious approach helps prevent unnecessary hard inquiries on your credit report, ensuring your credit score remains stable and reflective of responsible financial behavior.

Age Your Credit: The longer your accounts are open, the more data lenders have on your financial reliability. Credit users with scores above 800 often have a credit history extending over a decade. Patience is key; allow your credit accounts to age naturally. Consistently practicing good credit habits over time will help you achieve and maintain a high credit score.

Maintaining a high credit score requires ongoing diligence and strategic financial behavior. By adhering to these guidelines and understanding how your score is calculated, you can not only sustain your current score but also work towards joining the elite group with scores in the 800s.

Next Steps for your 753 credit score

Overall, you're eligible for the finest financial products out there, a testament to your hard work and disciplined financial management. Your 753 credit score opens doors to the best loans, credit cards with top rewards, and other financial opportunities. This level of achievement provides a stable platform from which to maintain your positive financial habits. However, while commendable, this score places you just shy of the elite 800s bracket.

If you're driven to elevate your score to its utmost potential, continuing with your strong credit practices is essential. Focus on consistent and timely payments, which are critical to demonstrating reliability to creditors. Reducing your debt is another key strategy. Lower debt levels improve your credit utilization ratio, a major factor in credit score calculations, and show that you manage your finances well.

Paying off your balances completely every month can also make a significant difference. This practice not only avoids accruing interest but also ensures your credit utilization remains low, further enhancing your credit profile.

Bear in mind the importance of patience. Ascending to exceptional credit status is a gradual process that requires consistent effort over time. Regularly monitoring your credit report for errors and staying informed about your credit status can help you stay on track. With diligence and a strategic approach, reaching the 800s bracket is a realistic and achievable goal, offering even greater financial benefits and security.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Paycheck Advance is an earned wage access service and is not a loan or credit product.

3. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC. The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current debit account is required to apply for the Current Visa® secured charge card. Independent approval required.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Debit card: Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees. Build Card: Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

6. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank 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. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

7. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

8. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

9. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC.

10. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank.

11. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

12. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Eligible Direct Deposits into your Current Account over the preceding 35-day period and fulfill other requirements subject to Current’s discretion. Negative balances must be repaid within 60 days of the first Eligible Transaction that caused the negative balance. For more information, please refer to Fee-free Overdraft Terms and Conditions. Individual Current Accounts only.

13. For eligible customers only. You may earn Points in connection with your Build Card purchases at retailers whose merchant code is classified as: Dining (e.g., restaurants) and Groceries (e.g., supermarkets) and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. Points will expire 365 days after they settle. For more information (including specific eligibility criteria), please refer to the Current Points Terms and Condition.

14. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

15. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions.

16. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

17. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

18. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

20. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

22. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

23. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

24. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

25. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

26. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

27. Banking services and debit card provided 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 debit cards are accepted.

28. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

29. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

30. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

31. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

32. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

33. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

34. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

35. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

36. Tipping or not tipping has no impact on your eligibility for SpotMe®.

37. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Related scores

747 748 749 750 751 752 754 755 756 757 758 759

This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.

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