785 Credit Score: Is It Good or Bad?

A credit score of 785 is considered very good, positioning you to access some of the finest financial products available. This high score significantly enhances your chances of qualifying for exceptional personal loans and credit cards with premium rewards, although approval is not guaranteed by all issuers. Having a score in this range offers a notable advantage, as it surpasses the national average and is significantly higher than what is considered bad credit.

While a score of 785 is impressive, there is still potential for improvement. Let's delve into your very good credit score, discussing strategies to maintain and even enhance it. By doing so, you can secure access to the absolute best financial products, ensuring you benefit from the most favorable terms and conditions available.

What kind of credit score is 785?

Scores ranging from 740 to 799 are classified as very good, a status reached by 21% of the U.S. population. Holding a very good credit score positions you favorably in the eyes of most lenders, who see you as a low-risk borrower likely to make timely payments, maintain manageable debt levels, and navigate your finances wisely.

With a credit score of 785, lenders are confident in your ability to fulfill your borrowing obligations. Consequently, you stand a strong chance of being approved for loans with competitive interest rates, flexible terms, and credit cards that offer premium rewards. A very good credit score can also lead to better insurance rates, more lenient approval processes for renting apartments, and even potential employment opportunities.

While a 785 score is impressive, there is still room for improvement. Aiming for an exceptional score (800 or higher) can open even more financial doors, offering the best possible terms on loans and the most lucrative rewards on credit cards. Strategies to achieve this include maintaining a longer credit history, diversifying your credit mix, and continuing to demonstrate responsible credit behavior.

Getting a credit card with a 785 credit score

With a 785 credit score, you're in an enviable position when it comes to credit card applications. You'll likely qualify for cards offering the best rewards, lowest interest rates, and premium benefits. Credit card issuers view applicants with scores in this range as highly desirable, which means you can be selective about choosing cards that best align with your financial goals and spending habits.

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A whole range of rewards cards are available to you. A few favorites include:

Cash Back Cards: Cash back cards offer a straightforward way to earn rewards, typically providing a percentage of your purchases back in cash. They are ideal if you prefer simple rewards that can be used for anything. Some cash back cards offer higher returns on specific categories such as groceries, gas, or dining, making them a great choice if you have regular expenses in these areas. This flexibility and simplicity make cash back cards a popular choice for many consumers looking to maximize their everyday spending rewards.

Points Cards: Points cards reward you with points for every dollar spent, which can be redeemed for various options like travel, merchandise, or gift cards. These cards often offer bonus points for spending in certain categories or for making purchases through their online portals. Their flexibility and multiple redemption options make points cards highly valuable, especially if you enjoy having diverse ways to use your rewards. Whether you're saving for a vacation, shopping for new gadgets, or simply looking for versatile rewards, points cards can be an excellent choice.

Miles Cards: Perfect for frequent travelers, miles cards allow you to earn airline miles with every purchase. These miles can be redeemed for flights, seat upgrades, and other travel-related expenses, making them highly valuable for those who travel often. Some of these cards are affiliated with specific airlines, offering additional perks with that airline, while others provide more general travel rewards that can be used across multiple airlines. This flexibility makes miles cards an excellent choice for maximizing travel benefits and enjoying a more rewarding travel experience.

Co-branded Cards: These cards are issued by banks in partnership with specific retailers or service providers, offering enhanced rewards and benefits when used with the co-branded partner. For example, a co-branded hotel card might offer bonus points for stays at the hotel chain, free nights, and complimentary upgrades, making it an excellent choice for loyal customers of that brand. These cards provide tailored perks that can significantly enhance the value for consumers who frequently use the services of the co-branded partner, ensuring a more rewarding and personalized experience.

Travel Cards: Travel rewards cards are tailored for those who frequently spend on travel, offering perks like travel credits, free hotel nights, airport lounge access, and complimentary upgrades. These lucrative rewards can greatly enhance your travel experience. However, these cards often come with higher annual fees and APRs. It's essential to weigh the benefits against the costs to determine if they align with your travel habits and financial goals. Evaluating your spending patterns and travel frequency can help you decide if a travel rewards card is worth the investment.

Business Rewards Cards: These cards are designed for small business owners or entrepreneurs, providing rewards for business-related expenses like office supplies, advertising, and travel. Business rewards cards help manage expenses more efficiently by offering cash back or points on purchases essential to running a business. The rewards earned can be reinvested into the business, providing valuable savings and financial benefits. By optimizing spending with these cards, business owners can enhance their cash flow and take advantage of the perks tailored to their operational needs.

Balance Transfer Cards: If you have a lot of debt, a balance transfer card with a 0% introductory APR can be very beneficial. These cards allow you to transfer existing balances from high-interest credit cards and pay off the debt over a set period without accruing additional interest. This can save you significant money on interest payments and help you pay down debt faster. By consolidating your debt onto a single card with no interest during the introductory period, you can make more substantial progress in reducing your overall debt.

When choosing a credit card, consider your spending habits and financial goals. If you travel frequently, a travel rewards card or a miles card might be the best fit. For everyday purchases, a cashback or points card could offer the most value. Consider the annual fees, APRs, and potential rewards to ensure the card aligns with your financial strategy. With your very good credit score, you can choose from the best options available, maximizing the benefits while minimizing costs.

Getting a personal loan with a 785 credit score

Obtaining a personal loan with a credit score of 785 is usually straightforward. The majority of lenders set their minimum requirement at or below 740, making it highly improbable that your application would be declined based on your credit score alone. With such a commendable score, lenders are likely to consider you an ideal borrower, presenting you with advantageous loan conditions and competitive interest rates.

With a very good credit score, you have a wide selection of loans and lenders at your disposal. Whether you need a loan to buy a house, finance a car, or consolidate debt, your credit score positions you to secure the best rates and terms available.

Personal Loans: Personal loans are versatile financial tools that can be used for a variety of purposes, including debt consolidation, home improvement, medical expenses, or other major purchases. With a 785 credit score, you are in an excellent position to secure a personal loan with favorable terms such as low interest rates and flexible repayment periods. Lenders view you as a low-risk borrower, which can result in higher loan approval amounts and more competitive rates. This strong credit score enhances your borrowing power, making personal loans an attractive option for financing various financial needs.

Debt Consolidation Loan: A debt consolidation loan can be a smart move for managing multiple high-interest debts. By combining various debts into a single loan with a lower interest rate, you simplify your monthly payments and potentially save money on interest. This approach can also improve your credit score by reducing your credit utilization ratio and showing a more manageable debt profile. However, it’s essential to maintain disciplined financial habits and avoid accruing new debt to maximize the benefits of a consolidation loan. Always compare offers to ensure you secure the best terms possible.

Secured Loans: Secured loans require collateral, such as a vehicle, home, or savings account, to back the loan. This collateral reduces the lender's risk, often resulting in lower interest rates and higher borrowing limits compared to unsecured loans. Common types of secured loans include auto loans, mortgages, and home equity loans. While they offer favorable terms, failure to repay can lead to the loss of the collateral. Therefore, it's crucial to borrow responsibly and ensure you can meet the repayment terms to avoid jeopardizing your assets. Secured loans can be a valuable financial tool when used wisely.

Business Loans: For entrepreneurs and business owners, a high credit score is essential when applying for business loans. These loans can be used to start a new business, expand operations, purchase inventory, or cover other business-related expenses. With a 785 credit score, you can access various types of business loans, including term loans, lines of credit, and equipment financing, often with lower interest rates and more attractive terms. Your strong credit score demonstrates to lenders that you have a history of managing debt responsibly, significantly increasing your chances of securing the necessary funding to support and grow your business.

Auto Loans: Auto loans are specifically designed to help you purchase a new or used vehicle. A high credit score of 785 can significantly lower the interest rate on an auto loan, making your monthly payments more affordable and reducing the total cost of the loan. Lenders are more willing to offer better terms to individuals with very good credit because they pose less risk of defaulting on the loan. This can result in savings over the life of the loan and make it easier to manage your finances while enjoying your new vehicle.

Mortgages: A 785 credit score is a major advantage when applying for a mortgage. It can qualify you for the best interest rates and terms available, whether you’re looking for a fixed-rate mortgage, an adjustable-rate mortgage (ARM), or a jumbo loan. Lower interest rates can save you tens of thousands of dollars over the life of the loan, making homeownership more affordable. Additionally, a strong credit score can increase your negotiating power, giving you leverage to secure better deals on the purchase price and other terms, further enhancing your financial position.

Cash Advances: Cash advance apps provide a convenient way to access small amounts of money quickly without the stringent credit checks typical of traditional loans. These apps allow you to borrow against your next paycheck, helping cover unexpected expenses or urgent bills. While they offer speed and flexibility, it's important to use them judiciously due to potential fees and the risk of falling into a cycle of dependency. Always read the terms carefully and ensure you can repay the advance on time to avoid additional charges and financial strain.

Prequalifying and Comparing Offers: Prequalifying for a loan involves submitting basic information to a lender to get an estimate of the loan amount, interest rate, and terms you might qualify for. This process does not affect your credit score and allows you to compare offers from different lenders. With a 785 credit score, prequalifying can help you identify the best loan options available, ensuring you get the most favorable terms.

When comparing loan offers, consider the following factors:

Interest Rates: Lower interest rates reduce the overall cost of the loan.
Repayment Terms: Longer terms can lower monthly payments but may increase the total interest paid over the life of the loan.
Fees: Be aware of origination fees, prepayment penalties, and other charges.
Customer Service: Choose a lender with a reputation for good customer service and clear communication.

A 785 credit score opens up a wide range of loan opportunities with favorable terms and competitive interest rates. Whether you need a personal loan, business loan, auto loan, mortgage, or cash advance, your strong credit score positions you as an ideal borrower. Prequalifying and comparing offers can help you find the best loan to meet your financial needs and goals.

Take your 785 credit score with a grain of salt

Celebrating a 785 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 785 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?

Having a very good credit score distinguishes you from those with bad credit and typically qualifies you for the most advantageous credit offerings. Yet, you’re not at the top. Ascending to the elite 800s ranks is achievable with continued diligence and patience.

How Credit Scores Are Calculated

Did you know that you have multiple credit scores? Yes, there are multiple credit scoring models - FICO and VantageScore are the biggest names - and each credit bureau may have slightly different data, resulting in slightly different scores. It starts to get complicated. The good news is if you have a very good score from one bureau using one scoring model, it is highly likely that you have a very good score across the board.

Credit scores are calculated similarly, no matter which model you use. Since almost all lenders use FICO, we'll review the key factors used in determining your FICO score:

Payment History (35%): This is the most significant factor. Lenders want to know whether you pay your bills on time. Late payments, defaults, and bankruptcies negatively impact this aspect of your score.
Credit Utilization (30%): This refers to the amount of credit you're using compared to your total available credit. Lower utilization rates are better, indicating responsible credit management.
Length of Credit History (15%): The longer your credit history, the better. This factor looks at the age of your oldest account, the age of your newest account, and the average age of all your accounts.
New Credit (10%): Frequent applications for new credit can lower your score. Each application results in a hard inquiry, which can slightly ding your score.
Credit Mix (10%): Having a variety of credit types, such as credit cards, mortgages, and auto loans, can positively affect your score, demonstrating your ability to manage different types of credit.

Steps Toward Exceptional Credit

Get Your Credit Report: Regularly checking your credit report is crucial for maintaining a high credit score. By reviewing your report, you can identify and dispute any errors or unauthorized activities that could negatively impact your rating. It also allows you to monitor your credit usage and ensure that all information is accurate. Access your free credit report annually from each of the three major credit bureaus to stay informed and proactive about your credit health.

Implement Autopay: Eliminate the risk of human error by setting up autopay. You can choose to pay either the full balance or the minimum due, whichever you prefer. This ensures your payments are always on time, bolstering your payment history and positively impacting your credit score. Autopay simplifies financial management, helping you avoid late fees and maintain a strong credit profile.

Minimize Utilization: Strive to limit your credit utilization to 10% or less of your available credit. This demonstrates that you’re not reliant on credit, which is viewed positively by lenders. Keep your cards active by using them wisely and paying off the balances promptly. Maintaining low utilization helps improve your credit score and shows lenders that you manage your credit responsibly.

Pay Bills Throughout The Month: Paying your bills in part throughout the month can help maintain a low credit utilization ratio, as it reduces the balance reported to credit bureaus at the end of the billing cycle. By making an additional payment before your statement closing date, you can effectively lower your reported balance, which positively impacts your credit utilization and, consequently, your credit score. This strategy can help you manage your credit more effectively and improve your score over time.

Reconsider Closing Old Accounts: While closing inactive accounts might seem like a good idea, it can adversely affect your credit by raising your utilization ratio and decreasing the average age of your credit history. Unless the fees are prohibitive, it's better to keep these accounts open. This strategy helps maintain a low utilization rate and a longer credit history, both of which positively impact your score.

Be Selective About New Credit: Applying for credit too frequently may signal dependency on borrowing to lenders. Limit new credit applications to when absolutely necessary and be selective about where you apply. Each hard inquiry can reduce your score slightly, so only apply when you are confident of approval. Being strategic with applications helps maintain your credit score and demonstrates responsible credit management.

Cultivate Your Credit's Age: Those with scores in the 800s often have credit histories longer than 10 years. The longer you've had credit, the more data lenders have on your repayment habits and credit usage. Patience and keeping accounts open are key to this long-term strategy. A lengthy credit history shows lenders your consistent and responsible credit behavior, which is crucial for achieving an excellent credit score.

By keeping these tips in mind and maintaining responsible credit behaviors, you're well on your way to further improving your credit score, potentially reaching the exceptional 800s range and accessing the best financial opportunities available.

Next Steps for your 785 credit score

By and large, with a 785 credit score, you're in a position to access the premier financial products available. This includes top-tier credit cards with superior rewards, low-interest personal loans, and competitive mortgage rates. To maintain this standing, continue upholding the beneficial financial practices you've established. However, if you aspire to breach the 800s and achieve an exceptional credit score, you'll need to adopt even more rigorous credit management strategies.

Achieving an exceptional score requires adherence to exemplary credit management. This includes making all payments on time, reducing your overall debt, and settling balances completely each month. Additionally, aim to lower your credit utilization ratio to under 10%, as this can significantly impact your score. Keeping old accounts open to lengthen your credit history and avoiding unnecessary credit inquiries are also crucial.

Exercising patience is vital in this process. Credit scores are partly influenced by the length of your credit history, so allowing your accounts to age naturally will contribute positively over time.

While reaching an 800+ score is entirely possible, it demands consistent, disciplined financial behavior and time. Stay diligent and proactive in monitoring your credit report for any inaccuracies or unauthorized activity. By continuing to manage your credit responsibly, you can maximize your score’s potential and achieve financial excellence.

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

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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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