797 Credit Score: Is It Good or Bad?

A 797 credit score is considered very good and grants you access to some of the best financial products on the market. With this impressive score, you have an excellent chance of being approved for top-tier personal loans and credit cards that offer lucrative rewards. While guaranteed approval is a myth, a very good credit score undeniably tilts the odds in your favor, making you a desirable candidate for lenders.

Your score is significantly higher than the national average, indicating that you are managing your credit responsibly but haven't yet reached the highest echelons. To maintain and potentially improve your score, it's crucial to understand what this number entails and how you can push your credit score even higher.

What kind of credit score is 797?

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 797, 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 797 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 797 credit score

With a credit score of 797, you're well-positioned to apply for basically any credit card you want. A very good credit score gets you access to cards that offer the finest rewards, most competitive interest rates, and exclusive perks on the market. This score range makes you a sought-after applicant for credit card issuers, empowering you to select cards that fit your lifestyle perfectly and offer the rewards you want.

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Here are some types of rewards credit cards you might consider:

Cash Back Cards: Cash back cards are popular for their straightforward rewards structure. These cards offer a percentage of your purchases back as cash, typically ranging from 1% to 5%. Some cards provide higher cash back rates for specific categories such as groceries, gas, or dining, allowing you to maximize rewards based on your spending habits. This type of card is ideal for those seeking flexible, easy-to-understand rewards that can be redeemed as statement credits, checks, or direct deposits, making them a convenient option for everyday use.

Points Cards: Points cards reward you with points for every dollar spent, which can then be redeemed for various items, including merchandise, gift cards, or travel. Each card issuer has its own rewards program, offering different redemption values and options. These cards are versatile and can be especially beneficial if you frequently shop with specific retailers or brands that offer additional points for purchases. This flexibility allows you to tailor your rewards to fit your preferences, making points cards a valuable option for maximizing your spending benefits.

Miles Cards: Miles cards are tailored for frequent travelers, offering miles for every dollar spent, which can be redeemed for flights, hotel stays, and other travel-related expenses. These cards often come with travel-specific perks such as priority boarding, free checked bags, and travel insurance. They are ideal for reducing travel costs and enjoying added conveniences, making them a great choice for those who travel often and want to maximize the value of their spending on travel-related purchases.

Co-Branded Cards: Co-branded cards are offered in partnership between a credit card issuer and another company, such as a retailer, hotel chain, or airline. These cards provide rewards specific to the partner brand, like discounts, special offers, or loyalty points. If you frequently use services from a particular brand, a co-branded card can offer significant value through enhanced rewards and exclusive benefits, making it easier to save money and enjoy perks when shopping, staying, or flying with the partner brand.

Travel Cards: Travel cards generally offer a range of travel-related rewards and perks. They might provide points or miles that can be redeemed through the card issuer's travel portal. Benefits often include travel credits, free accommodation, access to airport lounges, and complimentary service upgrades. Although these cards usually come with higher annual fees, the travel benefits can outweigh the costs for frequent travelers, providing significant value through enhanced travel experiences and savings on travel-related expenses.

Business Rewards Cards: Business rewards cards are designed for small business owners and entrepreneurs, offering rewards on business-related expenses such as office supplies, advertising, and travel. Additionally, they often come with tools for managing expenses and may provide employee cards at no extra cost. These cards help you maximize rewards on your business spending, providing valuable benefits and savings while also keeping your personal and business expenses separate, enhancing your financial management and efficiency.

Balance Transfer Cards: For those grappling with considerable debt, balance transfer cards that provide a 0% introductory APR can be a strategic choice. These cards allow you to transfer high-interest debt from other credit cards and pay it off during the introductory period without accruing additional interest. This can help you save significantly on interest, manage debt more effectively, and potentially pay off your balances faster. Utilizing a balance transfer card can be a practical step toward achieving better financial stability and reducing overall debt.

While deluxe rewards cards offer attractive perks, they often come with substantial annual fees and higher APRs post-introductory period. It's crucial to assess the overall value of the benefits in relation to the costs to determine if a card is worth it. Careful consideration of your spending habits and financial goals will help you choose the card that offers the best rewards for your lifestyle.

Getting a personal loan with a 797 credit score

Obtaining a personal loan with a credit score of 797 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 797 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 797 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 797 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 797 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 797 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 797 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 797 credit score with a grain of salt

Achieving a credit score of 797 is indeed an accomplishment worth celebrating, but it's crucial to avoid resting on your laurels. Credit scores can change over time, and diligent management of your financial behavior is essential to either sustain or boost your score further. Regularly checking your credit report for any inaccuracies or signs of unauthorized activity is also important, as these can adversely affect your credit standing.

While a very good credit score is a significant factor in lending decisions, it's not the sole aspect lenders consider. Your income, job stability, and existing debt obligations also play critical roles. Lenders assess your overall financial health to determine your ability to repay a loan. It's possible to have an impressive score yet face loan denial if your debt-to-income ratio is unfavorable or if there's a history of opening several new credit lines in a short period. These factors can indicate financial instability or potential overextension, raising red flags for lenders.

Therefore, while your high score is commendable, remember that it's part of a broader financial picture. Maintaining a balanced approach to your finances, such as managing debt wisely, ensuring stable income, and avoiding unnecessary credit inquiries, will help you not only preserve your credit score but also enhance your overall financial well-being. By staying proactive and informed about your credit and financial health, you can continue to enjoy the benefits of a high credit score and secure your financial future.

How can I get my score even higher?

A very good credit score already separates you from those with bad credit, granting you access to superior credit products. Yet, you’re not at the top. Maintaining responsible credit habits and allowing time to work its magic are essential for climbing to the top credit score tiers.

How Scores Are Calculated

Understanding how credit scores are calculated can help you focus on the most impactful areas. There are multiple credit scoring models. Lenders are more apt to use FICO by the Fair Isaac Corporation, but VantageScore by the three national credit bureaus - Experian, Equifax, and TransUnion - is growing in popularity. No matter which scoring model you use, your score is likely to be extremely similar and fall in the same range.

Credit scores are typically calculated based on the following factors:

Payment History (35%): Your history of making on-time payments is the most significant factor. Even one missed payment can lower your score.
Credit Utilization (30%): This is the ratio of your current credit card balances to your credit limits. Lower utilization rates are better.
Length of Credit History (15%): A longer credit history increases your score. This includes the age of your oldest account, the age of your newest account, and the average age of all your accounts.
Credit Mix (10%): Having a mix of credit types (e.g., credit cards, mortgage, auto loans) can positively impact your score.
New Credit (10%): Frequent applications for new credit can lower your score due to hard inquiries.

Tips for Achieving an Exceptional Score

To achieve an exceptional score, bear in mind:

Regularly Review Your Report: Regularly checking your credit report is crucial for maintaining a high credit score. Reviewing your report allows you to spot and dispute any errors or signs of fraudulent activity that could harm your score. It also helps you stay informed about your credit status and understand the factors influencing your score. Aim to check your report at least once a year through annualcreditreport.com.

Opt for Autopay: A slip in memory can happen to anyone, even those with a strong payment history reflected by a 797 score. Setting up autopay can cover your full balance or the minimum due, ensuring you never miss a payment. This reliable method helps maintain your excellent credit score and avoids late fees or negative marks on your credit report.

Tighten Credit Utilization: While maintaining credit utilization at 30% is commendable, aiming for less than 10% can further strengthen your credit profile. However, don’t reduce your utilization to 0%, as you need to use credit to build and maintain your score. Regular, low-level use of credit demonstrates responsible financial behavior and can significantly boost your creditworthiness.

Make Additional Payments: Paying off your balances throughout the month, in addition to the due date, can help keep your credit utilization low throughout the billing cycle. This practice ensures that your credit card balances remain low when reported to the credit bureaus, which can positively impact your credit score. Regular mid-month payments demonstrate consistent financial responsibility and can contribute to an exceptional credit profile.

Don’t Shut Down Old Accounts: It may feel intuitive to close unused accounts, but doing so can inadvertently hurt your credit score by increasing your credit utilization ratio and shortening your credit history. Unless there are significant fees associated with the accounts, it's better to keep them active. Maintaining these accounts helps demonstrate a longer credit history and lower utilization, both of which positively impact your credit score.

Limit Credit Applications: Excessive credit inquiries can signal financial instability to lenders, potentially lowering your credit score. To protect your high score, apply for credit only when necessary. Each hard inquiry can have a minor impact on your score, so being selective about when you seek new credit helps maintain your strong credit profile and assures lenders of your financial stability.

Age Your Credit: Lenders value long credit histories because they provide detailed insights into your financial behaviors. Most consumers with scores of 800 or more have a long-standing credit history, typically around 10.5 years. This extended history demonstrates consistent, responsible credit management, which reassures lenders of your reliability and ability to manage credit over time, contributing to higher credit scores.

Maintaining and Enhancing Your Score

Adhering to these guidelines maintains and can significantly enhance your credit score. Consistent, responsible management of your credit accounts is key to reaching and sustaining an exceptional credit score. By optimizing your payment habits, managing credit utilization, maintaining long-standing accounts, and being reasonable with new credit applications, you can work towards achieving an outstanding credit score and enjoying the financial benefits that come with it.

Next Steps for your 797 credit score

By and large, with a 797 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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