Home Credit Credit Cards

Best Unsecured Credit Cards for Bad Credit

There are unsecured credit card options for consumers with low scores.

credit card cafe
Updated March 21, 2024
Written by Rachel Alulis
Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

  • Unsecured credit cards for bad credit with no deposit provide an opportunity for individuals with poor credit to improve their scores without the initial financial burden of a security deposit.
  • Responsible use is crucial. Whether you have a secured or unsecured card, keep your balances low, pay your bills on time, and apply for new cards sparingly. Gradually your score will improve.
  • Prequalify before you apply to assess your eligibility without negatively impacting your score.

Credit cards for bad credit no deposit offer a glimmer of hope for individuals struggling to rebuild their credit. Like it or not, your score is important. It affects what interest rate you’re offered, fees lenders charge, and even if you can get the apartment you have your eye on.

Secured cards are a great way to improve your score, but not everyone wants one or has the cash on hand to make a deposit. That’s where no deposit credit cards for bad credit come in. These cards have minimal requirements for approval, making them easy to qualify for.

Jump to:

Best unsecured credit cards for bad credit comparison

Unsecured cards for low scores are easy to qualify for and do not require a security deposit, but they do come with high costs and meager benefits. Before you accept an offer, be sure you understand the APRs and fees these cards charge.

Here are our top picks for credit cards for bad credit with no deposit.

What is an unsecured credit card for bad credit?

An unsecured card for bad credit is one that accepts applicants with poor or fair scores and does not require a cash deposit. Secured credit cards require a refundable security deposit as collateral but tend to accept applicants with lower scores.

The marketing phrase “guaranteed approval unsecured credit cards for bad credit no deposit” often refers to these types of cards, suggesting a higher chance of approval without the need for upfront cash.

However, it’s important to understand that guaranteed approval does not actually exist. No issuer approves every single applicant. The cards we’ve selected have minimal requirements making them very easy to qualify for no matter your score.

What separates unsecured cards for poor scores from other unsecured cards is their fee structure. Due to the higher risk issuers take on lending to people with less-than-perfect scores they will often charge higher interest rates and additional fees.

Tacked-on fees you’ll only find on subprime cards include:

  • Signup fees or processing fees
  • Monthly maintenance fees
  • Credit limit increase fees
  • Extra card fees

All the fees make it hard for the issuer to lose money if the consumer doesn’t pay their bill.

Carefully consider these costs when applying for unsecured credit cards for bad credit with no deposit. While these cards offer a valuable opportunity to improve your score, the associated fees and interest rates can make them unaffordable.

Have a bad credit rating and looking for a credit card?

Check out our second chance credit cards!

Types of unsecured credit cards

An unsecured credit card is any card that does not require a security deposit. Traditional credit cards are unsecured. There are plenty of types of cards each offering its own benefits. Some credit cards for bad credit with no deposit even offer instant approval. Here’s a look at a few types on the market:

Credit union cards

Credit unions are friendlier than banks and many offer cards with different requirements. They typically have more favorable terms compared to traditional banks including relatively low APRs and costs. The rewards may not be as robust but then it’s hard to find a card for low scores with lucrative rewards.

Cash back cards

Cash back rewards cards are a popular choice for many. These cards give a percentage of the amount spent back to the cardholder, usually in cash though some offer statement credit.

Most rewards cards are geared towards consumers with good scores, but a few will consider applicants with poor ratings. In general, rewards cards tend to have higher APRs to offset the rewards. The issuer is still trying to make money. Pay your bill in full every month, and you can keep your cash back without any interest payments.

Credit builder cards

Most subprime cards focus on building your score. They report payments to all three major credit bureaus – Equifax, Experian, and TransUnion – and give consumers access to their score for free every month. Many of these cards – like the ones we’ve listed above – have lenient requirements and will approve applicants with poor or fair scores.

Want more spending power?

Find the best $2,000 limit credit cards!

How to select the best unsecured credit card for bad credit

When selecting the best unsecured card for poor scores, it’s crucial to consider several key factors. This will help you choose the card that best suits your financial needs and will improve your score.

Interest rates and fees: Unsecured cards for low ratings typically come with higher interest rates and fees. Carefully compare the Annual Percentage Rates (APR) of different cards. A lower APR can save you money if you carry a balance. Additionally, scrutinize the fee structure, including annual fees, late payment fees, and foreign transaction fees. Some cards may waive the annual fee for the first year, which can be a cost-saving feature.

Credit limit: Evaluate the initial limit offered by the card. While these cards generally have lower limits, some issuers may increase your limit after a period of responsible use, such as six months to a year of on-time payments. A higher limit can improve your utilization ratio, positively impacting your score.

Credit reporting: Ensure that the card issuer reports your payment history and usage to all three major credit bureaus: Equifax, Experian, and TransUnion. Consistent reporting to these bureaus is essential for rebuilding your score, as it helps to establish a positive payment history over time.

Rewards and benefits: Some unsecured cards offer rewards programs, such as cash back or points for certain purchases. Although these rewards might not be as generous as those from prime cards, they can still provide added value. Consider cards that offer rewards for everyday spending like gas or groceries, which can make managing your finances a bit more rewarding.

Customer service: Research the issuer’s reputation for customer service. Read reviews and check ratings to ensure that the issuer provides reliable and helpful customer support. Good customer service can be crucial if you encounter issues or need assistance managing your account.

Approval odds: Look for card issuers that provide prequalification options. Prequalification allows you to see your approval odds without impacting your score, as it involves a soft credit inquiry rather than a hard one. This can help you avoid unnecessary hard inquiries, which can temporarily lower your rating.

By carefully considering these factors, you can find an unsecured card that helps you rebuild your score while offering manageable terms and useful benefits. Selecting the right card can set you on a path to improved financial health and better credit opportunities in the future.

Do you only make the minimum payment on your credit cards?

Learn why it’s a bad idea to pay only the minimum on your debt.

Are secured or unsecured credit cards best for rebuilding credit?

Secured and unsecured cards are both good for increasing your score as long as the issuer reports your payments to all three major credit bureaus. Your score is mainly determined by your payment history and utilization. It does not matter if you’re using a secured or unsecured card.

Both secured and unsecured cards are: 

  • Issued by major financial institutions
  • Can be used to make in-store purchases
  • Can be used to make online purchases
  • Will impact your score
  • Let you carry a balance

The only difference is that secured cards require a refundable security deposit. The deposit serves as collateral and typically sets your limit. They are often recommended for individuals with very poor scores or no credit history at all. When you have a secured card you still have to pay your bill on time every month, will still be charged interest on purchases, and utilization still counts.

Both secured cards and unsecured cards will help you boost your score with responsible use.

Interested in a secured credit card?

Learn more about secured cards and how they can help improve your score.

Can a secured credit card become unsecured?

Yes, a secured card can become unsecured. Many secured card issuers allow cardholders to graduate to an unsecured card after demonstrating responsible card use over a period, typically ranging from six months to a year. Here’s how the process generally works:

1. Consistent payments: Make all your payments on time. This demonstrates to the issuer that you are reliable and capable of borrowing responsibly.

2. Low utilization: Keep your utilization low, ideally below 30% of your limit. This helps improve your score and shows responsible usage.

3. Account review: Some issuers periodically review your account to assess your eligibility for transitioning to an unsecured card. If you meet their criteria, they may automatically upgrade your account.

4. Request an upgrade: If your issuer does not automatically review your account, you can proactively request an upgrade after a period of responsible use. Contact customer service to inquire about your eligibility for an unsecured card.

5. Refund of deposit: Once your secured card is upgraded, your security deposit is typically refunded, assuming your account is in good standing.

Transitioning from a secured to an unsecured card can further improve your score and provide access to better terms, including higher limits and potential rewards programs.

Learn more about on MoneyFor.

How to make the most of second-chance cards with no security deposit

Owning a card is enough to establish your credit history but to build your score you have to use your card responsibly.

Factors that contribute to your score are:

  • Payment History 35%
  • Amount Owed 30%
  • Age of Accounts 15%
  • Credit Mix 10%
  • New Credit 10%

Let’s go over practical ways to improve your score.

Maintain low balances

Keeping your card balances low is crucial. Aim to use less than 30% of your available credit. A low utilization rate demonstrates responsible habits and that you’re not overly reliant on borrowing money.

To keep your balances low, make multiple payments throughout the month. This can be an especially helpful practice if you have a low limit like $300. An alternative is to request a limit increase. Your issuer may approve a higher credit line if you’ve made consistent monthly payments.

Make payments on time

The best thing you can do is pay your credit card bill on time every month. You need to make at least the minimum payment to be considered on time but it’s even better to pay in full and avoid interest. Set up automatic payments each month or request an alert when the bill is due to ensure timely payments.

Late or missed payments incur late fees and potentially a penalty APR – a few points higher than your regular APR. Payments that are more than 30 days late will be reported to the credit bureaus and cause your score to drop by dozens of points. Late payments stay on your report for up to seven years, though the damage they do lessens over time.

Conversely, consistently paying on time will establish a positive payment history – the most important factor in determining your score – and significantly improve your score over time.

Refrain from too many applications

Each application triggers a hard inquiry on your credit report and will lower your score by 5 to 10 points. Occasionally applying is fine and won’t do too much damage. Your score will bounce back within a few months to a year.

Too many applications within a short period will ding your score and are considered a red flag by lenders. Wait at least six months between applications to avoid these negative impacts.

Don’t close old accounts

The age of your accounts plays a role in determining your score. Lenders want to see that you have a long history of borrowing responsibly. Closing old accounts decreases the average account age so it’s better to keep your cards open and active. Aim to use them once a year so that the issuer won’t close them. The exception to the rule is if one of your cards has a lot of fees, it may be worth closing.

Have a mix of credit

A diverse mix of accounts (both cards and loans) reflects well on your score since it demonstrates your ability to manage different types of borrowing responsibly. That said, never take on debt simply to improve your score. It is possible to get a very good or excellent score with only cards.

Improving your score takes time but if your score was very low, you may see big improvements fast.

Want to boost your credit rating?

Click here to find out how to fix bad credit!

Can you get an unsecured credit card after bankruptcy?

When you have a recent bankruptcy it can be hard to qualify for any card, but not impossible. There are subprime cards that will consider applicants as long as their bankruptcy has been discharged. If you do qualify, you’ll get higher interest rates and fees to offset the risk to the issuer.

Do your research, compare options, and try to prequalify. Prequalifying does not guarantee approval but it does show your approval odds without impacting your score.

Once you’re approved, be sure to use your card responsibly. Make payments on time, keep your balances low, and you’ll gradually improve your score post-bankruptcy.

Read more about credit cards.

Can I get an unsecured credit card with a 500 credit score?

Obtaining an unsecured card with a 500 score is challenging, but not impossible. Many traditional card issuers consider a 500 score to be in the poor range, making it difficult to qualify for their standard unsecured cards.

However, certain issuers specialize in offering unsecured cards to individuals with low scores. These cards are generally considered subprime and are often made with improving your score in mind. They often come with higher interest rates and fees to offset the possibility of default. This makes them more expensive overall, but do not require a security deposit, and not everyone has money for a deposit lying around.

Subprime cards have more lenient approval criteria. They have a lower minimum score requirement and many will consider other factors such as your income, employment status, and recent credit history. Demonstrating a stable income and reducing existing debt can improve your chances of approval. It can also help to apply with a financial institution you already have a good relationship with.

Before applying, look for issuers that offer prequalification. This process allows you to check your chances of approval without a hard inquiry, which can temporarily lower your score. Prequalification can help you identify cards that you are more likely to be approved for, reducing the risk of further damaging your score with multiple hard inquiries.

While options are limited, obtaining an unsecured card with a 500 rating is feasible. Careful research and responsible financial management can increase your chances of approval and help you rebuild your score over time.

Frequently asked questions

1. Can I get an unsecured credit card with a 500 credit score?

Obtaining an unsecured card with a 500 credit score is challenging but not impossible. All the cards we’ve mentioned target consumers with poor scores – anything below 580. Some reviewed cards will likely accept scores as low as 500. While it’s possible to find an unsecured card, you will get a higher interest rate and additional fees. Carefully review the terms to decide whether the benefits outweigh the costs. Once you get your score to 600 your chances of approval increase.

2. Can I prequalify for credit cards with bad credit?

Yes, you can prequalify for cards even no matter your score and it’s a good idea to do so. Prequalifying is a helpful tool that allows you to check your eligibility for a card without impacting your score, as it involves only a soft pull. Only hard inquiries on your report ding your score. Many issuers offer this feature, giving individuals with poor scores a glimpse into their potential approval chances before they formally apply.

3. Can I get a credit card without depositing money?

Yes, you can get a credit card without depositing money by applying for unsecured cards designed for individuals with bad ratings. These cards typically have higher interest rates and lower limits but do not require an upfront security deposit.

4. Which credit card has no credit check guaranteed approval?

Cards with no credit check and guaranteed approval are very rare. Certain secured cards and merchandise cards fit this criterion. Even then, approval is not 100% guaranteed but extremely likely. Secured cards and merchandise cards often don’t require a credit check and are easy to qualify for. Secured cards instead, it require a refundable security deposit. These cards can help individuals raise their rating by reporting to major credit bureaus.

5. Can a secured credit card become unsecured?

Yes, most issues let consumers transition from an secured card to an unsecured one. This typically occurs when the cardholder demonstrates consistent, responsible behavior over time, such as making timely payments and maintaining low balances. Many card issuers review accounts periodically and may offer to refund the security deposit and convert the card to an unsecured line of credit, effectively recognizing and rewarding the cardholder’s improved creditworthiness.

Bottom line

While there is no such thing as a credit card with guaranteed approval, several unsecured cards are relatively easy to obtain, even for individuals with poor scores. If your score is low, focus on feasible choices that cater specifically to those with bad ratings.

Before applying, try to prequalify to see your chances of approval without impacting your score. Prequalification involves a soft inquiry, which does not affect your rating, and can give you a better idea of your likelihood of being approved. Limiting the number of applications you submit is crucial because multiple hard inquiries can further lower your score and make you look desperate to lenders.

Once you obtain your card, it is essential to use it responsibly. Consistently make payments on time, as payment history is a significant factor in your score. Additionally, keep your balances low relative to your limit, ideally below 30%, to maintain a good utilization ratio. 

By following these practices, your score should improve within a year. As your score improves, you will gain access to better card options with lower interest rates, higher limits, and more attractive rewards programs. Responsible card use is a stepping stone to better financial health and more opportunities in the future.

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.           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 Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.           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.
2. 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.
3. 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.
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. 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
6. 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.
7. 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 Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.
8. You may earn Points in connection with your everyday spending 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. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.
9. 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.
10. 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. 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%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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.
21. 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.
22. 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.
23. 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.
24. 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.
25. 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.
26. 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.
27. 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.
28. 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.
29. 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.
30. 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.
31. 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.
32. Tipping or not tipping has no impact on your eligibility for SpotMe®.
33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
35. 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.
36. 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.
37. 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.
38. 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
Read more

About the author

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.

Read more