Chime Credit Builder vs. Spending Account | Which Should You Use?

Chime Credit Builder vs. Spending Account:

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First of all, what is the main difference between the Chime spending account and the Chime credit builder card, and which one should you be using? Well, essentially your chime spending account is going to function like a regular everyday checking account that you've probably had with some kind of bank for a very long time. The Chime spending account has no fees, allows you to round up your purchases to the nearest whole dollar and can automatically put that into your Chime savings account and you can easily link this debit card to other services like Google Pay, Apple Pay, and instantly turn off transactions for both domestic and international purchases right from the Chime app. And on top of all of that, you also get access to the spot me feature which is basically free overdraft protection as long as you are eligible and you can get paid up to two days early with direct deposit while also having access to their network of over 38,000 free to use ATMs.

The Chime Credit Builder is going to be an extension of the spending account. So the way this works is instead of spending money directly from your spending account you are instead going to move that money in advance to this credit builder card and basically preload that card with money. Then you go ahead and make your purchase with that card just like you would with any other credit or debit card and since you have already set that money aside it's going to be used to pay for that transaction and that on-time payment is going to be reported to the credit bureaus and therefore help build your credit score.

So again the only difference between these two cards is the chime debit card is just a regular everyday debit card that pulls money directly out of your spending account whereas the Chime credit builder card is going to be preloaded with money from your spending account and when you spend that money it's simply going to be marked as an on-time payment which in turn helps build your credit score. So now let's answer the question that you're all wondering, should you use the chime spending account debit card or the Chime credit builder card?

Well it's honestly going to be a personal preference but if you ask me, both cards are free, neither of them charges you any fees, neither of them charges you any interest or allows you to accrue debt of any kind. The only difference is one of them is just a regular debit card while the other one is a unique product that basically works like a debit card but also allows you to build your credit score. So in my opinion, I would be using my chime credit builder card for everything if deciding between the two because if I'm paying for $20 of groceries for example then it doesn't matter if that comes directly out of my spending account or if I move money from my spending account to this credit builder card beforehand and then buy my groceries that way.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео Chime Credit Builder vs. Spending Account | Which Should You Use? канала Magnified Money