May 30, 2020
Who is the Chime Visa Debit Card for?
The Chime Visa Debit Card is an innovative and modern solution that aims to replace a traditional banking product. This card uses technology in its favor to make your banking experience as convenient as possible.
Through features like zero overdraft fees, early pay-day, and zero monthly fees, this card is a cheap and easy option for your financial needs. The SpotMe feature is of great use to those who seek flexibility in their bank accounts, and the early salary feature can really benefit those in need of quick cash.
Overall, this card is an easy-to-use debit card that is technologically advanced and comes with unique features at zero cost. If you are looking to streamline your debit card needs, this card might be for you.
Monthly Fee
There are zero fees associated with this card, which give it an edge over other debit cards that are trying to disrupt the commercial banking industry. With the Chime card, you can have a hassle-free debit card at no cost.
Benefits
The Chime card comes with no overdraft fees. With the SpotMe feature, Chime will apply your next deposit into your Chime Spending Account to your negative balance. Chime will notify you to enroll in the Chime app when you have total monthly direct deposits of $500 or more. When you make a debit card purchase that exceeds your balance, the bank will lend you up to your limit. When your next deposit arrives in Chime, it will apply it to your negative balance.
When you receive a direct deposit to your Chime Spending Account, you are eligible to receive your funds up to two days early. Chime ensures that you get paid early by making the money available as soon your employer deposits it – which is often up to two days before most other traditional banks make the funds available to you.
With the Round Ups feature, you can save the change on every purchase. And Save When I Get Paid helps you automatically save a percentage of every paycheck. The savings account accompanying this card gives you an annual interest of 0.06%.
Also, you can instantly disable your card with one swipe in the Chime mobile app. Chime’s security measures include one-touch transaction blocking and the ability to shut off international transactions on the card. The banking app can also send you daily bank account balance notifications and instant transaction alerts anytime you use your debit card.
Through this card, your deposits will be FDIC insured up to $250,000 through The Bancorp Bank or Stride Bank.
There is also no foreign transaction fee levied on purchases made while traveling overseas, which makes this a great travel card as well.
Cautions
There is a finite limit to how much money you can overdraft through this card, so make sure you do not overspend. Other than that, this is a pretty safe card to use.
Conclusion
This card is a solid option for those entering the world of personal finance and looking for a starter debit card. Of course, if you have multiple accounts with a single bank, it would not make sense to switch over to this card. But if you are looking for something new, this might be your best bet.
Serious Security
100% Free