Credit Cards chime prepaid card

Published on June 24th, 2014 | by William Charles

15

An Introduction To Chime Card: New Reloadable Cash Back Debit Card

Chime Card is a new prepaid/reloadable Visa debit card which is extremely similar to the Serve product that American Express has been pushing. It’s possible to add funds to this card in a variety of ways and they also have regular  offers for different merchants that change monthly (similar to AmEx offers).

Deals

They have deals which are similar to those offered by AmEx and other card issuers. These offers have a limited quantity and rotate every 30-60 days, there is also a limit of one per customer. Chime offers two types of deals:

  • Store credit: This is a virtual balance with that merchant. You can make as many purchases as you want to use that store credit up E.g, you have a $10 store credit with Amazon. You make a $5 purchase, then a month later you make a $2 purchase and then six months later you make a $3 purchases. You will not be charged for any of these purchases as they will use your store credit.
  • Earned credit: This is the same as statement credit or cash back. E.g you get $10 in earned credit and this will add $10 back to your Chime card.

Here is a sample of some of the current deals (these might already be sold out, as only limited quantities are available. They also vary based on your location).

  • $10 earned credit when you spend $50 or more at Amazon
  • $10 earned when you spend $50 or more at BestBuy
  • $10 earned credit when you spend $50 or more at Target
  • $10 earned credit when you spend $75 or more at Serena & Lil
  • $5 store credit with any purchase at Chili’s
  • $5 store credit with any purchase at Olive Garden
  • $5 store credit with any purchase at Victoria’s secret
  • $5 store credit with any purchase at the Gap
  • $5 store credit with any purchase at Express
  • $5 store credit with any purchase at American Eagle
  • $5 store credit with any purchase at Old Navy
  • $5 store credit with any purchase at Bed, Bath and Beyond
  • $5 store credit with any purchase at Abercrombie & Fitch
  • $5 store credit with any purchase at Marine Layer
  • $5 store credit with any purchase at Sports Authority
  • $5 store credit with any purchase at NetFlix
  • $5 store credit with any purchase at Kiwi Crate
  • $5 store credit with any purchase at theBalm
  • $5 store credit with any purchase at Birchbox
  • $3 store credit with any purchase at Sephora
  • $2 store credit with any purchase at SubWay
  • $1 earned credit when you spend $7.5o or more at Dunkin Donuts

amazon $10 offer

Referral Program

You can also earn $10 per person you refer that signs up for a Chime card. We haven’t included our own referral link in this post as we are still researching this card. Feel free to share yours in the comments section, but your comment must be of substance and offer our readers something they might not already know about this card. If you just spam your referral link the comment will be removed.

Update: both parties will earn $10

Loading

The maximum amount that can be loaded to this reloadable card depends on the method used. Here are the limitations (emphasis mine):

  • Direct deposit of payroll or benefits: up to $9,999.99 each calendar day; posted on the payment date of the deposit
  • Bank transfer or PayPal transfer: up to $500.00 each calendar day with a maximum of $2,000 in a calendar month; posted on the payment date of the deposit
  • Account transfers initiated through Chime in a mobile application or website: up to $200.00 each calendar day with a maximum of $1,000 in a calendar month; posted within 5 business days of initial request
  • Bank debit card: up to $100/day; within minutes of approved transaction
    • Works: Paypal Business debit card
    • Doesn’t work: MetaBank Visa Gift Card, U.S Bank Visa Gift Card
  • Cash load partner: up to $1,000.00 each calendar day with a maximum of $9,999.99 in a calendar month; within two (2) hours after loading

Fee Schedule

Here is the fee schedule which was taken directly from the cardholder agreement. Emphasis is mine:

  • ATM  ($500 maximum per day, an additional $500 per day can be withdrawn from POS machines):
    • Domestic Cash Withdrawal Fee: $2.5 per transaction
    • International Cash Withdrawal Fee: $2.50 + 3% of total* (per transaction)
    • ATM Balance Inquiry Fee: $0.50 (per transaction)
  • International Transaction Fee**: 3% of total** (per transaction)
  • Account Maintenance Fee (assessed after 180 days of no purchases, withdrawals, or deposits): $5.00 (per month)
  • Check Refund Fee: $5.00 (per check issued)

*Applies to total dollar amount of any cash withdrawal made outside of the United States.

**Applies to total dollar amount of any signature or PIN POS purchase made outside of the United States.

It’s also important to note that you will be charged ATM owner/operator fees if the ATM isn’t owned by the Chime network. You view a full list of free ATMs here.

F.A.Q’s

  • Is it a hard pull to open this card?

No, it’s a soft credit pull to open this card (this is clearly stated in their own support section. The answer can be found under “requesting a card” and then “Does Chime run a credit check or help build my credit score?”. Direct link here. There might be a ChexSystems inquiry done though.

chime no credit pull

Our Verdict

This card looks interesting, the $100 daily load limit when using another bank debit card will mean that it’s not attractive for most people looking to use it to unload Visa, American Express or Mastercard gift cards in bulk for manufactured spending purposes. Although it could still be useful for unloading low value cards (assuming they accept those cards of course). They also don’t state who their cash load partners are, so there could be an opportunity there as well as this has much higher limits. Their cash load partner is GreenDot MoneyPak.

In terms of the deals this card offers, there could definitely be some profit to be had. The best deals are the $10 credit earned for $50 in spend. This is really $10 cash back and a discount of 20%. This means there should be a lot of opportunity for buying and reselling gift cards.

E.g with the current BestBuy deal you could purchase a $50 gift card and get $10 cash back and then resell it for up to 93% of face value which would result in a profit of $6.5. The main limitation is the fact that you can only do each deal once and each deal is limited. I imagine the good deals will fly off the shelves whilst the average deals will stick around for ages. They might also start not allowing gift card purchases, which is something a lot of amex deals include in their fine print.

The most important fee to worry about is the account maintenance fee which is $5 if you don’t make any purchases within 180 days. This could easily be avoidable by purchasing a low value item (e.g Amazon $0.5 gift card) but it’s something I imagine a lot of people will forget about.

I think I’ll give this card a go, there doesn’t seem to be an early account termination fee and there is no hard pull. If I don’t find the card useful I can always cancel it so I don’t need to worry about the account maintenance fee. Hopefully this is a way of unloading small value gift cards.

Hat tip to travbrw of slickdeals for making us aware of this card

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15 Responses to An Introduction To Chime Card: New Reloadable Cash Back Debit Card

  1. Val Lee says:

    I just signed up, and to clarify, there are a fixed number of store credits available for all Chime users. So once the remaining 247 people use the $10 Amazon credit, the deal is over — and it’s one per customer, and has an expiration date too.

    I’d be grateful if you signed up using my referral link!

    • Val Lee says:

      In addition, Chime representatives told me that you may not withdraw funds from Chime into your bank account. So if you load money, you had better be ready to spend it (though one could spend it on Amazon gift cards).

  2. TJ says:

    Applied for one for my wife. If I can load with VGC, A+ card. Even if not, if the offers are good, loading with Paypal debit card could be ok. Real question is whether there will be any offers to redeem once the card gets more popular. Correct me if I am wrong, but it looks like this is *not* like Amex sync, in that you basically have to check right before you spend to see if the offer is sold out, you can’t “reserve” it in advance – so for Amazon.com for example, if anybody actually had this card before it wouldn’t have lasted an hour before everybody bought $50 gift cards and you won’t even be 100% sure you got it until after purchase if the # left is low.

  3. Mordy says:

    I Just signrd up and I got instantly approved which is weird since I have all 3 Credit Reports + My ChexSystem Report Frozen….

    Here is my Referral Link: http://chimecard.com/join/mi15350 I would apriceate you using it

  4. Zendrix says:

    This card looks promising with the possible ways of loading it:
    1. Paypal debit card load. If this is like loading Bluebird, you will be able to get 1% cashback on your paypal debit card.
    2. Any GC that you can buy from CVS with a credit card and load it . Even at $100 a day, if you do it with Bluebird that effectively gives you $200 a day that you can liquidate sitting in front of your computer.

    I would appreciate anyone using my . Thanks in advance!

  5. Helen S says:

    I tried loading with a Metabank Visa gift card that I got at Staples or Office Max. Debit card declined. I tried two different cards. No luck.

    If you’re still interested, I’d appreciate you signing up with my referral link: Try Chime – a more rewarding debit card. Get access to over $100 in rewards.
    https://www.chimecard.com/join/hs15758

  6. Scott says:

    Used in combo with the PayPal Biz Debit MC, the main benefit of loading to here besides the offers is being able to drain via a Visa debit instead of a Mastercard debit.

    I will try it out and see if it generates the 1% PayPal cash back.

    If you are interested in checking it out for yourself, using my referral link would be appreciated!
    http://chimecard.com/join/sf16046

  7. Mario says:

    IT DOES! IT DOES!! IT DOES!!! Data point: You will earn 1% on your paypal biz debit card. I just had my cash back summary post from last month. Looks like we can liquidate paypal at a profit.

    http://chimecard.com/join/mg15255

  8. Chuck says:

    I got the card, and one great thing about the offers is that the credit posts instantly. In this sense it has an advantage over Amex offers where you have to wait a few days.

    If anyone signing up for the card would use my referral link, I would greatly appreciate it.

    http://chimecard.com/join/yk15822

  9. HokiE36 says:

    Can I buy a $1000 money order at Walmart with only $1000 available in my Chime Card (as debit/PIN transaction of course) per day?
    There are a few concerns here:
    1) daily limit at POS
    2) insufficient funds for the POS fee ($2.5)
    3) Walmart currently has a $75 spent get $5 back for Chime Card, would this $1K money order qualify?

    I obviously would load $100 per day to Chime using PayPal biz debit card.

  10. TJ says:

    Got my second chime card today and tried to load it with Paypal Business Debit. While it does work, you *must* have the amount you are trying to pull actively available for use in your paypal account. It will not pull from your backup funding source.

  11. Heather says:

    Going to give it a shot, can always cancel if it doesn’t work out. Interested in seeing if 1% back works with paypal biz debit card. Here’s my link if someone is so inclined to use it! Thanks. (link removed, please read the rules)

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