Update: Chime has released some more information about these changes:
- New debit load limit of $200 per day (previously it was $100, although it briefly went up to $200 for a few days previously)
- Minimum load of $25
- Debit cards issued from major banks (e.g: Chase, Wells Fargo, Bank of America, U.S Bank, Comerica Bank & USAA) will not have a 3% loading fee other. Debit cards from other issuers may have this 3% load fee added.
For those unfamiliar, the Chime card is a reloadable debit card that has regular special offers (similar to AmEx offers). It has a variety of loading sources which are free, one of which is debit cards. They have announced that starting October 8th, 2014 there will be a 3% fee for some debit card loads.
This card already had pretty limited use, the cashback offers they’ve had recently have been extremely disappointing especially when compared to their launch offers. Some people have been able to generate a small amount of cash back by using a debit card that earns rewards (e.g Paypal Business Debit Card), it looks like from October 8th onwards this will no longer be possible.
Personally I’ll probably just be using the chime card to meet minimum debit card transaction requirements for bank account bonuses. Given that the minimum load is now $25, I’ll no longer be doing this.
Hat tip to Travel With Grant
