Chime Prime: A great way to get supercharged benefits
Editor's Note
Here at TPG, we often focus on the value you can get from travel rewards and cash back. However, maximizing your dollars doesn't have to start with a credit card. With the benefits you'll receive from Chime Prime, you can start gaining perks from your money the moment it lands in your checking account.
Here's what you need to know.
What is Chime Prime?
Chime Prime is the top of three membership tiers available to those with a Chime Checking Account. To access Chime Prime, you must have a Chime Checking Account and receive qualifying direct deposits of at least $3,000.
You'll gain access to a number of perks once you receive Chime Prime status, including:
- 5% cash-back rewards on up to $1,500 in eligible purchases on your Chime Card® each month
- Your first two international ATM fee charges reimbursed each month, provided the ATM isn't from a third-party service
- Up to $200 in fee-free overdraft with SpotMe
- Higher savings APY than other Chime tiers
- Visa Signature benefits, such as access to the Visa Signature Luxury Hotel Collection, GigSky Mobile deals and a Priority Pass Select membership (limited to two free visits per year)
A Priority Pass Select membership is a perk that's especially worth noting, since it's very rare to see lounge access offered via a financial product that isn't a premium credit card. While you won't receive unlimited access like you would with a more premium card, this is a great alternative for lounge access for anyone without one.
How to become a Chime Prime member
Fortunately, it's very easy to become part of Chime Prime. There are no fees to participate. The only requirement is that you receive at least $3,000 in qualifying direct deposits to your Chime Checking Account at least once every 34 days.
This should be easy for most professionals, even those early in their careers. That makes Chime Prime a great way for beginners to earn rewards on their purchases and enjoy some extra perks.
While Chime Prime won't build your credit score on its own, the Chime Card offers credit-building benefits and pairs nicely with Chime Prime.
Is Chime Prime worth it?
If you're looking for cash-back rewards and extra perks, Chime Prime is definitely worth looking into. That's especially true if you don't currently have a credit card that earns rewards or you're looking for a low-cost way to gain lounge access.
Just remember that you need to make at least $3,000 in qualifying deposits every 34 days to maintain Chime Prime status. If you fall below that amount, you will drop to a lower Chime tier. You can regain your Chime Prime status once your qualifying direct deposits reach that $3,000 minimum again.
Bottom line
Chime Prime is a unique financial product that lets you supercharge your checking account without paying a subscription fee. It's especially great for anyone who isn't into travel rewards or who doesn't yet qualify for a premium credit card.
If you're interested in giving Chime Prime a try, open a Chime Checking Account and set up qualifying direct deposits of $3,000 or more. Make sure you maintain those direct deposits to stay in Chime Prime.
Informational content: Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A. and Stride Bank N.A. ("Banks"). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).
Issuer Statement: 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. The Chime Visa® Debit Card and the secured Chime Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc.
Other Disclosures: For more information on the following products, services, and claims, please see chime.com/disclosures, Eligibility (Chime Prime/Plus), 5% Cash Back, SpotMe®, Higher Savings APY, Visa Signature Luxury Hotel Collection and Priority Pass.