You need to make at least 1 payroll direct deposit in the checking to get the secured card but there does not need to be ongoing direct deposits to maintain the account. So, unlike many secured cards there is no hassle getting your deposit back or if you need part of it back for a week or so it's instant to do. You can freely and instantly transfer funds back and forth from checking to security deposit thus raising or lowering your credit limit on the spot. The account comes with and requires a checking account and an actual debit card. It is functionally more like a debit card that reports as a secured credit card. Which would lower your "credit limit" but that is not reported anyways. You can’t actually carry a balance since it will use your security deposit to pay in full. We'll see how it reports the balance when the second month reports. It shows account type "secured credit card". The first time it reported it showed Balance $0, and didn’t report a credit limit. The only down side I see with it is, as mentioned, it does not seem to report a credit limit. Really it is kind of a unique “credit" product and we are mostly pretty happy with it. She's about 2 months into to it now and it's reported to all three CRA's. My wife is signed up with Chime trying to build up her credit report from nonexistent.
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