If you are a user of Chime Credit Builder card and looking to know how to transfer money from Chime Credit Builder Account to Spending Account, you are on the right post to get all the steps to do this.
Chime Credit Builder Card is an innovative product from Chime, that is a credit card but works more like a prepaid card. To use Chime Credit Builder Card, you need to first deposit money into a Secured account which becomes your card limit.
At any point in time, you cannot swipe your Chime Credit Card for an amount that exceeds the funds available in your secured account. The money available in this secured account becomes the amount available to spend on your Chime Card.
However, many times, you may run into situations, where you have excess funds in your Chime Secured Credit Builder Account and looking to transfer the money back to your Chime Spending Account. It could also be a case where you want to use Spot Me (which works only on Chime debit card) for which you want to move the money back to the Spending account to stay within the limits.
Fortunately, the process to move funds in and out of your Chime Credit Builder Card to your Spending Account is very easy and you can do this with a few clicks on the Chime App.
How to transfer money from Chime Credit Builder Card to a Spending account? You can use the “Move Money” on the Chime App, next select “Transfer” and enter the amount to transfer the money from Chime Credit Builder Card to your Chime Spending Account.
Let’s see below the steps to do this in detail.
Do note that you can only transfer the amount which is unspent on your card (also called “Available to Spend”). Chime puts a hold on any money which you have already spent using the Chime Credit Builder Card so that you can make the payment on the due date using these funds.
How to Transfer Money from Chime Credit Builder Card to Spending Account [Steps]
- Open your Chime App and log in
- Next tap on “Move Money” option on home page of the app
- Next tap on “Transfers”
- Next select “Chime Credit Builder Secured Account” in the From field
- Select your “Spending Account” in the To field
- Enter the amount you want to transfer
- Review the details before confirming the transfer
How long does it take to transfer money from Chime Credit Builder to Spending Account
The transfer from your Chime Credit Builder to Spending account gets completed almost instantly (in a few minutes) since it is between two Chime accounts.
Are there any fees on transfer of money from Chime Credit Builder to Spending Account?
No, there are no fees and it is completely free to move funds in and out of Chime Credit Builder Account.
There are also no known limits to the number of times you can move the funds in and out between your Chime Credit Builder Card and Spending Account.
Can you withdraw cash from Chime Credit Builder card
Yes, you can withdraw cash from ATM using the Chime Credit Builder Card. It works just like a debit card when it comes to ATM withdrawals and you can use it at any of the 60,000+ATMs in the Chime Network to withdraw cash without any fees.
You can tap on the “ATM map” section on the Chime App home page to find more ATMs near you.
There is a limit of ATM withdrawal of $500 per day or the amount available to spend on your Card, whichever is less.
Do note that if you choose to withdraw money at any ATM, which is outside the network of Chime ATMs, it is subject to fees. So prefer to use the Card only at the Chime ATM networks.
Are there any limits to transfer of money from Chime Credit Builder to Spending Account?
There are no known limits for the transfer of funds between your Chime Credit Builder and Spending account.
Chime Credit Builder is designed to work with the Chime Spending account.
Chime Credit Builder Basic Terms
Available to Spend: This is the amount you have left to spend on your card, after deducting any purchases or transactions you have done with your Chime Credit Builder Card.
Each time you swipe your card, the amount from your “Available to Spend” will decrease immediately, so you can keep a track of the amount you can spend further on the card.
However, this does not mean that you have completed the payment for your existing spend and this is actually done only on the payment due date either automatically (if you have activated the Safe Credit Builder Option) or you can do it manually.
Available to spend amount is just an indicator of the amount you can further spend on your card considering the money you had originally put in your Secured amount and after deducting the card purchases or card withdrawals from it.
Balance: The total amount you’ve spent on your card since your last statement.
Chime has made the entire process convenient to transfer funds from your Chime Credit Builder Card to your Spending Account, which you can do using just the Chime mobile app and it works instantly.