Mobile banking group Chime has launched the new Chime card, offering cashback rewards for Chime+ members and various design options.
These potential benefits expand on Chime’s current suite of services, such as high-yield savings, early pay access, credit building, instant loans, and deals, offering an improved fee-free banking experience that is both optimal and rewarding.
Chime+ is Chime’s free, extra membership tier that offers rewards for members who set up a qualifying direct deposit. Since launching Chime+ earlier this year, Chime has continued to add more rewards for members who reach certain membership levels. With the Chime Card, Chime+ members earn 1.5% cash back on rotating categories like groceries, gas, and restaurants, tracked automatically in the app with no limit on earnings.
These new cash back rewards are in addition to other Chime+ features, including:
- 3.75% APY on savings;
- Fee-free overdraft protection with SpotMe;
- Early access to pay with MyPay;
- Priority support for faster help;
- Access to Chime Deals that can be stacked with cash back.
The new Chime Card is a secured credit card that combines an augmented design with practical credit-building tools. Members can choose from free styles in various colours, as well as paid finishes. The new Chime Card helps members build credit with their everyday purchases while offering rewards, an optimal design, and an in-app experience.
The Chime Card is already rolling out and will be available to all new and existing members throughout 2025. When it’s available, current Credit Builder cardholders can upgrade directly in the app.
Chime looked for a USD 11 billion valuation in IPO
Chime targeted a USD 11 billion valuation for its IPO, with the company scheduled to begin trading on the Nasdaq on 12 June 2025. According to a regulatory filing, the IPO was set to offer 32 million shares at a price ranging from USD 24 to USD 26 each, with approximately 26 million coming from Chime and an additional 6 million from stockholders. At the highest of its expected range, Chime could raise nearly USD 832 million.
