Chime Launches New Credit Card with Cash Back Rewards, Updated Design to Attract, Retain Members

Chime Financial Inc. (NASDAQ:CHYM) is one of the best up and coming stocks with huge upside potential. On September 9, Chime announced the launch of its new Chime Card, which features cash back rewards and an updated design. The new secured credit card is the latest addition to Chime’s suite of fee-free banking services and is available to all new and existing members.

Current Credit Builder cardholders can upgrade directly in the Chime app. The new Chime Card is designed to be more rewarding, especially for Chime+ members. Chime+ is a free, enhanced membership tier for those who set up a qualifying direct deposit. Chime+ members can earn 1.5% cash back on a rotating list of categories such as groceries, gas, and restaurants, with no limit on the rewards earned.

The new rewards are in addition to the existing benefits for Chime+ members, which include a 3.75% APY on savings, fee-free overdraft protection with SpotMe, and early access to pay with MyPay. The Chime Card also serves as a tool for building credit. While it is a secured credit card, it allows members to build their credit history through everyday purchases.

Chime Financial Inc. (NASDAQ:CHYM) is a financial technology company that provides digital consumer banking and payment solutions.

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Disclosure: None. This article is originally published at Insider Monkey.