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Chime wanted to develop a new kind of credit card experience due the growing popularity of debit cards in the U.S. In 2018, the U.S. Federal Reserve said debit cards represent 50% of all non cash transactions, the company noted.
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“Americans have embraced debit cards for greater control but this limits their ability to establish or build their credit score,” noted Chime CEO Chris Britt, in a launch announcement. “We created Credit Builder to help our members stay in control and safely build their credit with their everyday purchases,” he said. Chime’s credit card aims to straddle both worlds, debit and credit, by working to establish good credit while also preventing users from overspending.
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