Read on to learn how it works and how you can get the new Chime Credit Builder Card. In June, Chime announced the launch of a credit card marketed as “a new way to build credit.” The unique product requires no minimum deposit, charges no fees and ensures the cardholder never misses a payment, all while reporting positive activity to the three credit bureaus.

Plus, the market for subprime and underbanked consumers is growing, with companies offering innovative products to serve this type of customer. Luckily, there are credit tools designed to help you establish yourself as a responsible borrower, such a secured credit card or credit-builder loan. However, how can you do it if to be approved you’re supposed to have a good credit history? It’s almost like looking for your first job to get experience and seeing all employers require that you already have it. You need to apply for credit and demonstrate you can manage it well. Building credit, whether you’re establishing it for the first time or recovering from some credit missteps, is not an easy task.