C hime has grown into the largest U.S. digital bank without offering a financial product beloved by Americans: a credit card with rewards. Today it announced one that provides 1.5% cash-back rewards on several categories of spending including groceries, restaurants and gas. The company says it can change those categories every few months.
It’s a secured card, meaning customers must keep money in their Chime checking account, and the amount they maintain becomes their spending limit. Secured cards are considered a way for those with thin or weak credit histories who wouldn’t qualify for typical credit cards to improve their credit scores.
Banks…
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