Chime Rolls Out Cash Back Rewards for Premium Membership Tier

Chime has begun rolling out a new Chime Card that includes 1.5% cash back rewards on rotating categories for Chime+ members.

The cash back rewards are tracked automatically in the Chime app and join other Chime+ benefits like 3.75% APY on savings, fee-free overdraft protection with SpotMe, early access to pay with MyPay, priority support and access to exclusive Chime Deals, the company said in a Tuesday (Sept. 9) press release emailed to PYMNTS.

The new Chime Card is being rolled out now and will be available to all members in the coming months, according to the release.

“With the new Chime Card, we’re building on top of the everyday banking features our members already rely on, to make the Chime experience even more rewarding,” Chime Co-founder Ryan King said in the release.

Chime+, which was launched in March, is a premium membership tier available to members who set up a qualifying direct deposit.

PYMNTS reported that Chime reignited FinTech initial public offering momentum when it debuted on the Nasdaq stock exchange on June 12. The company’s shares went public at $27, opened at more than $43 at the start of trading and closed at $37.11.

By the time the stock finished trading on that day, Chime’s market cap was $12.3 billion.

When the company filed for a proposed IPO in May, it said in its Form S-1 registration statement that Chime addresses “the most critical financial needs of everyday Americans,” including spending, liquidity, credit building, savings, community, support and savings.

The company added that it had 8.6 million active members, up 82% since the first quarter of 2022, and that 67% of these active members use Chime as their primary account relationship.

On Aug. 7, during the company’s first earnings call after becoming a public company, Chime CEO Chris Britt said he wants Chime to become “the largest provider of primary account relationships in the U.S.”

Britt said the company’s advantages include cost, product velocity, primary status and brand. In terms of product innovation, Britt highlighted Chime+, noting that this free tier packages higher savings rates, cash-back offers and priority support.