Like cash, checks, and credit cards, debit cards let you make payments. But with a debit card, the money comes directly from your bank account. Your spending limit is based on your available funds.
When you swipe your card or enter it online, you tell the merchant to deduct the total amount from your checking account. That communication happens through your card’s payment network. Chime uses Visa®, but other popular options include Mastercard, Discover, and American Express.
Once your card’s payment network contacts your banking provider, your bank will place a hold on your account to reserve the money until it clears.
Let’s break down how debit cards work a bit further:
In-person and online transactions
You can use debit cards in person and online:
- When using a debit card in person, you’ll swipe, tap, or insert the card. Sometimes, you’ll need to enter a PIN or provide a signature.
- When using a debit card online, you’ll enter your card number, CVV (the security code), and other details, like the card’s expiration date and your ZIP code, to complete the transaction.
You can add your debit card to a digital wallet and use your smartphone to make purchases if the merchant accepts mobile payments. Chime supports multiple mobile payment apps, including Apple Pay™, Google Pay™, and Samsung Pay.
Debit cards also make it easier to pay friends and family through peer-to-peer (P2P) payment apps like Venmo and Cash App. Chime has a built-in P2P payment feature called Pay Anyone.
ATM access
Your debit card provides free or low-cost ATM access. This allows you to take out cash, make deposits, and check account details on the go. Just make sure you know which ATMs are in your network and be aware of any fees.
Chime debit cards let you withdraw funds from more than 60,000 fee-free ATMs.2
Safety and security
If you lose cash, it’s usually gone for good. But if your debit card is lost or stolen – or your data is breached via card skimming – you can tap into some helpful security features to protect your money.
For example, you can lock and unlock your Chime debit card in the app and get real-time transaction alerts every time the card is used.
You’re also protected by the Electronic Funds Transfer Act, which limits how much you’re liable for if your card is used without your permission. As an added Chime security feature, you’re protected by the Visa Zero Liability Policy.3
