The process of building credit is often described as a catch-22, because you already need credit to get approved for credit products like a credit card. Some credit products provide consumers with a way to insert themselves into this cycle by extending credit to people with bad or no credit. However, even the best credit cards for bad credit can be expensive, with high APRs and annual fees.
Mine offers an interesting alternative geared toward college students with a free credit-building debit card. It can help build credit while avoiding debt traps with high interest rates and fees.
Business Insider's personal finance team compared Mine Credit Builder Debit Card to the best credit builder accounts and found it to be a strong offering with standout features like credit monitoring, financial literacy resources, and no ATM or foreign transaction fees.
Read on to see if Mine is right for you.
Open an Account
None
Pros
Cons
- Earn cash back at partnered locations
- Sign up for free as a college student
- Mine does not charge interest, late fees, or transfer fees
- No credit check or security deposit needed
- Has a daily AutoPay feature
Compare Mine Credit Builder
15.51% to 15.92%
$25 to $150 monthly
N/A
$600 to $3,600
Pros
Cons
Self's credit builder loan is one of the few credit-builder loans available in all 50 states. Self offers four payment plans between $25 and $150 per month, all of which take 24 months to complete. Self doesn't perform a hard credit inquiry, and it reports to all three credit bureaus, but that's the bare minimum for a loan designed to build credit.
Self Credit Builder Account- No hard credit report pull
- Reports to all 3 bureaus
- Build credit AND savings
- Join over 1 million credit builders
- Unlock a Secured Credit Card after meeting eligibility criteria
- 24 months loan duration
$0-$6.95 monthly + optional $49.95 fee for retroactive reporting
Pros
Cons
Self Rent Reporting reports your rent and other bills to the credit bureaus. This improves your payment history and as a result, your credit score, without needing to take on debt. One of the companies listed in our guide on the best rent reporting services, Self Rent Reporting stands out for offering several credit building perks under one competitive price.
Self Rent Reporting- Reports to all three credit bureaus
- Connects directly to your bank account
- Reports your rent, cell phone, electric, water and gas payments
- $49.95 optional fee for 24 months of retroactive rent and utilities reporting
- $6.95 per month
- Add two years of past payments
- Results vary. You may not receive an improved credit score. Not all lenders use scores impacted by rent/utility payments.
Mine Credit Builder Debit Card Overview
Mine is a credit-building debit card that launched in January 2023. However, Mine isn't exactly a debit card. It doesn't draw money directly from your bank account when you use it. Instead, you actually borrow money with your Mine card — banking services provided by Patriot Bank — that Mine requires you to pay off daily. Mine then reports these payments to the three major credit bureaus — Experian, Equifax, and TransUnion.
The Mine Card is best for students and young adults who want to build credit without incurring debt, people with limited or no credit history who want an opportunity to establish positive credit history, and those who want to avoid credit card debt, since it provides a safer alternative to traditional credit cards.
How Mine Credit Builder Debit Card Works
It's always hard to argue with free services, and Mine is no exception. With no fees or interest rates, the Mine debit card offers a cost-effective method for building or improving your credit score. Mine's spend limits and SafeFreeze features also remove the risk that you may overspend and rack up debt, which can lower your credit score and defeat the entire purpose of using a credit-builder product.
Additionally, Mine offers cash-back reward programs with businesses often found on college campuses, offering some benefits for college students. The mobile app also shows your VantageScore credit score based on Experian data.
However, the security this card offers comes at the cost of some freedom. Its daily spend limit, while great for preventing debt from piling up and budgeting, restricts its usage potential to the daily purchases you make here and there, like lunch or a coffee. While this card is great for people who are new to credit cards and building credit, its application beyond the college campus is limited.
Key Features of the Mine Credit Builder Debit Card
The Mine Credit Builder Debit Card debit card operates on the Mastercard's network. As long as a business accepts Mastercard, you can make a purchase at that business using your Mine card like you would any other card. Mine can even be added to your Apple wallet.
When you use Mine to make a purchase at certain businesses, usually businesses you find around campus, you can earn points. Ten points equate to one dollar.
Mine has a few unique features designed so that you don't overspend and rack up a large credit bill.
Spend Limits
For one, users are given a daily spend limit calculated based on their bank account balance. This ensures that consumers only spend what they can pay back. If your bank account balance gets too low, your card locks itself, so you can't spend additional money through Mine.
SafeFreeze
Mine also enforces daily payments through its SafeFreeze feature, which locks the card if you miss a daily payment. This way, you won't continue to incur additional debt if you can't pay off your current balance. Mine encourages using its autopay feature, so you don't have to make these daily payments manually. Mine reports your payment history to the major credit bureaus as you borrow money and make your daily payments.
By limiting the balance you can rack up, Mine ensures you won't fall into a cycle of insurmountable debt. This saves you from hurting your credit as it limits the damage you can do to your credit utilization ratio. It also reduces the risk of adding a delinquency to your credit report.
Mine Debit Card Pros and Cons
Pros
- No interest or late fees
- Cash-back rewards for businesses around college campuses
- SafeFreeze and daily spend limits remove the temptation to overspend
Cons
- Monthly subscription fee
- Spending limit might be restrictive for some users
Mine Credit Builder Debit Card Costs and Fees
Mine Debit Card has a subscription fee schedule with three options:
| Subscription Fee | Student | Non-Student |
| Annual | $59.99/year | $129.99/year |
| Quarterly | $14.99/quarter | $39.99/quarter |
| Monthly | $5.99/month | $15/month |
Annual subscription fees are billed annually at the beginning of the membership, quarterly fees are billed every three months at the beginning of the membership, and. monthly fees are billed monthly at the beginning of the membership
Mine Debit Card does not charge interest, late fees, or transfer fees.
Mine Debit Card Reviews and Ratings
Customer reviews of Mine Credit Builder Debit Card are mostly positive. Trustpilot reviews average 4.6 stars out of five over 185 reviews. Its mobile app received an average of 4.7 stars on the Google Play store across 345 reviews and 4.6 stars on the Apple app store across 1,200 reviews.
If you have a good grip on budgeting and controlling your spending, a student credit card or a secured credit card may be a more practical option than Mine. Not only do these cards offer greater freedom, but they also turn into regular credit cards after a certain period. However, the Mine Credit Builder Rewards Card card fills the needs of a specific consumer and does so very well.
Mine Debit Card Alternatives
There are alternatives to the Mine card that you can consider. You may want to think about a secured credit card after comparing the benefits and drawbacks (like a security deposit) of secured cards for credit building. Student credit cards can be an option, but you might end up paying interest charges and fees. Like any traditional credit card, if you miss a payment, that late payment will be reported on your credit report — which would defeat the purpose.
Discover it® Secured Credit Card
$0
N/A
27.24% Variable APR
Earn Unlimited Cashback Match®
New/Rebuilding
Pros
Cons
The Discover it® Secured Credit Card is worth considering if you're new to credit or are working on rebuilding your score, since it's unlikely you'll be approved for any of the best credit cards on the market. It's unique because it earns strong rewards when most other secured credit cards do not.
Discover it® Secured Credit Card- No credit score required to apply. No Annual Fee.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- 30 points or more—that’s how much you could increase your FICO Credit Score on average after just six months of responsible use.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. Activate by mobile app for free.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.
The Discover it® Secured Credit Card is one of the best on the market. It allows users to earn rewards and there is no annual fee. You are required to put down a deposit that serves as your credit limit, but in every other way it operates like a regular credit card — meaning if you miss a payment, it's reported to the credit bureaus.
Mine Debit Card may be a better option here because it does not require a security deposit, and with SafeFreeze, it is unlikely you will miss a payment that can be reported to the credit bureaus.
Discover it® Student Cash Back
$0
0% intro APR for six months on purchases
17.24% - 26.24% Variable APR
Earn Unlimited Cashback Match®
Fair/New to Credit
Pros
Cons
The Discover it® Student Cash Back is a great choice if you're a student with limited credit history and want to earn a strong rate of cash back on your everyday spending without paying an annual fee.
Discover it® Student Cash Back- Intro Offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. So you could turn $50 cash back into $100. Or turn $100 cash back into $200.
- Earn 5% Cashback Bonus® at Grocery Stores and Wholesale Clubs, April 1 through June 30, 2025, on up to $1,500 in purchases, when you activate. Plus, earn unlimited 1% cash back on all other purchases.
- Redeem your rewards for cash at any time.
- No credit score required to apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. Activate by mobile app for free.
- No annual fee and build your credit with responsible use.
- 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.24% - 26.24% applies.
- Terms and conditions apply.
The Discover it® Student Cash Back is geared toward students with limited credit history, so it may be easier to qualify for than other unsecured credit cards.
This card has no annual fee, and you will not pay a late fee on your first late payment. This is an unsecured credit card, so any late payment will be reported to the credit bureaus.
Mine is a debit card with a limit based on what is in your bank account and has SafeFreeze, which will lock your card if you miss a payment, which can help protect your credit. A student with a limited credit history or experience may need the built in safeguards that Mine provides, making it the better choice.
Frequently Asked Questions About Mine Debit Card
How does Mine make money?
Mine makes money through interchange fees charged to the vendor when you use your Mine card. When you make a purchase using your credit card, a percentage goes to the card network used, in this case, Mastercard. Mine takes a percentage of that money.
What is the credit limit on the Mine Card?
The Mine Card does not have a credit limit. Instead, users are given a daily spending limit calculated based on their bank account balance. If the balance gets too low, the Mine card will lock, and you cannot make any more purchases until there is a higher balance in the account.
Can I use the Mine Card internationally?
Yes, you can use the Mine Card internationally and without foreign transaction fees.
How to reach Mine Customer Service
You can reach Mine's customer service team via email at support@usemine.com. You can also message Mine directly through the app.
Why You Should Trust Us: How we reviewed Mine Credit Builder Debit Card
The most important factors in our rating are trustworthiness, the fee structure and affordability of the product, and features provided — specifically prioritizing the number of bureaus reported to.
With Mine Credit Builder Debit Card we looked closely at its reviews and what the customer experienced when working with the company. We scored the product on the following factors:
- Trustworthiness
- Fee Structure and Affordability
- Features
- Flexibility
Availability
The fact that the product had built-in guard rails of spending limits and SafeFreeze to prevent overspending and missed payments was also positive.
Read the full methodology for how we rate credit products.
Chime® Disclosures:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Early Pay: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Round Up: Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Qualifying Direct Deposit: The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Save When You Get Paid: Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
Tax e-file services provided by April Tax Solutions Inc. ("april") or Column Tax, Inc. ("Column Tax"). These tax filing offers are not endorsed or offered by our partners, The Bancorp Bank, N.A. or Stride Bank, N.A.
Maximum refund guarantee is provided by april or Column Tax. If you use april's service to prepare and file your return and you find an error in the tax preparation that entitles you to a larger refund (or smaller liability), you may use their service to amend that return at no additional charge. To qualify, the larger refund or smaller tax liability must not be due to differences or inaccuracies in data supplied by you, your choice not to claim a deduction or credit, positions taken on your return that are contrary to law, or changes in federal or state tax laws. See here for details. If you use Column Tax's service, Column Tax will reimburse you for up to $250 if you are able to pay less federal or state income tax or receive a larger federal or state income tax return by using another tax return preparation provider. Eligibility requirements apply. See terms for details.
If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
There are no fees required to use this product. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing. Certain costs may be incurred if you decide to obtain other optional financial products offered in relation to your tax filing. The Internal Revenue Service (IRS) may impose penalties or other charges depending on your personal tax situation. If the april tax preparation software makes a mathematical error that results in your payment of a penalty and/or interest to the IRS that you would otherwise not have been required to pay, april will reimburse you up to a maximum of $10,000. See april terms for details. If interest and/or a penalty is imposed by the IRS as a result of a computational error by Column Tax, you may be entitled to up to $10,000 reimbursement by Column Tax. See Column Tax terms for details.
Chime does not guarantee timing of refund. Six day refund estimate is based on 2023 tax year filing data. Refund timing estimates are dependent upon timing of complete tax return submission and when the IRS submits your refund.
