Chime, a US-based digital banking platform listed on Nasdaq, has announced the launch of Chime Prime, a premium membership tier designed for members who use Chime as their primary checking account.
According to the company, members who receive at least USD 3,000 monthly in qualifying direct deposits are automatically enrolled without a monthly fee or subscription cost.
Chime Prime benefits include 5% cash back on a spending category of the member's choice, covering groceries, gas, restaurants, monthly bills, rideshare, or travel, when using the Chime Card, on up to USD 1,500 in eligible purchases per month. Members also receive 3.75% annual percentage yield on savings, fee-free overdraft through SpotMe, early pay access of up to USD 500 before payday through MyPay, priority 24/7 support, and a premium metal card in onyx. Travel and lifestyle benefits include Priority Pass membership, luxury hotel perks, and concierge services.
Tiered model and competitive positioning
Alongside the Chime Prime launch, Chime is improving its existing Chime Plus tier, unlocked through USD 200 or more in qualifying monthly direct deposits, by increasing its cash back rate from 1.5% to 2% on a spending category of choice. Together, the two tiers introduce a rewards structure tied to direct deposit activity rather than minimum balance requirements or subscription fees.
Furthermore, the launch positions Chime directly against traditional banks, which have historically concentrated rewards on credit card products or high-balance accounts. According to consumer research cited by Chime, nearly one in three Americans receives no rewards from their bank. According to J.D. Power data cited by the company, Chime opened more new checking accounts in the US than any other financial institution in its study.
Commenting on the news, Vineet Mehra, Chief Growth Officer at Chime, said members who make Chime their primary account should receive more rewards, savings, and benefits without large balance requirements or subscription fees.
