Chime Launches Prime with 5% Cashback and 3.75% APY Savings
Chime launched Prime, unlocking 5% cashback on $1,500 of monthly spending and 3.75% APY savings for members with $3,000 in direct deposits, plus travel perks and fee-free benefits. In March, customers boosted fuel spending by 25% month-over-month due to higher oil prices, while overall spending and savings remained consistent.
1. Chime Introduces Prime Membership
On April 2, Chime rolled out Prime as a premium tier for members receiving at least $3,000 in monthly direct deposits. Prime members get 5% cash back on up to $1,500 in category spending, 3.75% APY on savings up to $1,500, premium travel and lifestyle perks, fee-free overdraft access and priority 24/7 support.
2. Fuel Spending Trends
In March, Chime customers increased fuel purchases by 25% compared with February as oil prices surged above $4 per gallon. Despite higher fuel costs, overall spending and savings rates held steady, indicating consumer resilience across other expense categories.