The news: Chime launched Chime Prime, a new rewards tier for members with at least $3,000 per month in payroll or benefits deposits. This is now the top rewards tier, above the now midtier Chime Plus—requiring monthly direct deposits of $400—and Chime’s basic product.

How it works: Chime Prime includes 5% cash back on one spending category and a savings account interest rate of 3.75% APY—above the 2% cash back and 3.00% APY for second-tier members—as well as personalized deals and travel benefits. New Chime Plus perks include priority support, fee-free overdrafts, up to $500 payday advance, and access to instant loans.

Zoom out: Primacy is top of mind: Chime’s conversion rates are among the highest in the industry. In February, Chime reported revenue of $2.2 billion in 2025 and a $1 billion net loss, most of which it attributed to $928 million in stock-based compensation expenses and payroll taxes.

Chime ramped up its rewards program in 2025: It refreshed its app and Chime Plus loyalty program, added a cash rewards program tied to Chime Plus and its savings account product, launched a short-term lending product, and relaunched its secured credit card and new rewards.

Implications for banks: Chime has solved a problem that banks haven’t by serving customers with poor credit or limited access to the banking system. It is clearly moving upmarket, seeking new customers with higher cash balances and greater spending volume as well as grabbing share of wallet from customers who have accounts elsewhere.

Chime needs this to expand its margins as it grows its lending business and encroaches on a customer base to whom banks want to sell credit cards.