A Chime Boost, often referred to as a "spot me" or "boost," is a feature offered by the Chime financial technology company that allows members to temporarily increase their spending power. It's essentially a fee-free, short-term loan from other Chime members.
Here's a breakdown:
How it Works: Chime members can "boost" other members by sending them a temporary spending limit increase. This "boost" is typically a small amount (e.g., $5), and it allows the recipient to make a purchase even if their account balance is low.
Boost Limit: Typically the boost limit is $5, but this can vary and the individual boost limit can be lower. Also the maximum boost someone can give or receive in a monthly calendar is limited.
Reciprocal Nature: The system relies on reciprocity. Members are encouraged to boost others and, in turn, expect to receive boosts when they need them.
No Fees or Interest: Chime boosts are generally offered without fees or interest charges. The boosted amount is expected to be repaid (by the recipient) as soon as they deposit more funds into their Chime account.
Boosting and Receiving: You need to be a Chime member to both boost and receive boosts from other users.
Social aspect: SpotMe boosts create a feeling of community, as Chime members rely on each other.
Repayment: Repayment is typically automated, occurring when funds are deposited to the Chime account and immediately covering any negative balance incurred by boosts.
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