Green Dot Bank is a secured-card provider known for its primor® products. Though it charges a higher annual fee than other providers, it offers relatively low purchase APRs.
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How to apply for a Green Dot card
Currently, Green Dot is not accepting new applications. If applications open again in the future, however, here’s how you can apply. You must be at least 18 years old. If you live in Alabama or Nebraska, you must be at least 19. If you live in Mississippi, you must be at least 21.
Apply for the card in four easy steps:
- Visit the Green Dot website.
- Complete the application with your name, address and other details.
- Fund your security deposit with a minimum of $200.
- Review your information and submit your application.
Typical card features and benefits of a Green Dot credit card
- Secured card. All Green Dot credit cards are secured cards, meaning you must deposit a certain amount of money before you can use the card. Should you decide to close your account, Green Dot will return your deposit if you have no outstanding debt.
- Low deposit amount. To use a Green Dot credit card, you can make a deposit as low as $200. However, try to deposit more if possible, so you can keep your utilization rate low.
- No credit check. Green Dot won’t make a hard pull on your credit when you apply for any of the cards.
- No minimum credit score required. Apply for a Green Dot card even with poor credit.
- Reporting to the major credit bureaus. Your responsible spending and payments are reported to Experian, TransUnion and Equifax.
Green Dot rewards program
Green Dot credit cards don’t offer rewards. That’s typical for secured cards, which rarely offer points or cash back.
Many personal-finance experts recommend treating your secured card solely as a means to build credit. With consistent on-time payments, you’ll slowly increase your credit score. And a higher credit score will ultimately help you qualify for rewards cards that earn you points, miles and cash back on your spending.
What to watch out for
There are a few things to keep in mind if you decide to apply for a Green Dot secured card:
- They don’t offer rewards. None of Green Dot’s secured credit cards offer any form of rewards. Rewards are rare on secured cards, but there are options available, especially if your credit isn’t too shabby.
- Assorted fees. You’ll find annual fees on several Green Dot secured cards, ranging from $39 to $49 annually. These cards also carry foreign transaction fees.
- Few perks. You won’t find much in the way of additional perks or benefits on these cards, even for the “Platinum” offering.
How does Green Dot keep my credit card information secure?
It’s not easy to find security information on Green Dot’s site. But SEC filings indicate that it encrypts sensitive data submitted through its forms and applications and over its app. It also says it implements necessary computer safeguards and keeps its files and buildings safe.
Full list of Green Dot credit cards
- Green Dot Platinum Visa® Secured Credit Card
- Green Dot primor® Mastercard® Classic Secured Credit Card
- Green Dot primor® Mastercard® Gold Secured Credit Card
- Green Dot primor® Visa® Classic Secured Credit Card
- Green Dot primor® Visa® Gold Secured Credit Card
Green Dot’s secured cards offer a low purchase APR for an annual fee, helping you to steadily build your credit score with reporting to the major credit bureaus.
If you’d rather not pay a fee to improve your credit, find a secured card that better meets your needs.
Frequently asked questions
- What is the highest secured deposit I can make with a Green Dot credit card?
The maximum amount you can deposit is $5,000.
- Should I carry a balance on my credit card?
You can — Green Dot cards have relatively low APRs. But consider paying off your balance in full each month to build strong financial habits while building your credit.
- Am I guaranteed for card approval?
No. Green Dot says approval is easier than for other secured cards, but it can deny you if you don’t meet its requirements.
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