Green Dot Bank secured credit cards – February 2019

Apply with this provider for a relatively low purchase APR.

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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What do you want to know?

• 
  Best Green Dot cards
• 
  Rewards program
• 
  Features and benefits
• 
  Is it secure?

Best Green Dot credit cards

The Green Dot primor® Visa® Classic Secured Credit Card and Green Dot primor® Visa® Gold Secured Credit Card are the bank’s two best cards. One offers the bank’s lowest annual fee, while the other provides an excellent purchase APR.

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• Green Dot primor® Visa® Classic Secured Credit Card: Best for low annual fee
• Green Dot primor® Visa® Gold Secured Credit Card: Best for low purchase APR

Best for low annual fee: Green Dot primor® Visa® Classic Secured Credit Card

Green Dot primor® Visa® Classic Secured Credit Card

Open a personal savings deposit account to secure a credit line from $200 to $5,000.

• $39 annual fee
• 13.99% fixed APR
• Minimum income requirement of at least $100 higher than your monthly expenses

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This is Green Dot’s secured card with the lowest annual fee. It’s still high compared with many other good secured cards, but it offers a relatively low purchase APR.

• The perks

  • Relatively low purchase APR.

    You’ll receive a fixed purchase APR of 13.99%. The average credit card APR is around 16% variable.

  • Minimum deposit: $200.

    This is a standard minimum deposit for a secured credit card.

  • Payment history reported to the three major credit bureaus.

    Green Dot Bank reports your account activity and responsible payments to TransUnion, Experian and Equifax to build or rebuild your credit score.

• What to watch out for

  • Annual fee: $39.

    The fee is deducted from your initial credit limit. If you’d rather avoid it, you can find great secured cards at no annual fee.

Best for low purchase APR: Green Dot primor® Visa® Gold Secured Credit Card

Green Dot primor® Visa® Gold Secured Credit Card

Fast, easy application process with no processing or application fees.

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The Green Dot primor® Visa® Gold Secured Credit Card comes with an even higher annual fee than the Green Dot primor® Visa® Classic Secured Credit Card. But it also offers an even better APR on purchases — one that few other cards match.

• The perks

  • Low purchase APR.

    The card offers a low fixed purchase APR of 9.99%. This is lower than even most unsecured cards.

  • Minimum deposit: $200.

    This is a standard minimum deposit for a secured credit card.

  • Payment history reported to the three major credit bureaus.

    With responsible use and timely payments, you’ll get help with building or rebuilding your credit score. Green Dot reports your account activity to TransUnion, Experian and Equifax.

• What to watch out for

  • Annual fee: $49.

    This is higher than the Green Dot primor® Visa® Classic Secured Credit Card’s fee. But you’ll get a lower purchase APR.

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.

Typical card features and benefits of a Green Dot credit card

• No minimum credit score required. Apply for a Green Dot card even with poor credit.
• Streamlined approval. If Green Dot can verify your identity and address and you can fund a savings account with the bank, you have a good chance of approval.
• $200 minimum deposit. It’s the standard deposit for a secured card.
• Reporting to the major credit bureaus. Your responsible spending and payments are reported to Experian, TransUnion and Equifax.

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How to apply for a Green Dot card

To apply for a Green Dot card, 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:

1. Visit the Green Dot website.
2. Complete the application with your name, address and other details.
3. Fund your security deposit with a minimum of $200.
4. Review your information and submit your application.

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.

Bottom line

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 average credit card APR?

  The average is an APR of around 16% variable.

• 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.