Build good credit with Green Dot primor® Mastercard® Classic Secured Credit Card | finder.com

Review: Green Dot primor® Mastercard® Classic Secured Credit Card – July 2018

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If you have little or poor credit, the Green Dot primor® Mastercard® Classic Secured Credit Card could be the solution to help you build a positive credit history.

The Green Dot primor® Mastercard® Classic Secured Credit Card has easy-to-meet eligibility criteria — with no credit check required. Approval involves verifying your identity, not your credit history.

Once you apply, Green Dot Bank will process your information, and all you have to do is open an FDIC–insured savings account with Green Dot. The amount you deposit in the savings account acts as the security deposit for your secured credit card.

While there are no monthly fees, there is a $39.00 annual fee. Before opening the card, you will make a deposit into your new savings account, from $200.00 to $5,000.00, which will become your credit limit minus the annual fee.

Product NameGreen Dot primor® Mastercard® Classic Secured Credit Card
Card TypeMastercard
APR (Annual Percentage Rate) for Purchases13.99% fixed
Cash Advance Rate18.99% fixed
Cash Advance Fee$5.00 or 5.00% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25.00 days
Minimum Interest$1.00
Annual Fee$39.00
Foreign Transaction Fee3.00% of the transaction amount
Returned Payment Fee$29.00
Late Payment Fee$29.00
Additional Cardholder Fee$29.00
Minimum Age18 years of age

What are the benefits of the Green Dot primor® Mastercard® Classic Secured Credit Card?

  • Easy application.
    It’s quick and easy to apply, with no fees or credit check.
  • Allows you to build credit.
    The card reports to all three national credit bureaus, so you can build credit as you use the card and make timely payments.
  • Fixed rates.
    All interest rates are fixed with no penalty rate.
  • No minimum credit score.
    People with all credit histories are welcome to apply.

What to watch out for

  • Fees.
    Expect a $39.00 annual fee, along with other fees for replacement or additional cards.
  • High interest for cash advances.
    The APR for cash advances is 18.99%.
  • Variable credit limit.
    Depending on the amount of your security deposit, you’ll end up with a $200.00 to $5,000.00 credit limit. You can increase your limit in $50 increments up to $5,000.

What information do I need to apply?

You’ll need the following information to apply:

  • Your full name and contact information
  • Your email address
  • The length of time you’ve lived at your current address
  • An active checking account
  • Your birthdate and Social Security number
  • Proof of income
  • A deposit that will become your credit limit and act as a security deposit

You may also need to provide a government-issued ID, like a driver’s license.

How to apply for the Green Dot primor® Mastercard® Classic Secured Credit Card

Always consider your options and your financial situation before you apply for a credit card.

  1. Go to the Green Dot Bank website and find the Green Dot primor® Mastercard® Classic Secured Credit Card landing page.
  2. Enter your personal and contact information through Step 1 at the right of the page. Once you’ve entered your information, go to Step 2.
  3. Enter your Social Security number, income and personal information.
  4. After you apply, Green Dot Bank will contact you with a decision.

How likely is approval?

You don’t need to have a good credit history, or any credit history at all, to qualify for the Green Dot primor® Mastercard® Classic Secured Credit Card. However, there a couple of requirements that you must meet to be approved.

  • Your monthly income must exceed your monthly expenses by $100. You don’t need to provide proof of income or expenses.
  • You must be at least 18 years old (at least 19 in Nebraska and Alabama, and at least 21 in Mississippi).

I got the credit card. Now what?

Use your Green Dot primor® Mastercard® Classic Secured Credit Card wisely as a tool to rebuild your credit. It’s best to only make purchases on the card that you can repay at the end of the month in order to avoid paying interest. The card reports to the three major credit bureaus to help you build credit.

  • How to make payments.
    Green Dot Bank states that all payments are credited promptly. You can make your payment online. Please note that the money in your savings account is NOT used toward your monthly payment. That money must stay in the savings account, as it acts as the security deposit for your credit card.
  • Avoid unnecessary interest.
    Green Dot Bank gives you a 25.00-day grace period after each billing cycle to pay for your purchases with no interest.
  • Graduating to an unsecured card.
    The Green Dot primor® Mastercard® Classic Secured Credit Card does not provide a direct path to an unsecured card. However, once you use this card to raise your credit score, you can then go on to apply for an unsecured card with another bank.

What customers are saying about the Green Dot primor® Mastercard® Classic Secured Credit Card

You’ll find an equal mix of 1 star and 5 star reviews online. Many complain of poor customer service and high fees, but others say that if you use the card responsibly, like keeping your utilization rate below 30% and paying your bill on time, you’ll see a significant jump in your credit score in a short amount of time.

Bottom line

If you’re looking to build your credit, the Green Dot primor® Mastercard® Classic Secured Credit Card could be a good solution for your situation if you use your card responsibly, keep your credit utilization rate low and make your monthly payments on time. Just be sure to check out other similar credit cards.

Frequently asked questions about the Green Dot primor® Mastercard® Classic Secured Credit Card

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