Build good credit with primor® Secured Mastercard® Classic Credit Card

Review: primor® Secured Mastercard® Classic Card – April 2018

If you have little or poor credit, the primor Secured Card could be the solution to help you build a positive credit history.

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The primor Secured Mastercard Classic 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 annual fee. Before opening the card, you will make a deposit into your new savings account, from $200 to $5,000, which will become your credit limit minus the annual fee.

Product Nameprimor® Secured Mastercard® Classic Card
APR for Purchases ( Purchase Rate )13.99% variable
Annual fee$39
Cash Advance Rate18.99% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$29
Minimum Interest$1
Minimum IncomeAt least $100 higher than your monthly expenses
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$200
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$5,000
Annual fee$39
Returned Payment Fee$29
Late Payment Fee$29
Cash Advance Fee$5 or 5% of the transaction amount (whichever is more)
Additional Cardholder Fee$29

Pros

  • Easy application.
  • Allows you to build credit.
  • Fixed rates.

Cons

  • Fees.
  • High interest for cash advances.
  • Variable credit limit.

What are the benefits of the primor Secured Mastercard Classic 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 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.
  • Variable credit limit. Depending on the amount of your security deposit, you’ll end up with a $200 to $5,000 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 primor Secured Mastercard Classic 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 primor Secured Mastercard Classic 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 primor Secured Mastercard Classic 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 primor Secured Mastercard Classic 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-day grace period after each billing cycle to pay for your purchases with no interest.
  • Graduating to an unsecured card. The primor Secured Mastercard 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 primor Secured Mastercard

    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 (i.e., 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 primor Secured Mastercard Classic 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.

    Compare primor Secured Mastercard Classic Card vs. Capital One Secured

    Rates last updated April 20th, 2018
    Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
    primor® Secured Mastercard® Classic Card
    Have little or poor credit? The primor® Secured Mastercard® Classic has no minimum credit score requirements and no processing or application fees to worry about.
    $39
    $200
    13.99% variable
    Capital One Secured Mastercard
    Take control and build your credit with responsible use.
    $0
    $200
    24.99% variable

    Compare up to 4 providers

    Compare primor Secured Mastercard Classic vs. Discover it Secured

      Rates last updated April 20th, 2018
      Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
      Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
      primor® Secured Mastercard® Classic Card
      Have little or poor credit? The primor® Secured Mastercard® Classic has no minimum credit score requirements and no processing or application fees to worry about.
      $39
      $200
      13.99% variable
      Discover it® Secured Credit Card
      2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
      $0
      $200
      24.49% variable

      Compare up to 4 providers

      Frequently asked questions about the primor Secured Mastercard

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