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A secured credit card with a low annual fee and a low fixed APR on purchases.
finder.com’s rating: 4.0 / 5.0
★★★★★
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- Get this card if you have no credit history or if you had credit difficulties in the past.
- Pick something else if you want an unsecured card or a secured card without an annual fee.
- Feel free to apply with no credit history or with poor credit score.
| Product Name | Green Dot primor® Mastercard® Gold Secured Credit Card |
|---|---|
| Card Type | Mastercard |
| Annual Fee | $49 |
| APR (Annual Percentage Rate) for Purchases | 9.99% fixed |
| Cash Advance Rate | 18.99% fixed |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $5 or 5% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 25 days |
| Late Payment Fee | Up to $29 |
| Returned Payment Fee | Up to $29 |
| Additional Cardholder Fee | $29 |
| Minimum Age | 18 years of age |
|---|
The basics
With the Green Dot primor® Mastercard® Gold Secured Credit Card you’ll enjoy one of the lowest fixed APRs on the market. The application process is quick and easy, and you don’t have to worry about processing or application fees.
As with any other secured card, you’ll have to deposit your credit line in an FDIC-insured account, which will act as a guarantee that you’ll pay off your balance.
Keep in mind that this card comes with many fees that you should watch out for. Be sure to look over all of the rates and fees and read through the card agreement so you know what you’re getting into.
The perks
Build your credit.
The card reports to all three national credit bureaus. With responsible use and timely payments, you can build your credit score.
Easy application.
Complete the application in minutes, with no application fee and no credit check.
No minimum credit score.
People with all credit histories, including none at all, are welcome to apply.
You’ll also like …
Fixed APR.
You get one of the lowest fixed APRs of 9.99%. The average APR for other cards is 16%, and some cards can have an APR of up to 26%.
Credit limit.
You have to deposit from $200 up to $5,000 in a savings account at Green Dot Bank. The amount you deposit will be your credit line. However, you can’t use your deposit to make payments.
FDIC insured.
The money you deposit in your savings account is FDIC-insured.
What to watch out for
Annual fee.
You’ll pay an annual fee of $49 to own the card. If you want to get an additional card, you’ll pay an extra $29. As soon your card is approved, the annual fee will lower your credit line by $49 plus the fee of any additional cards.
Foreign transaction fee.
For each transaction you make outside of the US, you’ll pay a fee of 3% of the transaction.
Other fees.
- A replacement card costs $29
- Expedited payments cost $10 each
- Stop payments cost $29
- Credit limit increases cost up to $49
- Upgrades cost up to $49
- Reinstating a card costs $29
Cash advances limit.
Cash advances can only be half of your credit line. For example, you can only draw $100 in cash advances from a $200 credit line.
Consider other cards if …
You want a similar card from another issuer.
Both the First Progress Platinum Prestige Mastercard® Secured Credit Card and the OpenSky® Secured Visa® Credit Card can help you build your credit if you have no credit history or a poor credit score.
You can also consider the UNITY Visa® Secured Credit Card. This is one of the rare secured cards that lets you make balance transfers. It also has one of the largest credit limits you can deposit — $10,000.
You want to earn cash back while building credit.
The unsecured QuicksilverOne® Rewards from Capital One® or the secured Discover it® Secured can both help you build your credit and let you earn cash back on everything you buy.
You want an unsecured credit card for building credit.
Consider the Platinum Credit Card from Capital One®, which has no annual fee and can help you build your credit.
But if you’re a college student, the Citi ThankYou® Preferred Card for College Students or the Journey® Student Credit Card from Capital One® could be a better choice.
Green Dot Bank secured credit cards – December 2018
Compare secured cards
What should I know before I apply?
Before applying, be sure that you meet the minimum eligibility requirements, and have the necessary information on hand.
- You need to be at least 18 years old, 19 in Alabama and Nebraska or 21 in Mississippi.
- You must have a credit, debit or prepaid card.
- You must not have more than one open credit card with Green Dot Bank.
- You need to be current with all Green Dot Bank card payments and not over your credit limit.
You’ll need to provide the following information:
- Your full name and contact information.
- Your date of birth and Social Security number.
- Monthly income and monthly expenses.
- The amount you want to deposit.
What do customers say about the Green Dot primor® Mastercard® Gold Secured Credit Card?
You’ll find a mix of reviews online, from excellent to poor. Many complain of inadequate customer service and excessive fees, but others say that if you use the card responsibly — by keeping your utilization rate down and paying your bill on time — you’ll see a significant jump in your credit score in a short amount of time.
Green Dot Bank’s Better Business Bureau (BBB) profile is being updated as of this writing. Its holding company, Green Dot Corporation, is accredited with the BBB and has an A rating.
How to apply for the Green Dot primor® Mastercard® Gold Secured Credit Card
- Go to the Green Dot primor® Mastercard® Gold Secured Credit Card webpage.
- Provide all the required information.
- Review and submit your application.
How long will it take to get my Green Dot primor® Mastercard® Gold Secured Credit Card?
Most of the time, you’ll get a decision within a minute. In some cases it may take up to five days to get a decision.
Upon approval, you should get your card in 7 to 10 days.
I got the card. Now what?
- Download the Green Dot app on your mobile device. You can use the app to pay your bills, send money, set up alerts and more.
- Pay on time. Your due date is 25 days after the close of each billing cycle. Try to pay your balance by then to avoid paying up to a $29 fee.
- Customer support. If you have any questions, call Green Dot customer support at 1-866-795-7597.
What is Green Dot?
Green Dot Corporation is the largest prepaid debit card company in the world. Their technology is used by Apple Pay Cash1, Uber and Intuit.
Bottom line
If you’re looking to build your credit, the Green Dot primor® Mastercard® Gold Secured Credit Card could be a good choice. You’ll also get a low fixed APR on purchases, which can be useful for those who carry a balance.
However, you’ll find many fees with the card. Make sure you read the fine print to avoid paying more than you have to.
If you’re not sure whether this is a good card for you, make sure you check out other similar credit cards to compare your options.
Frequently asked questions
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Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.
