Review: primor® Secured Mastercard® Gold Card – October 2017

If you have little or poor credit, this card has easy-to-meet eligibility criteria — with no fees or credit check required.

As a primor® Secured Mastercard® Gold cardholder you can enjoy a credit line from $200 to $5,000. The amount you deposit for your security deposit becomes your credit limit.

The application process is quick and easy, and you don’t have to worry about processing or application fees. In fact, the application can be completed in minutes, with no required credit check.

Once you apply, Green Dot Bank will process your information to see if you qualify. All you have to do is open an FDIC–insured savings deposit account.

Product Nameprimor® Secured Mastercard® Gold Card
APR for Purchases ( Purchase Rate )9.99% variable
Annual fee$49
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$49
Returned Payment Fee$29
Late Payment Fee$29
Cash Advance Fee5 or 5% of the transaction amount (whichever is more)
Additional Cardholder Fee$29

Pros

  • Allows you to build credit.
  • Easy application.
  • Fixed interest.
  • Guaranteed approval.

Cons

  • Fees.
  • Cash advance interest.
  • No smart chip technology.
  • Variable credit limit.

What are the benefits of the primor® Secured Mastercard® Gold Card?

  • Allows you to build credit. The card reports to all three nationwide credit bureaus, so you can build credit as you use the card.
  • Easy application. Complete the application in minutes, with no application fees and no credit check.
  • Fixed interest. Pay 9.99% variable interest rate on purchases with no penalty rate.
  • No minimum credit score. People with all credit types are welcome to apply.

What to watch out for

  • Fees. If approved for the card, you can expect a $49 annual fee. There are a few other fees to watch out for, like penalty fees and a replacement card fee.
  • Cash advance interest. APR for cash advances is 18.99% variable and begin immediately.
  • No smart chip technology. primor® doesn’t include this security standard.
  • Variable credit limit. Depending on the amount of your account security deposit, you’ll end up with a $200 to $5,000 credit limit. You can increase your limit in $50 increments, but you’re subject to a $49 credit limit increase fee. To avoid this fee, deposit the credit limit amount you’ll need up front.

The primor® Secured Mastercard® Gold Card vs. Discover it Secured

Rates last updated October 23rd, 2017
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® Gold Card
Low fixed interest rates with no penalty rate.
$49
$200
9.99% 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
23.99% variable

Compare up to 4 providers

Am I eligible?

In order to apply you must meet the following requirement:

  • You’re at least 18 years old (19 in Alabama and Nebraska; 21 in Mississippi).
  • You have no more than one open credit card with Green Dot Bank.
  • You are current with allGreen Dot Bank card payments and not over your credit limit.
  • Your monthly income is at least $100 higher than your monthly expenses.

What information do I need to apply?

You’ll need to provide the following information:

  • Your full name and contact information.
  • 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 line.

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

The primor® Secured Mastercard® Gold Card vs. Capital One Secured

Rates last updated October 23rd, 2017
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® Gold Card
Low fixed interest rates with no penalty rate.
$49
$200
9.99% variable
Capital One Secured MasterCard
Take control and build your credit with responsible use.
$0
$200
24.99% variable

Compare up to 4 providers

How to apply for the primor® Secured Mastercard® Gold Card

  1. Go to the Green Dot Bank website and find the primor Secured Mastercard® Gold 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.

I got the credit card! Now what?

Enjoy a variety of features that come with your primor® Secured Mastercard® Gold Card, including a 9.99% variable APR on all purchases. The card also 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 pay through the website, digitally and with the card at places that accept Mastercard®.
  • How to avoid interest. To avoid interest, pay your minimum payments on time or your balance in full. If you make payments in increments, make at least the minimum payment by the due date each month. The payment due date will be on the same day every month.

Bottom line

If you’re looking to build your credit, the primor Secured Mastercard® Credit Card could be a good solution for your situation. Just be sure to check out other similar credit cards.

FAQs

No, the card doesn’t allow for balance transfers.

Yes. To increase your credit limit, you’ll need to add funds in $50 increments to your security deposit. However, will also have to pay a $49 credit line increase fee.

The application process does not a require a credit check. You can be approved with bad, limited or no credit history. Regardless of your credit history, your APR is a fixed 9.99% variable.

The card does not offer a reward or cash-back program. Instead, it’s a simple card to help cardholders build credit.

Yes, you will need to open a personal savings deposit account to secure a credit line.

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