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If you have little or poor credit, this card has easy-to-meet eligibility criteria — with no application fee or credit check required.
As a Green Dot primor® Mastercard® Gold Secured Credit Card cardholder you can enjoy a credit line from 9.99% fixed . All you have to do is open an FDIC–insured savings account with Green Dot Bank. The amount you deposit into your new savings account acts as the security deposit for your secured credit card. This money cannot be used to make your monthly payment. It must be maintained throughout the life of your credit card.
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 credit check required. That being said, there are many fees to watch our for. Be sure to look over all of the rates and fees so you know what you’re getting into.
| 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 |
| Cash Advance Fee | $5 or 5% of the cash advance amount, whichever is greater |
| Foreign Transaction Fee | 3% of the transaction value |
| Interest Free Period | Up to 25 days |
| Minimum Interest | $1 |
| Late Payment Fee | $29 |
| Returned Payment Fee | $29 |
| Additional Cardholder Fee | $29 |
| Minimum Age | 18 years of age |
|---|
What are the benefits of the Green Dot primor® Mastercard® Gold Secured Credit Card?
- Allows you to build credit. The card reports to all three national credit bureaus, so you can build credit as you use the card responsibly and make timely payments.
- Easy application. Complete the application in minutes, with no application fee and no credit check.
- Fixed interest. Pay 9.99% interest rate on purchases with no penalty rate.
- No minimum credit score. People with all credit histories are welcome to apply.
What to watch out for
- Fees. If approved for the card, you can expect a $49 annual fee, as well as penalty fees and a replacement card fee.
- Cash advance interest. The APR for cash advances is 18.99% and begins immediately.
- No smart chip technology. primor doesn’t include this security standard.
- 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, but you could be charged up to a $49 credit limit increase fee. To avoid this fee, deposit the credit limit amount you’ll need upfront.
- You must open a savings account with Green Dot Bank. This acts as a security deposit for your secured credit card. The amount you deposit into your new savings account will be your credit limit, minus any fees. Your monthly payments are NOT deducted from the savings account.
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.
- Your birthdate and Social Security number.
- Proof of income.
You may also need to provide a government-issued ID, like a driver’s license.
How to apply for the Green Dot primor® Mastercard® Gold Secured Credit Card
- Go to the Green Dot Bank website and find the card’s landing page.
- Enter your personal and contact information in Step 1 at the right of the page. Once you’ve entered your information, go to Step 2.
- Enter your Social Security number, income and personal information.
- After you apply, Green Dot Bank will contact you with a decision.
How likely is approval?
With the Green Dot primor® Mastercard® Gold Secured Credit Card, there is no minimum credit score requirement. However, there a few requirements that you must meet to be approved.
- 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 all Green Dot Bank card payments and not over your credit limit.
- Your monthly income is at least $100 higher than your monthly expenses.
- You have an active checking account.
I got the credit card. Now what?
Enjoy a variety of features that come with your Green Dot primor® Mastercard® Gold Secured Credit Card, including a 9.99% APR on all purchases. But be sure to use your new card wisely. The purpose of this card is to rebuild or establish credit, not to rack up debt. The card also reports to the three major credit bureaus to help you build credit. Use your card responsibly and try to only make purchases that you can repay at the end of each month in order to avoid paying interest.
- How to make payments. Green Dot Bank states that all payments are credited promptly, and you can pay your bill through the website.
- 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.
- How to avoid fees. Increasing your credit limit comes with a fee of up to $49. To avoid this fee, deposit the credit limit amount you’ll need upfront. You will also be charged $10 if you need to expedite your payment. Make your payment before the due date in order to avoid this fee.
- Graduating to an unsecured card. The Green Dot primor® Mastercard® Gold 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® 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 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® Gold 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.
