Get approved for this secured card relatively easily — but be wary of its many fees.
The Green Dot primor® Visa® Classic Secured Credit Card is backed by a security deposit, so those with poor or no credit have a much better chance of being approved. Cardholders will also benefit from payment history reporting to all three major credit bureaus. Just make sure to read the cardholder agreement, as there are many fees to be aware of.
|Product Name||Green Dot primor® Visa® Classic Secured Credit Card|
|APR (Annual Percentage Rate) for Purchases||13.99% 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 amount|
|Interest Free Period||Up to 25 days|
|Late Payment Fee||$29|
|Returned Payment Fee||$29|
|Additional Cardholder Fee||$29|
|Minimum Age||18 years of age|
If you’ve had trouble getting approved for a credit card, you may want to take a look at the Green Dot primor® Visa® Classic Secured Credit Card. You’ll place a security deposit as collateral, and your credit limit will depend on how much you deposit (a range from $200 to $5,000, depending on what you are approved for).
However, the annual fee is deducted from your security deposit, meaning that if you put down a $200 security deposit, once the $39 annual fee is deducted, you’ll end up with a credit line of $161, not $200.
If your monthly income is at least $100 higher than your monthly expenses, you’ve got a high chance of being approved — even with poor or no credit. Furthermore, you’ll benefit from payment reporting to all three major credit bureaus. With responsible use and on-time payments, you’ll begin to build a positive credit history.
The card comes with a reasonable 13.99% fixed purchase rate; however, the card is chock full of fees, including a credit limit increase fee, an automated account information fee, a replacement card fee and many others.
- Poor credit OK. No minimum credit score required.
- 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.
What to watch out for
- Credit limit increase fee. Increasing your credit limit comes with a fee of up to $49.
- Miscellaneous fees. You may also encounter fees for statement duplicates ($5 per copy), credit reinstatement ($29), stop payments ($29), additional cards ($29), replacement cards ($29), automated account inquiries ($0.50 per inquiry) and card upgrades ($49).
- Annual fee. The annual fee is deducted from your security deposit, which will reduce your credit limit.
How to apply for the Green Dot primor® Visa® Classic Secured Credit Card
Required documents and information
- Your name, residential status and residential address
- Your Social Security number
- Your email address, phone number and date of birth
Steps to apply
Always consider your options and your financial situation before you apply for a credit card.
- Go to the Green Dot Bank website and find the Green Dot primor® Visa® Classic Secured Credit Card landing page.
- 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.
- 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?
You don’t need to have a good credit history, or any credit history at all, to qualify for the Green Dot primor® Visa® Classic Secured Credit Card. However, there are some requirements that you must meet to be approved.
- You are 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.
- If you have an open credit card with Green Dot Bank, you must be current with the card’s payments and not over your credit limit.
- If you have had a credit card with Green Dot Bank, your account cannot have been charged off.
- Your monthly income is at least $100 higher than your monthly expenses.
I got the credit card. Now what?
Use your Green Dot primor® Visa® 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.
- 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 Green Dot primor® Visa® 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® Visa® 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.
If you’re looking to build your credit, the Green Dot primor® Visa® 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 aware of the card’s many fees and be sure to check out other similar credit cards.