A decent secured card that reports to all three major credit bureaus.
- Get this card if you want a secured card to help you build your credit.
- Pick something else if you don’t want to pay an annual fee or you want an unsecured card.
- Apply with no credit history or with a poor credit score.
|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 value|
|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|
You may want to take a look at the Green Dot primor® Visa® Classic Secured Credit Card if you’ve had trouble getting approved for a credit card.
With a monthly income of 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 can build a positive credit history.
However, the card comes with a number of fees, including a credit limit increase fee, an automated account information fee, a card replacement fee and several more.
Build your credit.
The card reports to all three major credit bureaus — TransUnion, Experian and Equifax. Responsible use and on-time payments can help you build your credit, and eventually get a better card.
Your application only takes minutes to fill out, and won’t come with any application fees or a credit check.
No minimum credit score.
You can apply with no credit history or a poor credit score.
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You get a fixed APR of 13.99%. This is relatively low considering the average APR for most cards is 16%. Some cards even have APRs of up to 26% variable.
Your deposit in a Green Dot savings account will determine your credit line. You can deposit from $200 up to $5,000, but you can’t use this sum to pay your balance.
The money you deposit at Green Dot is FDIC-insured.
What to watch out for
The card comes with an annual fee of $39. If you want to get an additional card, you’ll have to pay another $29.
Foreign transaction fee.
Each purchase made outside of the US will cost you 3% of the transaction. This means, if you spend $1,000 when traveling abroad, you’ll pay $30, which is almost equal to your annual fee.
Replacement cards cost $29; expedited payments cost $10 each; stop payments cost $29 each; if you want a credit limit increase, it’s up to a $49 fee; the upgrade fee is up to $49; and reinstating a card costs $29.
Cash advances limit.
If you’re making cash advances, you can only use half of your credit line. For example, for a $400 credit line you can only use $200 for cash advances.
Consider other cards if …
You want a similar card from another issuer.
If you want to build your credit, consider the First Progress Select Prestige Mastercard® Secured Credit Card or the OpenSky® Secured Visa® Credit Card.
You can also check out the UNITY Visa® Secured Credit Card. Aside from building your credit, you can make balance transfers and deposit $10,000 — one of the largest credit lines you can get with a secured card.
You want to earn cash back while building credit.
For an unsecured option, you can check out QuicksilverOne® Rewards from Capital One®. If you’d prefer a secured card, look into the Discover it® Secured. Both can be a good choice for building your credit while earning cash back.
You want an unsecured credit card to build your credit.
The no-annual-fee Platinum Credit Card from Capital One® could be a decent choice to build your credit.
For college students, the Citi ThankYou® Preferred Card for College Students or the Journey® Student Credit Card from Capital One® could be more useful.
Compare secured cards
What should I know before I apply?
To apply, you need to be at least 18 years old, 19 in Alabama and Nebraska and 21 in Mississippi. You must also have no more than one open credit card with Green Dot Bank.
You’ll also need to provide information, such as:
- Your name and contact information.
- Your Social Security number and date of birth.
- Your monthly income and expenses.
- The amount you want to deposit.
What do customers say about the Green Dot primor® Visa® Classic Secured Credit Card?
Some customers claim that it takes up to 10 days for their payments to process, which hurts their credit-building efforts. Others claim that by using the Green Dot Credit website, their payments were processed way faster — in 2 days or less. Customers also complain about Green Dot’s customer support.
How to apply for the Green Dot primor® Visa® Classic Secured Credit Card
- Go to the Green Dot primor® Visa® Classic Secured Credi Card webpage.
- Enter your personal information.
- Review and submit the application.
How long will it take to get my Green Dot primor® Visa® Classic Secured Credit Card?
It usually takes less than a minute to get a decision, but it may take longer in some cases.
Once approved, you’ll have your card within 7 to 10 business days.
I got the card. Now what?
- Download the Green Dot app on your mobile device. With the app, you can pay your bills, send money, set up alerts and more.
- Pay on time. Late payments come with a fee of up to $29. You’ll also find it hard to build your credit.
- Customer support. Call Green Dot customer support at 1-866-795-7597 for any issues or questions you may have.
The Green Dot primor® Visa® Classic Secured Credit Card could be a decent choice for those looking to build their credit. With responsible use, a low utilization rate and timely payments, you should get your score up in no time.
The drawback comes in the form of many fees. Make sure you read the card’s terms before applying for the card.
You can also check out similar credit cards to compare your options and find the right card for your financial situation.