Get approved for this secured card relatively easily — but be wary of its many fees.
The primor Secured Visa Classic 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||primor® Secured Visa Classic Card|
|Regular APR||13.99% variable|
|Cash Advance Rate||18.99% variable|
The grace 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 Income||At least $100 higher than your monthly expenses|
|Minimum Credit Score||No Score|
|Minimum Age||18 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.
|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.
|Returned Payment Fee||$29|
|Late Payment Fee||$29|
|Cash Advance Fee||$5 or 5% of transaction amount (whichever is greater)|
|Additional Cardholder Fee||$29|
If you’ve had trouble getting approved for a credit card, you may want to take a look at the primor Secured Visa Classic 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% variable 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 primor Secured Visa Classic 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 primor Secured Visa Classic 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 primor Secured Visa Classic Card. However, there 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 primor Secured Visa Classic 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 primor Secured Visa 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 primor Secured Visa
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 (i.e., 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 primor Secured Visa Classic 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 cards many fees and be sure to check out other similar credit cards.