A secured card that reports to the three major credit bureaus — even without a bank account.
| Product Name | Green Dot® Platinum Visa® |
|---|---|
| Card Type | Visa |
| Annual Fee | $39 |
| APR (Annual Percentage Rate) for Purchases | 19.99% fixed |
| Introductory Purchase APR | N/A |
| Introductory Balance Transfer APR | N/A |
| Cash Advance Rate | 19.99% variable |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $10 or 3% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 25 days |
| Late Payment Fee | Up to $27 |
| Returned Payment Fee | Up to $27 |
| Additional Cardholder Fee | $0 |
| Minimum Age | 18 years of age |
|---|
The Basics
The Green Dot® Platinum Visa® is a simple secured card that offers a solid opportunity to build or rebuild your credit. Your refundable security deposit act as collateral and becomes your credit limit. With on-time payments and responsible spending reported to the three major credit bureaus, you’ll be on your way to improved creditworthiness. You can even prequalify with Green Dot® Platinum Visa® without affecting your credit score.
Most applicants qualify for this card that requires a low minimum security deposit of $200 to get started. Unlike most secured cards, Green Dot® Platinum Visa® does not require an existing bank account; instead, allowing you to pay your monthly bills at participating retailers. You won’t get rewards, but the 19.99% fixed APR is on the lower end for secured cards.
The Perks
The Green Dot® Platinum Visa® is not a prepaid or debit card but rather a credit card that helps you build your credit history with the three major credit bureaus. Its APR is also 3% to 5% lower than similar cards.
- Low 19.99% fixed APR. This APR applies to cash advances and everyday spending.
- No bank account required. Unlike with other secured card issuers, you can pay your bill at thousands of participating retailers, including Walmart and CVS.
- Flexible deposits. Put down from $200 to $1,000 for a deposit, which then becomes your credit limit.
What to watch out for
Green Dot® Platinum Visa® can help you build your credit to meet your financial goals. But consider the following before you apply:- Annual fee. Your annual fee comes off the top of your credit limit, limiting your spending. Other major cards — like the Discover it® Secured and the Secured Mastercard® from Capital One® — don’t have an annual fee, but their APRs are 3% to 5% higher.
- Retailer payment fee. It may be worth it for you to open a checking account to avoid the $4.95 fee that comes with paying in person.
- No rewards or upgrades. This card offers no points or cash back rewards for your spending and won’t automatically upgrade you to an unsecured card as a reward for improved credit.
- Deposit fees and limitations. It will cost you $4.95 to load deposits onto your card at participating retailers. Retailers have a maximum deposit limit of $500, though Walmart’s maximum is a higher $1,000.
How to apply for the Green Dot® Platinum Visa®
Am I eligible?
You won’t need a specific score or credit history to be approved for the Green Dot® Platinum Visa®. But you will need to meet a few basic requirements:
- You’re at least 18 years old.
- You have a valid Social Security number.
- You have a verifiable physical US home address.
Apply for the Green Dot® Platinum Visa® online at Green Dot’s website:
1. Go to Green Dot’s site and click Platinum Credit Card.
2. Fill in your personal contact information and carefully review the disclosures, agreement and privacy policy. Check that you’ve read these documents and click Send my card.
Once you’re preapproved, you’ll also need to supply:
- Your employment status.
- Your monthly income.
- Your monthly housing expense.
How to activate the card
Your card is activated once you make your security deposit. You can make a deposit in any of the following ways:
- Send a check or money order to Green Dot® Platinum Visa®. Payments take about 10 days to process.
- Pay by direct deposit or bank transfer.
- Pay at a Green Dot partner retail store. Put down your deposit at stores, including Walmart, CVS and 7-Eleven to activate your card. This is the fastest way to get access to your funds; they’ll be available within 10 minutes after they are loaded.
I got the card. Now what?
Start building your credit with everyday spending and on-time payments that are reported to the three major credit bureaus.
- Pay your statement. Pay your bill online with a Green Dot® Platinum Visa® account, at a participating retailer or by mail.
- Avoid interest payments. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
- Avoid unnecessary fees. Returned payments come with hefty fees of up to $27. Cash advances and foreign transactions also come with fees.
- Contact customer service. Find support at 866-795-7597, on Facebook at Green Dot® Platinum Visa®, on Twitter @greendotcards or on Instagram @greendotcards.
What customers are saying about the Green Dot® Platinum Visa®
Known for prepaid debit cards, Green Dot® Platinum Visa® is relatively new to the secured card scene, so you won’t currently find many online reviews about their Green Dot® Platinum Visa®. But the company gets a solid A from the Better Business Bureau.
Bottom line
If you’re looking to build your credit and improve your overall financial health with a credit card, a secured card can get you there — especially one that reports to the three credit bureaus.
The Green Dot® Platinum Visa® is a decent option that comes with a credit limit equal to your refundable security deposit. Just watch out for the many fees that could trip you up.
After I use the $200 I put on here if I need to, can I still put more money off like, say my son needs food or something can I use my card even after I use my $200?
Hi Brittany,
Thank you for your comment.
This card requires a low minimum security deposit of $200 to get started. This becomes the refundable security deposit and will act as collateral and becomes your credit limit. You can still deposit more than $200 and your credit limit increases. If you have only deposited $200, you are only allowed to use $200 of that card and should not exceed.
Regards,
Jhezelyn
Well, I have a question. Can I pay ahead of time?
Hi Jacklun,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, you can pay ahead of time. This helps in building your credit score and avoid unnecessary fees from your provider.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
So let me get this right. I deposit say, $200. That means I get a credit spending of $200 and still have to pay back the $200?
Hello Danielle,
Thank you for your comment.
The answer to your question is yes. Please know that your security deposit will set a credit line of equal dollar amount. When you deposit $200, that becomes your credit limit. Making a purchase on the card won’t decrease your deposit. This card can help you build your credit score over time.
Your payment history gets reported to the three major credit bureaus, so making on-time and in-full payments can help you build credit over time. Just keep in mind that missing payments or overspending on the card can also damage your credit history. You must use your card responsibly to build your credit.
If you want your security deposit refunded, you must pay your balance in full and close your card account.
Regards,
Jhezelyn
So basically it’s like a prepaid card we just use our own money and we are just paying you to report it right?
Hello Chris,
Thank you for your comment.
Because your security deposit would be the basis of your credit limit, so the answer to your question is yes. You can improve your credit report with everyday spending and on-time payments that are reported to the credit bureaus with this card.
Regards,
Jhezelyn
Do I need a PIN to get a 100 cash advance?
Hello Tyreesha,
Thank you for your comment.
Yes, you will need a PIN when withdrawing cash with your Green Dot® Platinum Visa®.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
How can I get a PIN number for my Green Dot Platinum Card?
Hi Sam,
Thank you for contacting finder.
You may call Green Dot directly through the contact number at the back of your card or through their ‘Contact Us’ on their website.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
If I deposit $200 will I get $400 on the card?
Hi Brittany,
Thank you for contacting finder.
No, if you have been approved for a $400 Credit Limit but you only put $200 as your Security Deposit, your Credit Limit will still be $200. Your Security Deposit must be equal to your Credit Limit so you can take full advantage of it. You may put a Security Deposit up to the amount of your Credit Limit.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
So I just loaded $200 on the card, how much spending money do I have on the card now?
Hi Paula,
Thanks for reaching out to finder.
Your Green Dot Platinum Visa card will have $200 credit limit that you can use for spending since that is the amount that you have deposited to your card.
Please note that your approved credit limit may not be the same as your actual credit limit. You may have a higher approved credit limit however, your actual credit limit will always be the same as the amount that you deposit in your card.
I hope this helps.
Cheers,
Charisse
I’m want to know how to get in contact with a live representative cause callin the numbers on the back back of my card and internet does not get them because my account was canceled I can not contact anybody cause my ss and my card is not on record and I am due a refund and it’s pass time and I need to speak to someone and it’s very frustrating so what’s a number I can call to talk to a platinum visa green dot card live person without entering ss and cc number cause acount was canceled
Hi Mystix,
Thanks for getting in touch and sorry to hear about your situation. You may get the contact number of Green Dot by searching via web browser and on the search bar type Green Dot contact number. After search results, you will find the main website of Green Dot, click the one that says, Contact Us Green Dot Customer Service, and you will see the contact number of Green Dot. Hope this helps!
Best,
Nikki
Why can’t I use my card when I have a 5000 credit limit
Hi Patty,
Thanks for reaching out. The Green Dot Platinum Visa, as it is a secured credit card, works by depositing funds to the account within the $5000 credit limit. With a minimum of $200 as your refundable security deposit and acts as collateral, you can already use the card. You may deposit an amount higher than $200 but please take note that the amount you deposit in the card will be your “working credit limit.” You are still expected to pay monthly on-time payments and a 19.99 APR applied to cash advances and daily spending. Hope this helps and if you have questions, feel free to reach out again.
Cheers,
Nikki