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 |
| Purchase APR | 19.99% fixed |
| Intro Purchase APR | N/A |
| Intro 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.
Hi! Can I make my security deposit online and how soon will it post to my account?
Hi Tammy,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Upon checking, making your security deposit online isn’t one of the available options as of this time. According to our page, you can make the security deposit by sending a check or money order to Green Dot Platinum Visa, paying by direct deposit or bank transfer, or paying at a Green Dot partner retail store.
It usually takes about 10 business days for your security deposit to be processed.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I just got my primor green dot credit card and was wondering where can I make payments?
Hi Juanita,
Thank you for leaving a question. You can pay your bill online with a Green Dot® Platinum Visa® account, at a participating retailer or by mail. Hope this helps!
Regards,
Val
I need a replacement card. Someone stole my wallet from work.
Hi Karran,
Thanks for getting in touch with Finder. I’m sorry to hear about your stolen wallet.
If your card is lost or you believe it to be stolen, you need to immediately notify Green Dot. You can visit their website and get in touch with them or better yet, please call (866) 795-7597. They will then cancel your card and a new one will be sent to you.
Please note that they may charge you with a replacement card fee. Please review your Cardholder Agreement or Deposit Account Agreement to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I have a credit limit of $200 can I turn this card into a unsecured card. ?? Thanks to green dot now I have other cards with $950 credit and $2000 when I look at this card 200 seems like 2 dollars to me
Hi Alvin,
Thanks for getting in touch! The Green Dot 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. You can contact Green Dot directly to find out how to convert this card to an unsecured credit card. Hope this helps!
Best,
Nikki
When can I start using the card and can I use the money I deposit from $200?
Hi Kaneetha,
Thank you for contacting Finder.
You can start using your Green Dot® Platinum Visa Card once you have been approved with the credit limit and the security deposit has been processed. To be able to use your approved credit limit, you must make the security deposit of the same amount. You won’t be able to use the security deposit which will start at $200 but you can withdraw it once you have closed your account.
I hope this helps.
Please do not hesitate to reach out again if you have any other questions.
Cheers,
Ash
I put 200 on my card tried to rent a car that was 170. They let me rent the car. When I decided to go and get another rental, I went to CVS to load another 200 to my card but I was declined in my second go around. Can you use this Green Dot card for rental cars?
Hi Yung,
Thank you for getting in touch with Finder.
So long that you’re using your Green Dot card to Visa-accepting merchants and it has sufficient funds then it’s working. You may check your current balance before doing any transaction to make sure that you have enough funds for the said transaction.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Why can’t I get into my Green Dot account?
Hi Patrick,
Thanks for getting in touch with Finder. I’m sorry to hear about the trouble you are having.
To get into your Green Dot account, please make sure that you are using the correct logins. If you forgot your user ID, you can click on the “Forgot user ID?” link to solve the problem. Alternatively, if you forgot your password, click on the “Forgot Password?” link.
If you are still having a problem, you may directly get in touch with Green Dot’s customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Just as information – people, this is not rocket science. Your credit limit is the EXACT amount of your deposit – no more, no less. Very simple.
I actually do have a question as well – I’ve seen mixed reviews about whether you can use this credit card to rent a car. I’m surprised by that because any credit card should be able to be used to rent a car. Some people say they’ve had no difficulty doing so, and others say it has been a problem. Any insights?
Just to be perfectly clear, my question is related to car rental and is about the Platinum Secured Visa credit card, not any reloadable prepaid cards. Thanks.
Hi Ella,
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can use a credit card such as the Green Dot Platinum Visa credit card to rent a car provided that the dealer offers this payment option. If they accept a credit card for payment, then you should easily use your credit card for the transaction.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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