Green Dot Platinum Visa review February 2018 | finder.com

Review: Green Dot® Platinum Visa® credit card – February 2018

A secured card that reports to the three major credit bureaus — even without a bank account.

Product NameGreen Dot® Platinum Visa®
APR for Purchases ( Purchase Rate )19.99% variable
Annual fee$39
Cash Advance Rate19.99% variable
Card TypeVisa
Interest Free Period
The interest-free 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$27
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1
Minimum Age18 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.
$200
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.
$1,000
Annual fee$39
Returned Payment Fee$27
Over The Credit Line Fee$0
Late Payment Fee$27
Cash Advance Fee$10 or 3% of the amount of each cash advance, whichever is greater

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 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 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% variable APR is on the lower end for secured cards.

The Perks

The Green Dot Platinum Visa Secured Credit Card 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% variable 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 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 Card and the Capital One® Secured Mastercard® — 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 Secured Credit Card

Always consider your options and your financial situation before you apply for a credit card.

Am I eligible?

You won’t need a specific score or credit history to be approved for the Green Dot Platinum Visa Secured Credit Card. 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 Secured Credit Card 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. 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 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, on Twitter @greendotcards or on Instagram @greendotcards.

What customers are saying about the Green Dot Platinum Visa

Known for prepaid debit cards, Green Dot is relatively new to the secured card scene, so you won’t currently find many online reviews about their Platinum Visa card. 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, a secured credit 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.

Frequently asked questions about Green Dot

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71 Responses

  1. Default Gravatar
    EddieFebruary 13, 2018

    After I deposit my money does it get refunded back to me your web site states there is a refundable deposits

    • Staff
      RoslynFebruary 14, 2018Staff

      Hi Eddie,
      Thank you for your question about the Green Dot Platinum Visa credit card.

      According to the Green Dot Bank website, your security deposit will be refunded after you pay your balance in full and close your credit card account.

      The deposit won’t earn interest. Green Dot Bank doesn’t state a time frame for receiving your deposit, but we can find out for you if you’d like.

      I hope this information helps you make an informed decision.

      Cheers,
      Roslyn

  2. Default Gravatar
    AaronJanuary 23, 2018

    If I put a $200 deposit will I have a credit limit of $400 ?

    • Staff
      robellynnenrileJanuary 24, 2018Staff

      Thank you for your inquiry.

      The credit limit often is the same as the deposit which is why it feels like you’re “using” your own money. The credit limit is separate from the deposit . With Green Dot, the card will come with the credit limit stated. If it is the same as the deposit and the deposit is $200, the credit limit will be $200.

      Best Regards,
      Robyn

  3. Default Gravatar
    MercedesJanuary 9, 2018

    I just have a question about the credit line. I understand that I have to pay a deposit of $200 to get started. I just want to know once I pay that how much is the credit line once I make a deposit?

    • Staff
      HaroldJanuary 11, 2018Staff

      Hi Mercedes,

      Thank you for your inquiry.

      The credit limit often is the same as the deposit which is why it feels like you’re “using” your own money. The credit limit is separate from the deposit . With Green Dot, the card will come with the credit limit stated. If it is the same as the deposit and the deposit is $200, the credit limit will be $200

      I hope this information has helped.

      Cheers,
      Harold

  4. Default Gravatar
    BonnieDecember 28, 2017

    I am confused. I got my card yestersday. It say 1000 credit line. 200 to put down. Can i use my credit line 1000? How that work?

    • Staff
      ArnoldDecember 29, 2017Staff

      Hi Bonnie,

      Thanks for your inquiry

      You are able to put down from $200 to $1,000 for a deposit. Your refundable security deposit act as collateral and becomes your credit limit. You may check how to activate the card by checking the page above.

      Hope this information helps

      Cheers,
      Arnold

  5. Default Gravatar
    MassimilianoDecember 22, 2017

    So I put down a deposit of $200, what would be my account limit?

    • Staff
      RenchDecember 23, 2017Staff

      Hi Massimiliano,

      Thanks for your inquiry. Please note that we are not affiliated with Green Dot or any company we feature on our site and so we can only offer you general advice.

      Your refundable security deposit act as collateral and becomes your credit limit. With Green Dot the card will come with the credit limit stated. If it is the same as the deposit and the deposit is $200, the credit limit will be $200.

      Hope this information helped.

      Kind regards,
      Rench

  6. Default Gravatar
    RTS1977December 21, 2017

    Why doesn’t Greendot tell credit cardholders that major/most car rental companies don’t accept their cards?

    • Staff
      RenchDecember 23, 2017Staff

      Hi,

      Thanks for your inquiry. Please note that we are not affiliated with Green Dot or any company we feature on our site and so we can only offer you general advice.

      Whilst we cannot say why Greendot credit card is not being accepted for car rental, you may check this page for Car Rental Credit Cards that you can compare.

      Kind regards,
      Rench

  7. Default Gravatar
    CarlosDecember 14, 2017

    How do I sign up for text alerts

    • Staff
      RenchDecember 16, 2017Staff

      Hi Carlos,

      Thanks for your inquiry. Please note that we are not affiliated with Green Dot or any company we feature on our site and so we can only offer you general advice.

      You can set SMS alerts from your Account Settings or text HELP to 43411 and learn how to text for your balance, get recent transaction history and more. Please visit Green Dot official site to get more info.

      Cheers,
      Rench

  8. Default Gravatar
    MiltonDecember 11, 2017

    When I make my payment, is my payment immediately available on my card

    • Staff
      JoanneDecember 13, 2017Staff

      Hi Milton,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      When you reload your card at the register, most retailers will have your money available on your card within 10 minutes. Some retailers may take up to one hour. You may also want to check with the register how long it would take for them to make your payment available for use on your card.

      Hope this helps,
      Joanne

  9. Default Gravatar
    JerameDecember 11, 2017

    If I deposit $500 and I use $200, is that amount due in full every month or is there regular payments scheduled over the year I have paid for the service?

    • Staff
      RenchDecember 25, 2017Staff

      Hi Jerame,

      Thanks for your inquiry. Please note that we are not affiliated with Green Dot or any company we feature on our site and so we can only offer you general advice.

      With Green Dot Platinum Visa, after the close of each billing cycle, you have a grace period of 25 days to pay your balance.

      Please contact Green Dot directly to further inquire about their payments.

      Best regards,
      Rench

  10. Default Gravatar
    LoganNovember 28, 2017

    I received my Green Dot secured credit card in the mail and am a little confused as to how it works. I understand that I have to make the deposit of a minimum $200. If I put that money down does the credit limit match it? Would I then have access to $400? Or if I put $1000 down would I then have access to $2000?
    Just do not understand why I would have to make monthly payments from a card that I am truly only spending my money rather than a line of credit. Please help me to understand! Thank you

    • Staff
      HaroldNovember 30, 2017Staff

      Hi Logan,

      Thank you for your inquiry.

      Secured cards are not the same as a prepaid card. So even though your $200 deposit “secures” the card, you still drawing down on a line of credit. The credit limit often is the same as the deposit which is why it feels like you’re “using” your own money. The credit limit is separate from the deposit (not matched). With Green Dot the card will come with the credit limit stated. If it is the same as the deposit and the deposit is $200, the credit limit will be $200.

      I hope this information has helped.

      Cheers,
      Harold

    • Default Gravatar
      AmberJanuary 7, 2018

      Just to piggy back off this question and make sure I’m understanding correctly. Green dot gives a limit and you’re required to pay whatever deposit? So for instance if I get a $500 limit but $200 deposit… my credit limit is $500?

    • Staff
      HaroldJanuary 8, 2018Staff

      Hi Amber,

      Thank you for your inquiry.

      Yes, the provider will tell you how much it is or if you have options. The deposit does not always equal the credit limit amount, but it often does.

      I hope this information has helped.

      Cheers,
      Harold

    • Default Gravatar
      JessDecember 13, 2017

      So if it’s 200 how do I get the 200 a month without posting more money

    • Staff
      HaroldDecember 13, 2017Staff

      Hi Jess,

      Thank you for your inquiry.

      You only need to post the 200 as a security deposit once – then you have access to a $200 line of credit. However, you can only use up to $200. You would need to pay it down if you wanted access to more money. Pay down $100, and you’ll have $100 available credit.

      I hope this information has helped.

      Cheers,
      Harold

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