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% variable |
| Cash Advance Rate | 19.99% variable |
| Cash Advance Fee | $10 or 3% of the cash advance amount, whichever is greater |
| Foreign Transaction Fee | 3% of the transaction value or $3, whichever is higher |
| Interest Free Period | Up to 25 days |
| Minimum Interest | $1 |
| Late Payment Fee | $27 |
| Returned Payment Fee | $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% variable 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% 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® 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 Credit Card 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.
Lets say I do an initial deposit of 1000. If i would like to make additional security deposits could I make a few over the course of some months to reach but not exceed my maximum eligible credit limit . Would I need to have the account balance paid in full in order for this to happen?
Hi Bryan,
Thank you for contacting finder.
As per Green Dot’s secured credit card agreement, your approved credit limit will be based on their assessment, sole judgment, and of your ability to repay the full amount of your approved credit limit. It is the provider’s discretion to increase or decrease your total credit limit and increasing the funds in your collateral account will not necessarily result in an increase in your Credit limits. However, the balance of your collateral account and your ability to repay your account balance will be considered in making the decision.
Regards,
Charisse
My card came in the mail, I made a deposit and it’s say that made one . It tells me my credit balance and all but I get declined on pay pal. It’s not working in the atm, even when I swipe at the store it declines.! Why is it doing that
Hello Reashawn,
Thank you for your comment.
You should be able to use your Green Dot Platinum Visa on PayPal and when Withdrawing from an ATM. Please ensure that you have activated the card. They may block ATM withdrawals in some countries due to fraud or security concerns. To further check why you’re unable to use your card, best to contact Green Dot directly.
Regards,
Jhezelyn
Applied May 31, 2018 and still have not gotten my card.. called that 800 and no live rep to speak too…. help me out pls
Hi Renee,
Thanks for leaving a question on finder.
Approval for this card is usually instant. To verify on what is causing the delay, you can call them at (866)291-0818.
Cheers,
Joel
Did what you suggested 10days after the fact and no date on when it was sent just that my card has been activated.
So if I don’t deposit $1,000 I don’t get that credit limit and I’m already a prove for that credit limit
Hi Marcus,
Thanks for reaching out to us.
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.
Your refundable security deposit act as collateral and becomes your credit limit.
Hope this clarifies!
Regards,
Nikki
So what ever money i add on the card I spend or do I get the credit limit I got approved for
Hi Jada,
Thanks for visiting and leaving a question on our page.
Your refundable security deposit act as collateral and becomes your credit limit.
Whatever amount you deposit on the card, you can spend.
Hope this clarifies.
Regards,
Nikki
Does the platinum card offer direct deposit? If so where can I find the acct & routing number for my card?
Hi Mariah,
Thanks for reaching out.
These are the types of income or benefits that can be direct deposited to your Green Dot Card:
– Paycheck from your employer
– Social Security
– Veterans Compensation and Pension
– Supplemental Security Income
– Federal Civil Service (Retirement/Annuity)
You can follow these steps to set up your direct deposit:
1. Ask your payroll or benefits office if they offer direct deposit.
2. If they do, get your direct deposit account number and bank routing number by logging in to your account or requesting the info via text message.
3. Provide your direct deposit account number and bank routing number to your payroll or benefits office and they’ll walk you through the rest.
TIP: Ask your payroll, how long it’ll take them to set up your direct deposit. If it takes longer than expected to receive your first direct deposit on your card, check back with your payroll or benefits office. Green Dot does not have any information about your enrollment status.
Best Regards,
Joanne
I’m trying to access my online account it would not let me get in without a account number to reset my password..what should I do to get in
Hi Visha,
Thanks for leaving a question on finder. Please note that we do not represent any of the providers on our page and we are a comparison website.
The first thing you need to do to retrieve your account number is to contact Green Dot directly. You need to dial +1-(866) 795-7597. In a first menu press 5. After that, the automated phone system will ask you to enter your card number or SSN number. Once you enter it you will be connected to a live customer service representative.
Cheers,
Joel
I went to Walgreens reloaded $30 on to my card however I do not see the transaction
History. My bill isn’t due until
The 23rd But i paid early. How does that work ? I see that my cash balance went up but the outstanding balance is still the same. Do I have to wait until the 23rd to pay again?
Hi Porscha,
Thanks for visiting finder.
Kindly note that we are product comparison website built to give you advice and we don’t stand as a representation of the companies featured on our site. You may ask Walgreens how long it takes for their company to post a payment/reloading for Green Dot. There may be a delay.
For other concerns regarding your account, please contact them directly as we don’t have access to the information you need.
Thanks,
Nikki
I need to update my address
Hi Angel,
Thanks for leaving a question on finder.
You can update your customer details by going to the Green Dot website and logging in to your account. Head to update information and that’s it. You can also call 866-795-7597 if you need further help in doing this.
Cheers,
Joel
Can I go to atm now card is active
Hi Katina,
Thanks for leaving a question on finder.
You can withdraw money from your Green Dot Platinum Visa Card as soon as it is active. Your PIN number should come from the same packaging as your card. If you need further help, please send us a message anytime.
Cheers,
Joel