Green Dot Platinum Visa review | finder.com

Green Dot® Platinum Visa® review – December 2018

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Green Dot® Platinum Visa®

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

Product NameGreen Dot® Platinum Visa®
Card TypeVisa
Annual Fee$39
APR (Annual Percentage Rate) for Purchases19.99% fixed
Cash Advance Rate19.99% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $27
Returned Payment FeeUp to $27
Additional Cardholder Fee$0
Minimum Age18 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 Card® 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.

Frequently asked questions about Green Dot® Platinum Visa®

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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187 Responses

  1. Default Gravatar
    BrittanyDecember 8, 2018

    If I deposit $200 will I get $400 on the card?

    • finder Customer Care
      AshDecember 12, 2018Staff

      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

  2. Default Gravatar
    PaulaDecember 7, 2018

    So I just loaded $200 on the card, how much spending money do I have on the card now?

    • finder Customer Care
      CharisseDecember 11, 2018Staff

      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

  3. Default Gravatar
    MystixNovember 29, 2018

    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

    • finder Customer Care
      nikkiangcoDecember 5, 2018Staff

      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

  4. Default Gravatar
    PattyNovember 29, 2018

    Why can’t I use my card when I have a 5000 credit limit

    • finder Customer Care
      nikkiangcoDecember 6, 2018Staff

      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

  5. Default Gravatar
    FundingNovember 26, 2018

    It will not let me fund my security deposit

    • finder Customer Care
      nikkiangcoNovember 28, 2018Staff

      Hi Matt,

      Thanks for reaching out and sorry if you are facing some difficulties! As it says on our page, below are the ways to fund your account:

      1. Send a check or money order to Green Dot® Platinum Visa®. Payments take about 10 days to process.
      2. Pay by direct deposit or bank transfer.
      3. 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.

      If you’ve exhausted all three options and still cannot fund your security deposit ($200 minimum), contact Green Dot to ask about your application and the next steps. I hope this helps and let me know if you have questions.

      Cheers,
      Nikki

  6. Default Gravatar
    riccoNovember 14, 2018

    Let’s just say I make a $200 deposit and my credit limit is $5000 and I spend over $200. Do I make payments on whatever I spent or do I have to pay the total balance in full before my 25 day grace period is up?

    • finder Customer Care
      nikkiangcoNovember 22, 2018Staff

      Hi Ricco,

      Thanks for your inquiry and for visiting our page. The Green Dot Platinum visa will work for however much deposit you put into the account which will also be your credit limit. Your payments will be the total balance due on the card and you can opt to pay it in full before the 25-days grace period.

      Best,
      Nikki

  7. Default Gravatar
    DoticiaNovember 12, 2018

    Ok I seen someone says they loaded 300 on they security deposit and was approved for 5000 credit limit so if I deposit 200 how much will be my credit limit its ludacris to load 200 and only get a 200 credit limit that’s my own money so what am I paying for credit if I’m only getting what I paid into

    • finder Customer Care
      AshNovember 12, 2018Staff

      Hello Doticia,

      Thanks for reaching out to us.

      Regarding your Credit Limit, for you to take advantage of your approved Credit Limit, your Security Deposit should be the same as your Credit Limit. So if you are approved for $5,000, you must deposit the same amount to use/ spend the same amount. The $200 is just the minimum security deposit that you can make but you can deposit more especially if you are approved with higher amount as that. The Security Deposit will not be spent so you will still receive a monthly bill and you can withdraw it once you closes your account.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions that you need assistance with.

      Cheers,
      Ash

  8. Default Gravatar
    BernardNovember 10, 2018

    I just got card and placed 300 security but was approved up to 5,000 can I add another 300 to my security at Walmart.

    • finder Customer Care
      AshNovember 11, 2018Staff

      Hi Bernard,

      Thank you for reaching out to us.

      Yes, you may add another $300 to your Security Deposit up to the amount of your approved Credit Limit which is $5,000. You may make the deposit to the authorized retailers or mail it directly to Green Dot.

      I hope this helps.

      Please do not hesitate to reach out again if you have additional questions.

      Cheers,
      Ash

  9. Default Gravatar
    MyraNovember 6, 2018

    I was just approved for the platinum card but how do I find out what my credit limit is

    • Default Gravatar
      joelmarceloNovember 7, 2018

      Hi Myra,

      Thanks for leaving a question on finder.

      Your refundable security deposit act as collateral and becomes your credit limit. You can put down from $200 to $1,000 for a deposit, which then becomes your limit.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

  10. Default Gravatar
    DesireeOctober 27, 2018

    How do I find the account number for my Greendot Platinum Visa card so I can activate and start using my card?

    • finder Customer Care
      JhezelynOctober 31, 2018Staff

      Hello Desiree,

      Thank you for your comment.

      You’ll find the bank account numbers on the direct deposit page online or in the app. To activate your Green Dot Platinum card, please refer to the steps above.

      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

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