A secured card that reports to the three major credit bureaus — even without a bank account.
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|Product Name||Green Dot® Platinum Visa®|
|APR for Purchases ( Purchase Rate )||19.99% variable|
|Cash Advance Rate||19.99% variable|
|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 Age||18 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.
|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.
|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 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 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.
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.
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.