Green Dot Platinum Visa review April 2018 | finder.com

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

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

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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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91 Responses

  1. Default Gravatar
    LanetteApril 16, 2018

    I haven’t received my card and I call the customer Service number 866-291-0818 nothing

    • Staff
      joelmarceloApril 17, 2018Staff

      Hi Lanette,

      Thanks for leaving a question on finder.

      You should receive your card in 10 days. If you haven’t received your card in the specified time frame, please call Green Dot to ask what is causing the delay. They will be able to review your account details and provide you with information on the status of the card and when you should receive it. The number you posted above is the only number they have. Sorry to hear about the delay. I hope you get your card real soon.

      Cheers,
      Joel

  2. Default Gravatar
    BeebsApril 11, 2018

    When you deposit the $200, does that mean all I have on the credit card is $200 you SPEND or is it a certain limit like $500 , $2000 , etc?

    • Staff
      jenivelascoApril 11, 2018Staff

      Hi Beebs,

      Thank you for getting in touch with finder.

      A secured credit card is a type of credit card that is backed by a secured payment used as collateral on the account. Your credit limit will usually be a percentage of your security deposit or it may be the same as your deposit.

      In this card, the minimum credit limit is $200 and the maximum is $1,000. Put down from $200 to $1,000 for a deposit, which then becomes your credit limit.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

  3. Default Gravatar
    Dami32April 10, 2018

    how Many days before I receive my card??

    • Staff
      joelmarceloApril 11, 2018Staff

      Hi Joshua,

      Thanks for leaving a question on finder.

      Usually it’s 5-10 business days. If you don’t receive your card in the specified time frame, you can call Green Dot and let them know. They will be able to review your account details and provide you with information on the status of the card and when you should receive it.

      Cheers,
      Joel

  4. Default Gravatar
    JoseApril 7, 2018

    Can I withdrawal money from my green dot platinum card and how? I don’t have a pin number. Just paid my deposit for green dot platinum credit card. How can I start using the and how long it takes to be available?

    • Staff
      JoshuaApril 7, 2018Staff

      Hi Jose,

      Thanks for getting in touch with finder.

      Yes, you can withdraw money from your Green Dot Platinum Visa Card. Your pin number should come with your card as they mail it to you. In case you lost it or you didn’t find your pin number, you may want to directly get in touch with Green Dot’s customer support.

      Upon activation and adding fund to your card, you should be able to use it immediately.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  5. Default Gravatar
    RitaApril 4, 2018

    Can can I used the green dot platinum visa to rent a car

    • Staff
      JoshuaApril 4, 2018Staff

      Hi Rita,

      Thanks for getting in touch with finder.

      The answer to your question is yes. It is possible provided that the car rental company accepts credit card as a payment for their services. Moreover, you can also choose to withdraw money from the ATM using your card. However, you can only withdraw up to $400 per day. Please note as well that you that these withdrawals are considered cash advances and come with fees and high interest rates.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  6. Default Gravatar
    SelenaMarch 21, 2018

    I have applied for a card. My question is lets say i deposit the amount of 200$ can i deposit 100$ in a day or so? Or do I have to wait?
    And if deposit 200$ and do a spending off 50$ do i habe to pay 50$ within the 25 day limit or how does that work or do I have to put 200$ every month ??

    • Staff
      MayMarch 23, 2018Staff

      Hi Selena,

      Thanks for your question.

      With Green Dot Platinum Visa, you can deposit $200 (cash) anytime at any participating retail store for a $4.95 fee.The $200 is your security deposit at the same time your credit limit. So if you will use your card and have spent $50, you will have to pay that before your due date. You will be given 25 days for a grace period to pay your balance (say $50), otherwise, the 19.99% variable APR interest will be applied to your balance.

      As it works as a credit card, you would need to maintain your deposit and pay off your balance on purchases/cash advance so that you will also have credit/money to spend use on the card.

      Cheers,
      May

  7. Default Gravatar
    BrookeFebruary 27, 2018

    Can I rent a car with green dot credit card. Because enterprise said they can’t except it? What do I do ?

    • Staff
      johndeguzmanMarch 5, 2018Staff

      Hi Brooke,

      Thank you for contacting finder.

      I understand that you are inquiring about using your Greendot card to rent a car. My advice is to first call the rental car company and ask them what their policy is regarding the use of prepaid debit cards or credit cards. You might also want to consider using another type of card or having another payment option to rent a vehicle.

      Thanks.

      John

  8. Default Gravatar
    CMFebruary 27, 2018

    Can I pay my security deposit online?

    • Staff
      johndeguzmanMarch 10, 2018Staff

      Hi,

      Thank you for contacting finder.

      I understand that you are inquiring about paying your security deposit online.

      Please be advised that as of the moment Greendot only accept payments through their retail partners. You can either use your card or pay in cash.

      Thanks.

      John

  9. 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

  10. Default Gravatar
    RpJanuary 28, 2018

    I just loaded my platinum credit card yesterday but i dont see it on my credit report yet when will i see it show on my credit ? Also i used it for my first transaction but they havent token the 39 annual fee yet when will that be taken ?

    • Staff
      RoslynFebruary 23, 2018Staff

      Hi RP,

      Thank you for contacting finder.com, an independent comparison website.

      Most credit card companies report your statement monthly. The good news is the Green Dot Platinum Visa secured credit card reports usage and payment activity to the three major credit bureaus, which should help you improve your credit history. After your first payment, the card should show up on your credit report.

      Green Dot Bank states on its website that the annual fee will come out of your deposit before you make a transaction. You should see it on your account or monthly statement when the charge applies.

      If the fee doesn’t come out of your deposit soon and you’re concerned, you can contact the Green Dot Bank support line to find out why. The contact number is (866) 291-0818.

      Cheers,

      Roslyn

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