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Green Dot Platinum Visa® Secured Credit Card review
Last updated:
A simple secured credit card that can help you build your credit.
30-second take
- Get this card if you have poor credit score or no credit history.
- Pick something else if you don’t want to pay an annual fee.
- Apply with poor credit score or with no credit history.
$39
Annual fee
19.99%
Purchase APR (fixed)
300
Recommended credit score
Details
| Product Name | Green Dot Platinum Visa® Secured Credit Card |
|---|---|
| Card type | Visa |
| Annual fee | $39 |
| Purchase APR | 19.99% fixed |
| Balance transfer APR | N/A |
| Cash advance rate | 19.99% fixed |
| Cash advance fee | $5 or 5% of the cash advance amount, whichever is greater |
| Foreign transaction fee | 3% of the transaction value |
| Interest free period | Up to 25 days |
| Late payment fee | Up to $27 |
| Returned payment fee | Up to $27 |
| Additional cardholder fee | $0 |
Expert review
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
Expert review
The Green Dot Platinum Visa® Secured Credit Card is a secured credit card that comes with a fixed 19.99% APR and a $39 annual fee. You can apply with a poor credit score or with no credit history, and depending on your approved credit limit, you can deposit between $200 and $5,000. The maximum credit line is on the higher end, considering most secured cards have a limit between $1,000 and $2,000.
Green Dot won’t make a hard pull when you apply, so you don’t have to worry about taking a hit on your credit. The card also reports to all three major credit bureaus — TransUnion, Experian and Equifax. This means you can easily build your credit score if you consistently make timely payments.
How to apply for the Green Dot Platinum Visa® Secured Credit Card
To apply for the card you need to:
- Be at least 18 years old.
- Have a valid Social Security number.
- Have a verifiable physical US home address.
If you meet the eligibility criteria, here’s what to do next:
- Go to the provider's site and click Apply now.
- Fill in your personal contact information.
- Review the disclosures, agreement and privacy policy.
- Submit your application.
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® Secured Credit Card. Send your deposit at Green Dot Bank, P.O. Box 400, Provo UT 84603-0400.
- Pay by direct deposit or bank transfer. You can make this payment online.
- Pay at a Green Dot partner retail store. Put down your deposit at stores, including 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.
What credit score do I need?
You won’t need a specific score or credit history to be approved for the Green Dot Platinum Visa® Secured Credit Card.
Card benefits
- No credit check. Green Dot doesn’t make a hard pull on your credit when you apply for the card. This means you can apply with any credit score or with no credit history.
- Reports to credit bureaus. Use your card responsibly and build your credit because Green Dot reports your card activity to the three major credit bureaus — Experian, Equifax and TransUnion.
- Fixed APR. If you carry your balance, a fixed APR of 19.99% will apply for purchases and cash advances.
- Multiple balance payment options. Aside from making online payments, you can pay your bill at thousands of participating retailers including Walgreens, 7-Eleven, Rite Aid and CVS.
- Flexible deposits. Put down from $200 to $5,000 for a deposit, which then becomes your credit limit.
What to watch out for
- Annual fee. You’ll need to pay a $39 annual fee to use the card.
- Retailer payment fee. Despite not being a requirement, you may consider opening a checking account to avoid the $4.95 fee that comes with paying your bill at retailers.
- No rewards or upgrades. This card offers no points or cashback 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. Also, retailers have a maximum deposit limit of $500. You’ll have to mail a check for the difference if you get a higher credit limit approval.
- Foreign transaction fee. Using this card abroad will cost you 3% of the amount of each transaction you make.
Compare secured credit cards
Bottom line
If you’re looking to build your credit, the Green Dot Platinum Visa® Secured Credit Card could be a decent option worth considering.
But if you don’t want to pay an annual fee or if you’re looking for some additional perks, compare other secured credit cards until you find the right card for your financial needs.