Green Dot Platinum Visa Secured Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 19.99%;
  • Purchase intro APR: None;
  • Rewards: None;
  • Annual fee: $39;
  • Late fee: Up to $27;
  • Credit score: Any (300 and up).
  • Compare cards here.

Benefits

  • No credit check: If your credit card applications have been denied because of your less-than-perfect credit history, your chances of qualifying for a Green Dot Platinum Visa are better. The card issuer doesn’t run your credit and will evaluate your income instead.
  • Rebuild your credit: Your payments will be reported by Green Dot to all three credit bureaus. Make your payments on time to see your FICO score gradually improve.
  • Several card payment options: Green Dot is best known for its prepaid debit cards, which can be topped off at retailers nationwide. You can make online card payments for free from your linked bank account or mail in a check or money order. If you don’t have a bank account, visit a Green Dot location to pay your secured Visa for a fee of $4.95. The funds will be credited to your card account within minutes.

Drawbacks

  • Fees: A Green Dot Platinum Visa secured credit card comes with a variety of fees you’ll only find in the fine print. Besides the annual fee of $39 and the late fee of up to $27, they include:
    • In-person payment fee at a Green Dot location: $4.95;
    • Foreign transaction fee: 3%;
    • Returned payment fee: $27;
    • Card replacement fee: $10;
    • Expedited card delivery fee: $30;
    • Phone payment fee: $4.
  • No perks or rewards: The Green Dot Platinum Secured Visa doesn’t come with a rewards program. You won’t be able to earn points redeemable for cash back, merchandise, or travel. 
  • The credit limit may be small: You may only be approved for a credit limit of $161 ($200 minus the $39 annual fee), although you can request a credit limit increase after establishing a history of on-time payments.

What Can You Expect From the Green Dot Platinum Visa Secured Card?

Secured credit cards work similarly to a standard, unsecured credit card. Here’s a closer look at the Green Dot Platinum Visa Secured card.

No Credit Check

Unlike most credit card issuer, Green Dot won’t check your credit to approve you. The card issuer factors your income instead of credit score. This also protects your FICO from dropping a few points after an inquiry on your credit report.

Security Deposit Required

You’ll need to pay a deposit equal to the credit limit amount you’re approved for. The amount will be refunded (minus any outstanding fees or balance) when you close your account.

Use It Anywhere Mastercard Is Accepted

A Green Dot secured Visa works just like a regular credit card. You’ll be able to pay with it anywhere Mastercard is accepted.

Activity Reported to the Credit Bureaus

Card payments are due every month if you carry a balance. Green Dot will report your activity to the credit bureaus, so make sure your payments are scheduled on time to boost your credit score.

Manage Your Account Online

You can view your transactions, manage your card, and make payments through Green Dot’s website. If you tend to forget to make your payments on time, you can schedule automatic card payments each month from the online portal.

Request a Credit Line Increase

You may only be approved for a small credit limit of $161 at first, but may request a credit limit increase online after you build a track record of on-time payments.

Who Should Get the Green Dot Platinum Visa Secured Credit Card?

Green Dot offers customers the convenience of a prepaid debit card, which can be used anywhere credit cards are accepted. The problem is, a prepaid debit card doesn’t help your credit score.

A Green Dot Platinum Visa Secured credit card is available for the majority of applicants, even if they have bad credit, as long as they have verifiable income. You’ll have to put down a security deposit, though, but it may be a good trade-off to rebuild your credit. Your payments and activity will be reported to the three credit bureaus.

Spend responsibly and make your card payments on time. Doing so will increase your credit score and save you from fees such as a late fee of $27. If you don’t have a bank account to make payments from for free, mail in your check or money order early so it’s credited to your account on time. Otherwise, you’ll need to visit a Green Dot retail location every month and pay $4.95 to make a card payment.

Compare other secured credit cards and learn more here.


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