- Good credit or bank account not required
- Your application will not impact your credit score
- Initial security deposit can be as low as $200
- Raise your credit score with responsible card use
- See additional Green Dot Visa® Secured Credit Card details
Reviewing The Green Dot Platinum Visa Secured Credit Card
There are millions of people in the United States today who do not have a bank account. These “unbanked” consumers have challenges when trying to build their credit profile. The Green Dot Platinum Visa Secured Credit Card is one of the few cards on the market where the consumer doesn’t have to have a bank account. If you are looking to start building or re-establishing credit, this is a card to consider. The Green Dot Platinum Visa Secured Credit Card is issued by Green Dot Bank.
Main Benefits Of The Green Dot Platinum Visa Secured Credit Card
Unlike a number of secured cards, consumers do not need to have a bank account in order to be approved for the The Green Dot Platinum Visa Secured Credit Card. In addition, good credit is not needed for this card.
There are no monthly or one-time fees on the card, although there is an annual fee of $39.
The Green Dot Platinum Visa Secured Credit Card application process is easy due to the online form, and consumers should hear whether they are approved very quickly.
The amount of your credit line will be dictated by the amount of your security deposit. There is a minimum deposit of $200. The security deposit is fully refundable once you close your account and pay off your balance in full.
All three major credit bureaus will be informed about your account activity on a monthly basis. Therefore, smart use of your account could help increase your credit profile. This can be especially helpful to people who are trying to establish or re-establish credit.
You should have no trouble using the card anywhere in the United States since the card is backed by Visa.
Main Drawbacks Of The Green Dot Platinum Visa Secured Credit Card
Some secured cards on the market do not carry an annual fee. This card’s $39 annual fee is something to weigh when analyzing different cards.
The Green Dot Platinum Visa Secured Credit Card has an APR of 19.99%, so interest payments can really add up if you carry a balance from one month to the next.
There is a charge to make a deposit or a same-day payment at retail store: it may cost up to $4.95.
If you use a secured card properly, you may finally be able to qualify for an unsecured card, one without a security deposit. Green Dot Bank does not currently offer an unsecured credit card, so consumers cannot be upgraded by this bank.
Who The Green Dot Platinum Visa Secured Credit Card Is Right For
Consumers who have no bank account may want to take a serious look at this card. In addition, any secured card that reports to all three national credit bureaus offers a consumer the chance to build their credit with prudent use. And The Green Dot Platinum Visa Secured Credit Card is one of those cards. While there is a fairly significant interest rate of 19.99% and a $39 annual fee, there are no on-going monthly or processing fees.