Green Dot Launches Secured Credit Card
Green Dot announced the launch of its first credit card, the Green Dot Platinum Visa Secured credit card.
The Center for Financial Services Innovation (CFSI) estimates that nearly 108 million Americans either do not have credit or have a low score that prevents them from qualifying for affordable credit. The Green Dot Secured credit card is geared toward these consumers.
The new secured card will have an interest rate of 19.99%, and an annual fee of $39. The credit lines will range from $200 to $1,000.
The card is backed by a security deposit at Green Dot Bank, so almost anyone can apply and be approved. No bank account is required, and customers can fund their security deposit with cash. Payments can be made at any of Green Dot’s nearly 100,000 retail locations, and positive payment performance will be reported to major credit bureaus, so cardholders can build a better credit history.
“The Green Dot Platinum Visa Secured Credit Card is just another way Green Dot Bank is helping to open the door to financial inclusion for millions of low and moderate income Americans,” said Lew Goodwin, President of Green Dot Bank.
Other card benefits include the ability to pre-qualify without impacting a consumer’s credit score and free online account management and bill pay.