GET.com's Review of Green Dot primor® Visa® Classic Secured Credit Card
|Highlights||Credit Card Feature|
|Things We Like||No processing or application fees.|
|Our Least Favorite||You have to pay an annual fee|
|Our Verdict||Good card to increase your credit score|
- Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
- No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
- Helps strengthen your credit with responsible card use. Reports to three national bureaus
- Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
- Intro APR
- Annual Fee
- Regular APR
- Credit Required
No credit check
Green Dot primor® Visa® Classic Secured Credit Card, issued by Green Dot Bank, is a secured credit card that can help you build or increase your credit score, while earning interest on the money deposited in your savings account.
As there are many secured credit cards to choose from, here is a brief rundown of the main pros and cons I've found about this card, which may help you decide if Green Dot primor® Visa® Classic Secured Credit Card is right for you.
Things We Like About Green Dot primor® Visa® Classic Secured Credit Card
No processing or application fees. You won't have to pay any application or processing fees when applying for this secure card.
Application is fast and easy, and the best part is that you can be approved for this secured card regardless of your credit history, or lack of it.
Improve your credit score. This card reports to all 3 nationwide credit bureaus, so if you are a responsible cardholder your credit score may increase over time.
Choose your credit limit between $200 and $5,000. Your credit limit will be the same amount of money that is deposited in your account, starting at $200. This amount cannot be less than $200 or more than $5,000. You may also increase your line of credit up to $5,000 by making additional deposits in your savings account, which you can make in $50 increments. Your credit limit may increase as long as Green Dot Bank deems that you're able to make your minimum payments in a timely manner.
Earn interest on your savings account.You will earn 0.15% APY on the money you deposit in your savings account during the first year. After the first year the interest you will earn may vary. However, to receive this interest on your savings you must always have at least the amount of your credit limit deposited in your savings account. This means that if you have a $500 credit limit, you must always have $500 in your savings account to earn interest.
Make deposits in your savings account at any time. These deposits must be made in $50 increments. Keep in mind that while you can deposit money in your account at any time, you can't withdraw from the account without the issuer's consent.
Low fixed interest rates. You'll enjoy a low regular purchase APR of 13.99% that is fixed, and there is no penalty rate.
Fraud liability will not exceed $50 . If fraudulent transactions are made with your card, you won't be liable for more than $50 spent fraudulently as long as you inform your card issuer of the incident. After you contact your issuer, either by phone or by snail mail, you won't be liable for other fraudulent transactions.
Our Least Favorite Things About Green Dot primor® Visa® Classic Secured Credit Card
$39 annual fee. You must pay this annual fee every year you have this card. However, this annual fee is quite low if you compare it to the annual fee most other secured credit cards have.
You don't earn rewards on your spending. You don't earn cash back or rewards when you make purchases with your card.
You can't make withdrawals from your account without the issuer's consent. While you can deposit cash to your savings account at any moment, you can't make withdrawals without getting the consent of Green Dot Bank.
How Other Cards Compare With Green Dot primor® Visa® Classic Secured Credit Card
|Regular APR:||13.99% (Fixed)|
|Credit Required:||No credit check|
|Regular APR:||14.74% (Variable)|
|Credit Required:||Bad Credit|
Green Dot primor® Visa® Classic Secured Credit Card is a simple choice for those of you who would like to increase your credit score, or build one from scratch if you don't have one already. Despite not offering rewards on your spending, this card allows you to earn interest on the money you place in your savings account, which is a nice perk.
One of my favorite things about this card is that you don't have to pay any application or processing fees when applying for this card, as in my opinion, that would be a waste of money. There is, however, a $39 annual fee that you must pay to simply use this card, although having an annual fee is pretty normal when it comes to secured cards.
If you want to build or improve your credit score and enjoy a line of credit between $200-$5,000, Green Dot primor® Visa® Classic Secured Credit Card might be an option to consider.
See more Green Dot primor credit cards.