GET.com's Review of Green Dot primor® Visa® Gold Secured Credit Card
|Highlights||Credit Card Feature|
|Things We Like||Very low interest rate|
|Our Least Favorite||High annual fee|
|Our Verdict||Good secured card as long as you make your monthly payments on time|
- Credit lines available from $200 to $5,000! Super Low Fixed 9.99% 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
Green Dot primor® Visa® Gold Secured Credit Card is a secured card for people with bad or no credit that want to increase their credit score. Although this card has a $49 annual fee, it can help you build your credit and offers a low 9.99% fixed APR. Issued by Green Dot Bank, this Visa card might be an option if you want to build your credit.
Things We Like About Green Dot primor® Visa® Gold Secured Credit Card
Enjoy 9.99% fixed APR on your purchases. This is a very low interest rate, and it's my favorite thing about this card. If you happen to hold a balance you won't have to pay too much on interest rates compared to other cards. Another thing I like about this card is that this interest rate won't increase if your payments aren't made on time, as there is no penalty interest rate. However, you won't have to pay any purchase APR at all of you pay off your balance on time and in full.
Increase your credit score by making timely payments. This card reports to all three main credit bureaus in the US, so if you make timely monthly payments, you may increase your credit score over time because of being a responsible cardholder.
No processing or application fees. You won't have to pay any application fee when applying for this card or while your information is being processed. This will save you money, especially if for some reason you end up not getting approved for this card.
Application is fast and easy, and the process can be done in minutes. When applying you can even get approved for this card if you have bad or no credit history.
Earn interest on the money you deposit in your savings account. To use this Secured Gold Card you must open a savings account and deposit the amount of cash equal to your credit limit. You will receive 0.15% APY on the money that you deposit in this Savings Account. Keep in mind that you must deposit a minimum of $200 and a maximum of $5,000. Most other cards like this do not let you earn interest on your security deposit.
Enjoy a line of credit between $200 and $5,000. You will automatically have a $200 line of credit once you deposit this quantity to your savings account, and may increase your line of credit when depositing more money to your account in $50 increments. Keep in mind that your credit limit will increase if you are deemed as able to make your monthly payments on time.
You will only be liable to pay up to $50 if fraudulent transactions are charged to your card. This fraud liability only applies until you notify the issuer of your card being lost or stolen. After you've informed the issuer, you won't be liable for any fraudulent transactions charged to your account.
You can make deposits to your savings account at any time. You can deposit money to your savings account at any moment, as long as the total amount you deposit doesn't exceed $5,000. However, you can't withdraw your money from this savings account without the issuer's consent.
Our Least Favorite Things About Green Dot primor® Visa® Gold Secured Credit Card
$49 annual fee. This annual fee is slightly larger than the $39 annual fee you must pay with Green Dot primor® Visa® Classic Secured Credit Card, however, if you prefer a card with a low purchase APR this Gold Card card may be more convenient, as the 9.99% fixed APR for purchases on this card is lower than the 13.99% fixed purchase APR you get with the Classic Card.
You can't withdraw money from your savings account without the issuers consent. If you want to withdraw cash from your savings account at any given moment you won't be able to do so, unless Green Dot Bank authorizes the withdrawal.
You don't earn rewards on your spending. When making purchases with this card you won't earn points, cash back or miles, however, most secured credit cards don't have this option.
How Other Cards Compare With Green Dot primor® Visa® Gold Secured Credit Card
|Regular APR:||9.99% (Fixed)|
|Credit Required:||Limited/No Credit|
|Regular APR:||10.74% (Variable)|
|Credit Required:||Bad Credit|
Green Dot primor® Visa® Gold Secured Credit Card is a good secured card as long as you make your monthly payments on time. If there's any chance that you're going to hold a balance, consider this card. The low 9.99% fixed APR makes this card ideal to those of you who don't pay your balance in full at the end of the month, but want to improve your credit score.
As this card has a $49 annual fee, I would only recommend this card to those of you who are looking for a card with a low 9.99% fixed APR, if not you might consider getting Green Dot primor® Visa® Classic Secured Credit Card, which has a lower annual fee of $39.
One thing I like about this card is that you'll earn interest on the amount you deposit in your savings account, while building your credit history.
See more Green Dot primor credit cards.