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The Green Dot primor® Visa® Classic Secured Credit Card is a secured credit card for those looking to build or repair their credit history. The card is issued by First Choice Bank, which is a newer regional bank founded in 2007.
Cardholders then use the card just like any credit card, and the deposit cannot be used for the monthly payment. The deposit is refundable. The card is issued by Visa and is widely accepted, meaning the card can be used anywhere Visa is accepted.
The card can be used by anyone in the US, but potential cardholders will need to make a savings deposit with First Choice Bank to open the Green Dot Primor Visa Gold Secured Credit card. The minimum is $200 and maximum is $5,000.
- No Credit Check
- Low APR & No Penalty
- Deposit in a Savings Account
- Easy Approval
- Reports to Bureaus
- Low Starting Deposit
- Delayed Accrued Savings
- No 0% APR Introductory Rate
- No Rewards
- Delayed Withdrawal
- Foreign Transaction Fee
- Annual Fee & Other Fees
- Better Options for Building Credit
In This Review..
Let’s take a look at the benefits of the Green Dot Secured card and see if it’s the right one for your wallet or not.
Green Dot Primor Visa Gold Secured Credit card allows potential cardholders to apply for the card without a credit check. Applying for the card will not affect your credit.
Green Dot Primor Visa Gold Secured Credit card rate is 13.99% (Fixed) , which is way below the average credit card on the market. This is due to the fact that the card is secured by your cash. If you think you are going to carry balances, this is the card to use.
Also, Green Dot Primor Visa Gold Secured Credit card does not have a penalty interest rate if you are late. Many credit cards on the market will jack up your interest rate if you are late or delinquent.
Green Dot Primor Visa Gold Secured Credit card funds are deposited in a savings account that is FDIC insured and earns a small amount of interest.
If your income is at least $100 more than your expenses, you’re almost guaranteed approval. There is no credit check and a simple application process.
Even with terrible or no credit history, you will be approved. The card is issued after an initial deposit into a savings account.
Green Dot Primor Visa Gold Secured Credit card is designed for those with limited or poor credit, so it is a benefit that it reports to all three of the major credit bureaus.
Make all payments on time if you want to build your credit. This will help the cardholder build a credit history.
Green Dot Primor Visa Gold Secured Credit card allows for a deposit of just $200. If you are looking to rebuild credit and do not have a lot of money, you can start with just $200 with the Green Dot card. You can also build your credit limit with depositing more money. The limit is raised in $50 increments.
Here are the most important cons you should consider before apply:
Cardholder must deposit money in a savings account to get the Green Dot Primor Visa Gold Secured Credit card, but unlike many savings accounts that payout increases once a month you have to wait 12 months for the savings to be deposited in your account.
Green Dot Primor Visa Gold Secured Credit card does not offer an introductory rate like many cards on the market.
If you need or are looking for an introductory rate you will have to look at other offerings. It makes sense that they do not offer this because you need to secure the card with your money first.
Many cards on the market offer rewards for spending, such as cashback rewards, points, or travel rewards.
The Green Dot Primor Visa Gold Secured Credit card does not offer any rewards. Its main purpose is to help consumers rebuild credit.
If you would like to withdraw cash from your security deposit it will take time and require the bank’s approval.
Green Dot Primor Visa Gold Secured Credit card has a 3% foreign transaction fee. If you want to avoid this fee, leave this card at home when traveling abroad for one that does not have a fee.
Green Dot Primor Visa Gold Secured Credit card has a $39 annual fee for cardholders. That is high for a secured credit card. It may be lower than many cards on the market, but most cards on the market with an annual fee have rewards and cash back bonuses.
There are dozens of other products and services that help borrowers build credit. Many of these options are cheaper. There are secured credit cards that do not have annual fees, but may have higher interest rates.
How To Apply For Green Dot Primor Visa Gold Secured Card?
Visit the Green Dot Primor Visa Credit Card homepage and click “Apply Now.”
This takes you to the next page, where you should fill in your “Personal Information” such as your Names, date of birth, etc.
Then you’ll need to fill some financial info about yourself, such as income and social security number.
Lastly, ensure you read through the agreement to know your eligibility, fees, costs, rates, etc.
Then click on “Continue” to complete the process.
Is the Green Dot Secured card Right for You?
The Green Dot Primor Visa Gold Secured Credit card’s main purpose is to help consumers rebuild or build their credit. This card is secured by a refundable deposit which determines the cardholder’s credit line.
This can be as high as $5,000. Applying for this card does not affect your credit because they do not do a credit check. As long as your income is $100 more than the expenses you should be approved.
The Green Dot Primor Visa Gold Secured Credit card reports your on-time payments to all 3 major credit bureaus, but they also report any missed payments or derogatory actions on your credit card to the credit bureaus.
Compare The Alternatives
There are more secured cards – here are some good alternatives to the Green Dot card: