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Green Dot Platinum Secured Credit Card

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    Green Dot Platinum Secured Credit Card

    ConsumerAffairs Unaccredited Brand

    A Green Dot Platinum Secured Visa credit card can help build or rebuild your credit profile with responsible use. It’s easy to get approved, and there’s no real risk in applying — this issuer pulls a soft credit inquiry so your application won’t negatively impact your credit score. Green Dot reports to all three major credit card bureaus and offers automatic spending alerts and payment reminders. Read verified customer reviews to learn more or submit your own.

    BOTTOM LINE

    The Green Dot Platinum Visa secured credit card is easy to get and doesn’t require a bank account. Cardholders pay an annual fee, but the deposit is refundable.

    PROS

    • Refundable deposit
    • No bank account required
    • Easy application process

    CONS

    • No rewards
    • Annual fee

    Top Green Dot Platinum Secured Credit Card Reviews

    Rated with 5 stars
    Verified Reviewer Verified Buyer

    I also got the secured credit card a few months ago because I was that happy with the debit card. And BONUS I get my paycheck direct deposit 2 days early.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer

    Very happy with my card... Easy to reload. I do wish you could put more than 500 at a time on the card. Easy access to my balance without having to sign in every time.

    Read Full Review
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      Green Dot Platinum Visa secured credit card review

      The Green Dot Platinum Secured Visa works like a regular credit card, but credit lines are equal to the security deposit amounts from $200–$1,000. However, there is a $39 annual fee due before you start using the card that is taken out of your initial credit limit. For example, if you open an account with the minimum $200 deposit, your initial credit limit will be $161.

      The deposit functions as collateral, so your credit limit will always be equal to the amount of your deposit. If you need to increase your Green Dot Platinum credit limit, simply add more money to the security deposit. With responsible use, your credit score should improve enough for an upgrade to an unsecured credit card with a new issuer.

      Green Dot Platinum Visa secured credit card benefits

      Unlike prepaid debit cards, Green Dot Platinum Visa secured credit cards can help those with limited or poor financial histories improve their credit profiles with responsible use. Green Dot Platinum Visa secured credit cards don’t earn rewards, but cardholders enjoy benefits like convenient payments, movile access, prizes.

      • Convienence: Any Green Dot credit card payment or deposit can be made online or inside many popular retailers.
      • Mobile access: Green Dot Platinum Visa secured credit card benefits include 24/7 online account access, automatic spending alerts and payment reminders.
      • Prizes: Green Dot rewards cardholders for responsible credit utilization with prizes and sweepstakes.
      • Global acceptance: For another plus, cardholders can use their Green Dot Platinum Visa secured credit card anywhere Visa is accepted.

      Green Dot Platinum Visa rates and fees

      There’s no set monthly fee, but each month your minimum payment will be either $25 or 2% of your total balance (whichever amount is higher) — this includes past due amounts plus interest and other fees if applicable. The minimum balance will be due at least 25 days after the close of the billing cycle, but you can avoid paying interest by paying your balance in full each month. The fee for the first returned check is waived but will cost $20 for each after that. 

      Green Dot charges cash advance fees to withdraw money from a secured credit card through an ATM (or other financial institution). Green Dot Platinum cardholders are allowed no more than two cash advance transactions in one day, and your maximum cash advance will be limited to half of your credit limit per transaction. However, Green Dot Platinum cardholders can’t make withdrawals from their account’s collateral deposit while it secures the credit card. Keep in mind that you’ll start racking up interest charges on a Green Dot Platinum cash advance the day you make the transaction at nearly 20%. 

      FeeAmount
      Annual fee$39
      Late payment feeUp to $27
      Returned payment feeUp to $27
      Foreign transaction fee3%
      Cash advance fee5% ($5 min.)

      How to apply for a Green Dot Platinum Visa secured credit card

      It’s relatively easy to qualify for a Green Dot Platinum Visa secured credit card. Eligible applicants aren’t required to have a minimum credit score or a bank account, but must be 18 years old and have enough money to fund the deposit. 

      1. Complete an online application: You will be asked to provide your monthly income and expenses, Social Security number, and address. Green Dot will decline applicants if their information is unverifiable. If approved, Green Dot will establish your maximum credit limit based on your application. 
      2. Get card in the mail: After approval, a Green Dot Platinum Visa secured credit should be delivered to you by mail in 7–10 days. Approved applicants have 60 days to fund the minimum $200 security deposit before they must reapply.
      3. Fund security deposit: Bring your new card and enough cash for the initial security deposit to any participating Green Dot partner, 7-Eleven, CVS, Dollar General, Rite Aid, Walgreens or Walmart. Ask a cashier to load to the deposit and activate your card. The Green Dot Platinum Visa secured card should work within a few minutes after the deposit is complete. Be aware that some retailers have $500 limits, you can only make one deposit per store and a $4.95 service charge may apply. You can also mail a check for the deposit at no extra cost, but that will take another 10 days to process.
      4. Use the new line of credit responsibly: Once you have the card, it’s crucial that you stay on top of payments and don’t overspend your credit limit. Since Green Dot Platinum Secured cardholders’ activity is reported to all three major credit bureaus, responsible use will raise your credit score and irresponsible use will decrease your credit score.

      Green Dot secured credit card FAQ

      Can a Green Dot Platinum Visa secured card be used internationally?
      Yes, but keep in mind there will be a 3% foreign transaction fee charged if you make a purchase in another currency with your Green Dot Platinum Visa secured credit card.
      Can you rent a car with a Green Dot Platinum Secured Visa?
      Maybe. Some car rental companies accept Green Dot Platinum Secured Visa credit cards, but not all.
      How can I make Green Dot Platinum Secured Visa credit card payments?
      Green Dot Platinum load locations are Walmart, CVS, 7-Eleven, Rite Aid and Walgreens ($500 deposit limit applies to all retailers except Walmart).

      Is Green Dot Platinum Visa secured credit card worth it?

      A Green Dot Platinum Visa is one of the best secured credit cards for those with no credit, but it can also be used to improve your credit, especially if you don’t already have a bank account. Keep in mind that you must pay your balance in full each month — avoid interest payments and unnecessary fees by paying close attention to your statements.

      Green Dot Platinum Secured Credit Card Reviews

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      Page 1 Reviews 1 - 3
      Rated with 1 star
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      Verified Reviewer
      Original review: Nov. 15, 2019

      Unsatisfactory service; I made a payment on November 8th, 2019, on my secured credit card, when I attempted to use the credit card the next week, it declined. When I called Green Dot to see what the issue was they stated that they had received my payment but my credit amount could not be updated until December 4th, 2019. Yes, almost 30 days later, I was appalled at this response. The person I spoke with stated that there wasn't anything he could do but she agreed that that was unacceptable.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Sept. 11, 2019

      Do not use this company. All the customer service reps are nasty, if I ask questions they are so rude. Sally and Jessica answered the phone. Both times they acted like they could not hear me and hung up. I got nowhere with them. They didn't even report my payments. Beware!!! They don't train the staff.

      2 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 26, 2019

      My card was stolen and I can’t get anyone on the phone a Platinum Green Dot to cancel it. They take money out of my checking the same day the return the money three days after the charge me a bounce check fee. Green Dot Corp sucks and I would never recommend Green Dot Platinum credit card nor debit card to anyone. I hope the get a class action lawsuit against them and go out of business.

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      Green Dot Platinum Secured Credit Card Company Information

      Company Name:
      Green Dot Platinum Visa Secured Credit Card
      Website:
      www.greendot.com
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