About Green Dot Platinum Secured Credit Card
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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.
Overall Satisfaction Rating
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- Refundable deposit
- No bank account required
- Easy application process
- No rewards
- Annual fee
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.
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%.
|Late payment fee||Up to $27|
|Returned payment fee||Up to $27|
|Foreign transaction fee||3%|
|Cash advance fee||5% ($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.
- 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.
- 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.
- 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.
- 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.
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There are many actions you cannot do with this card. There's no rewards and you do have to pay a $39.00 annual fee. However, if you're wanting to increase your credit score this card will help you do that. Every month you must pay down your credit card so that you owe very little or nothing on the due date. If you do this your credit score will increase little by little. It makes you look less risky if you pay your bills on time each month.
I made a fraud claim, told cut my old card up and I would receive a new card in about 2 weeks. I did, almost a month and a half later no card and no way reach them without card information. $200 lost.
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So this started after 3 months with being with this company, everything was fine. I had my credit established so forth... I get a letter in the mail talking about a "closed account". I panicked and called and called and nobody there to answer. I put my social # in and the card and it's like I don't exist. They just took my $200 without any way to get ahold of them. I'm fighting with them about reopening my account if I can get ahold of the idiots.
Can't give this company less than 1 star rating, but I would if I could. I received an email to send in proof that I was the account holder for my checking account that I was using for payments and once received, it may take up to 10 days after proof is received to validate my information. I sent in the proof less than 8 hrs after I received that email. 6 days later after the initial email was sent, they restricted my account for not responding to the email. I called their customer service, they confirmed that they did receive it and it can take up to 10 days to review and once done, the account will be reinstated. Please note, I had made 2 payments prior (that went through) before all this happened.
They could not explain to me why they restricted my account 6 days after I received that email when it takes up to 10 days to validate my info and they would not unfreeze my account, even though I had funds still available to use which I needed. This is a secured credit card, those funds are mine to use and they would not unlock my account. I then called in a couple of weeks later to cancel the card, only to get a statement over a week later stating I had a minimum amount due. When I called, they stated it was never cancelled. Customer Service is the worst and they need to get their processes/policies reviewed. Will never use them again to get a secured card.
I have been trying to get a hold lifted from my card for about 20 days. I have been waiting for a call back for about 10 days and didn’t receive it. I called them today but was rushed off the phone after the agent kept talking over me. Every time I began to speak she spoke louder over me to quiet me. I finally told her that I would go ahead and get off of the phone because she didn’t seem interested in talking to me. This was supposed to be a supervisor mind you. She told me I could give them a callback Monday “just to see how they were doing with my account.” What a terrible way to service. What a terrible way to conduct business.
PLEASE DO YOURSELF A FAVOR AND STAY AWAY. I have an secured credit card account. I say again "secured". I had a $1000 deposit with $1000 available. One day I checked my account and someone had used my card in 5 different states for $300. I called the number for lost cards and said I wanted to report fraud on my card. The person asked if I had the card and I said yes because I did. Get this.. She then told me she couldn't do anything about it because I had the card. I replied and said, "I need to make sure it didn't continue so just cancel the card number for now", she replied that she couldn't do that. I was blown away by this. Was the dumbest thing I had ever heard. I guess you have to lie and say the card was lost or stolen instead of being honest.
Because it was afterhours I waited to call customer service the next day. Next day I called to start a dispute and get a new card ordered. I was told that the dispute could take up to 10 days, I said ok. In about 2 weeks the credits were given but the available credit was was frozen at 0. I called again and they said that the account was under investigation and it could take 2-3 billing cycles, ???? I said, "What?? 60-90 days are you kidding me??"
In about 2 weeks later I received a letter from GreenDot stating the issue was considered resolved and that same week I received a new card. My account available credit was still frozen at 0. I called again and same story, still under investigation which I knew wasn't true. Keep getting the same response, "We will email the security team to get it resolved". Nothing ever got resolved.
Here we are 3.5 months later and I called back and apparently my account was closed. I actually was calling them to tell me to send me my money bank because I was tired of their crap. They actually closed my account because I am assuming I am a pain fighting for my account to get fixed. I talked to a manager and she told me it could take another 45+ days to get my money back. What a nightmare, never again would I deal with these people. STAY AWAY????
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.
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.
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.
Green Dot Platinum Secured Credit Card Company Information
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- Green Dot Platinum Visa Secured Credit Card
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