Green Dot Bank Credit Cards

Green Dot Bank Credit Cards

Green Dot is the world’s largest prepaid debit card company. Green Dot also operates as a payment platform, with noteworthy companies like Apple, Intuit, and Uber making use of their technologies. Beyond prepaid products, the Green Dot corporation also offers several secured credit card products.

Green Dot Bank credit cards are cards for bad credit. As such, they require a security deposit. Still, they offer the benefits and protections that come from a full-service credit card. Green Dot credit cards provide cardholders the chance to build a positive credit history with everyday purchases and good financial habits. To date, millions of Americans have taken advantage of Green Dot’s products, including their credit cards.

Features of Green Dot Credit Cards

All Green Dot Bank credit cards have specific characteristics in common. These include:

• All Require a Security Deposit: All Green Dot Cards require a security deposit to open an account. These deposits are placed in a Green Dot bank account. These deposits range from $200 to $5,000, which also acts as the credit limit. Requesting a credit line increase requires an additional deposit.
• Annual Fees: All cards from Green Dot feature an annual fee. The primor® Secured Visa Gold Card charges $49 per year; the primor® Secured Visa Classic Card and the Platinum® Secured Credit Card both have a yearly fee of $39.
• No Penalty APR: Green Dot secured cards lack a penalty APR. This is a great feature, as it means those who miss a payment won’t be punished with a higher interest rate.
• No Over-the-Limit Fees: Since Green Dot offers secured cards, cardholders never have to worry about hidden fees like over-the-limit charges.

Best Green Dot Credit Cards of 2020

• Best for No Credit Check: Green Dot primor® Secured Visa® Classic Card
• Best for Building Credit: Green Dot primor® Secured Visa® Classic Card
• Best for Low Rate: Green Dot primor® Secured Visa® Gold Card

Green Dot Prepaid

Green Dot also offers prepaid cards. Prepaid cards are like both secured cards and debit cards in that they require a deposit. They also enjoy the purchasing power of credit card payment networks, meaning holders can use them anywhere Visa (in the instance of the Green Dot Prepaid Visa® Card) is accepted.

Prepaid cards offer benefits versus credit cards and gift cards. Prepaid cards, for example, don’t require a credit check and are reliable – meaning they are suitable for continual use.

Prepaid cards also have drawbacks to secured credit cards. Because they don’t require a credit check, prepaid cards don’t allow users to build credit. Because of this limitation, many choose secured credit cards for boosting credit scores.

How Do Secured Credit Cards Work?

Secured credit cards are designed for those with poor credit scores, or those new to credit and lacking a credit history. Secured credit cards differ from unsecured cards because they require a security deposit. The security deposit protects issuers in case cardholders’ default or miss payments and acts as the credit limit. With Green Dot credit cards, the minimum-security deposit is $200, while the maximum deposit is $5,000.

While secured cards tend to have higher-than-average interest rates, they aren’t designed for carrying a balance. Instead, secured cards are ideal for those who plan on using their cards for smaller purchases and repaying the entire statement bill in full each month. Because card issuers like Green Dot report payment history to the credit bureaus, doing so will help quickly build a positive credit history on your credit report.

Benefits of Secured Cards

Why are secured cards so popular?

• Those with Bad Credit Can Qualify: Security deposits make these cards more accessible, meaning even those with lower credit scores can apply.
• Build Credit: Paying the balance in full each month, keeping credit utilization below 30%, and other credit building tips can help people improve their credit score significantly.
• Purchase Protection: Since secured cards are full-fledged credit cards, they enjoy the same benefits, protections, and security of Visa and Mastercard products.
• More Transaction Possibilities: Many hotels and car rental agencies require a credit card for bookings. Secured cards allow individuals to place bookings that otherwise might not be possible.

Drawbacks of Secured Cards

Secured credit cards also have drawbacks of which potential applicants should be aware:

• Higher Interest Rates: Secured cards feature high APR. In the case of Green Dot Bank Credit Cards, however, the APR is competitive, at approximately 19.99%.
• Rewards: Most secured cards lack any type of credit card rewards.
• No Access to Deposit: When opening a secured card, the cardholder will lose access to their security deposit until they close the account. This can be an issue for those with tight finances.

FAQs About Green Dot Prepaid Debi and Credit Cards

Here you will find answers to some commonly asked questions about Green Dot Bank products, including prepaid debit cards, credit cards, and more:

How can you remove restrictions or unlock restrictions with your Green Dot Unlimited Visa?

• The easiest way to unlock restrictions with any credit or debit card is by contacting customer service at (866) 795-7969. Some restrictions, however, might not be able to be lifted.

Do you have to renew a Green Dot prepaid card?

• Yes. Prepaid debit cards have expiration dates, meaning they must be renewed on or before the date on your card. Because a prepaid card may still contain loaded funds, contact Green Dot before the date on your card to ensre it is reissued rior to the expiration date.

Browse the Best Green Dot Bank Credit Cards of 2020

We know how hard it is to rebuild credit. This is especially true without the right tools and knowledge. That’s why we strive to provide insightful and impartial credit card reviews, plus informative articles, and advice to guide you.

Ready to start your journey? Let’s find your best card today!