Green Dot primor® Visa® Gold Secured Credit Card Review

Please Note: Information about the Green Dot primor® Visa® Gold Secured Credit Card has been collected independently by TheSimpleDollar.com. The issuer did not provide the details, nor is it responsible for their accuracy.

The Green Dot primor® Visa® Gold Secured Credit Card can help get you on the path to improved creditworthiness. There is no minimum credit score required for acceptance, and the odds of approval are favorable for all types of applicants. Like most secured card options, the Green Dot primor® Visa® Gold Secured Credit Card requires you to put down a cash deposit that will equal your credit limit. The initial deposit requirement is reasonable and compares similarly to other secured cards on the market.

The card reports to all three major credit bureaus, so timely payments will ultimately help you achieve the goal of restoring or building credit. While it would be best to pay your balance in full each month, the card’s annual percentage rate (APR) isn’t detrimental since it’s relatively low. If you have money saved, you can leverage those dollars to snag a high credit limit (up to $5,000). Using this card responsibly can lead to bigger and better things, like an unsecured card or the ability to obtain lower rates on auto loans or personal loans.

What we like about the Green Dot primor® Visa® Gold Secured Credit Card

• On all purchases, you’ll receive a low APR
• The application process will only take a few minutes, and approval won’t require a credit check
• You can deposit as little as $200 to secure a credit line and get started with your Green Dot primor® Visa® Gold Secured Credit Card
• You’ll receive up to $100,000 in coverage for accidental death or injuries while traveling
• This card reports balances and payments to all three major credit bureaus, so you can get on the fast track to improving your credit

Things to consider

• While the annual fee might seem small, the cost can eat into the purchasing power of cardholders with lower credit lines
• The card will be accepted by merchants who take Visa, but using it abroad will charge a 3% fee on every purchase
• Cardholders intent on rebuilding their credit will have to find another source to gauge the positive impact on prudent use of the card
• A low APR might help facilitate some larger purchases but you won’t earn any miles, cash back or points on purchases
• You won’t be able to transfer a balance or enjoy special rates on purchases made with the card in the first several months of ownership

Green Dot primor® Visa® Gold credit building details

The Green Dot primor® Visa® Gold Secured Credit Card’s main advantage lies in its ability to move cardholders up the ladder to more appealing credit card options. If you have the cash to set aside, you can leverage a credit line of up to $5,000, and in certain circumstances, the issuer will grant you a credit line beyond the amount of your security deposit. That gesture could help your cash flow, but it will require a fee. A secured option simultaneously helps you restore credit, while guiding you toward establishing an emergency fund. If you progress to an unsecured card, your returned deposit will give you a leg up on savings goals.

Green Dot primor® Visa® Gold fees

Right off the bat, you’ll pay a moderate annual fee but it doesn’t stop there. In addition to the card’s foreign transaction fee, you’ll incur a fee on cash advances with a 5% fee or $5 minimum charge, whichever is greater. If you ever pay your bill late, you’ll incur an additional up to $29 charge — but luckily, your purchase APR won’t go up. Most of these charges apply to cards in the unsecured category, but this card’s lack of rewards gives you no means to negate an annual fee or an occasional cash advance expense.

How does it compare to other secured cards?

The Green Dot primor® Visa® Gold Secured Credit Card requires a low minimum deposit and helps individuals build credit or ascend to higher levels of creditworthiness. The low APR won’t be prohibitive should you decide to carry a small balance from month to month. If you’re averse to fees and want to grow your credit line over time, you might opt for the Capital One Platinum Secured Credit Card, which charges no annual fee and rewards you access to a higher credit line with responsible behavior. If you want to keep tabs on your credit score, the Citi® Secured Mastercard® gives you unfettered access to your progress by offering free credit reports.