Obtaining a secured credit card is a great way to build your credit history. In fact, MyFICO (the consumer website for FICO credit scores) recommends it.сфк
But even if this is your first time building credit – or you have bad credit – it’s important to pick the right secured card.
Finding a secured credit card with low costs and solid customer support is ideal. That way you can work towards the credit score of your financial dreams in a manageable way.
So if you’re shopping around for a secured credit card, check out our Green Dot primor Visa Gold Secured Credit Card review below. This could be the secured card to help you take your credit to the next level.
Green Dot primor Visa Gold Secured Credit Card review
There are several pros to using this secured Visa credit card:
- It has a very low purchase APR.
- There’s no fee to apply.
- There’s no penalty interest rate.
However, there are also several cons to using this card:
- You can’t request a balance transfer with this card.
- This card has a relatively high annual fee.
- You’ll have to manage and pay your credit card on two separate online platforms.
Green Dot products
The primor secured card, provided by Green Dot, is one of several products the financial company offers. Green Dot also offers reloadable prepaid debit cards online and at participating retailers.
Green Dot prepaid debit cards can be reloaded with cash or check, through a bank transfer, or via direct deposit from an employer or from a tax refund. They are an alternative to traditional banking that allows faster access to paychecks. You do not have to worry about overdraft or bounced check fees and can earn 5% cash back when using your debit card at stores nationwide. However, you’ll pay a $7.95 monthly fee for each month you do not make at least $1,000 in purchases on your card.
Using the Green Dot primor Visa Gold Secured Credit Card review online platform
If you sign up for this secured Visa credit card, you will manage your account at Green Dot Credit. You can make payments, review statements, and view recent transactions on the online platform. You can also deposit funds to increase your credit limit.
Green Dot primor Visa Gold Secured Credit Card interest rates and fees
This Green Dot primor Visa Gold Secured Credit Card comes with a low purchase APR but a high annual fee. Here’s a breakdown of costs and fees to consider:
- The purchase APR is 9.99%.
- The annual fee is $49.
- A replacement card or an additional card is $29.
- Late fees are $29.
- An increased credit limit or upgraded card is $49.
- The cash advance APR is 18.99%.
- The cash advance fee is either $5 or five percent, whichever is more.
- A three percent fee is charged for foreign transactions.
Since all fees are charged to your account, you will pay interest on them if you don’t pay them in full by the end of the billing cycle.
The interest rate on the fees isn’t the same as the purchase interest rate. Instead, the interest rate on fees is the same as the interest rate on cash advances, which is double the rate.
Green Dot primor Visa Gold Secured Credit Card eligibility requirements
Since the annual $49 fee is charged to the card, you can either pay it off within the billing cycle at no interest or pay it off slowly if you need more time.
Remember, the credit limit on the card will equal the security deposit you put down. Additionally, your credit limit for cash advances will be half of the credit limit on your card.
Green Dot customer service
The primor Visa® Gold Secured Credit Card is offered by Green Dot. According to Better Business Bureau (BBB), the bank is doing quite well and has been given an “A” score.
This score means Green Dot has gotten 3.5 out of five stars based on specific factors. This includes complaint volume, unanswered complaints, transparent business practices, and more.
As for the Green Dot Primor Secured Visa Gold Card secured card, the card has received mostly popular reviews from customers. However, there have been some complaints about high fees, unhelpful or unfriendly customer service representatives, and long delays in returning deposited funds.
More about Green Dot
Anyone who had this Visa secured credit card years ago knew it as the card developed by First Choice Bank. The card was then acquired by Berkshire Bank at the end of 2016 before Green Dot became the card provider on September 1, 2017. Green Dot also manages the associated direct deposit account.
Green Dot has been in business since 1999 and is one of the country’s leading providers of prepaid debit cards with millions of customers nationwide. It is headquartered in Pasadena and its mailing address is P.O. Box 5100, Pasadena, CA 91117.
Green Dot and primor Visa Gold Secured Credit Card contact info
Green Dot products are sold at tens of thousands of retail locations including Kroger, CVS, Rite Aid, Walgreens, and many other retailers.
If you have a primor Visa Gold Secured Credit Card, the number to call for customer service is (866) 795-7597. You can also manage your Green Dot card online.
Final word on using a secured credit card to establish credit
In case you’re interested in learning how to use a secured credit card to establish credit, here’s advice from the Director of Public Education for Experian, Rod Griffin.
- Make sure the secured card you want will be reported to at least one of the national credit reporting companies or else the card won’t help you build a credit history.
- Your account will need to be open and active for at least three to six months before it will be included in credit score calculations.
- Make a small purchase each month on the card and then pay it in full to build credit while avoiding debt.
- If you can’t pay off your card each month, don’t let your balances exceed 30 percent of your credit limit.
- Remember that failing to pay on your secured account will be reported as a delinquency on your credit report.
- The amount of time it takes for the secured account to help your credit score will depend on your unique credit history.
“Opening an account, whether secured or unsecured, may not be the best strategy if you’re trying to rehabilitate your credit history,” Griffin said. “Get a credit score and the risk factors that go with it. Those factors will tell you what you need to work on to improve your credit most quickly.”
And if you’re working to pay down high debt? Then you might want to think twice before getting a secured credit card, according to Griffin. Your score will improve more by paying your debt down.
No matter what you end up doing, just make sure it’s the right thing for your current needs and your future goals.
Shannon Insler contributed to the reporting for this article.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|