Credit Cards Credit Card Reviews

Green Dot Platinum Visa Credit Card Review

overall rating
2.3

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The Green Dot Platinum Visa Credit Card is a secured credit card that doesn’t require a credit check when you apply. The card reports your credit activity to the three major credit bureaus, making it possible to build or rebuild a credit history. Credit limits range from $200 to $5,000, based on card issuer approval and the submission of an equal security deposit. The card comes with a $39 annual fee.

Green Dot Visa® Secured Credit Card

Overall Rating
2.3
Green Dot Visa® Secured Credit Card
On Green Dot Bank's Secured Site.
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 19.99% fixed
Annual Fee $39
Minimum Deposit to Activate $200
Pay deposit in installments No
Allows upgrade to unsecured card No
Rewards Earning Rate This card does not offer a rewards program.
how this card stacks up
When compared among all secured cards in our database:
Secured Features
Security/Customer Experience
Low Interest
Rewards
Benefits
worst best

The Green Dot Platinum Secured Visa Card is not one of Investopedia's top rated rated secured cards. Please see our list of the best secured credit cards for what we consider to be better options.

Full Review of Green Dot Platinum Visa

Pros
  • Can make security deposit or payments at participating retailers nationwide

  • Credit limit of up to $5,000 with equal security deposit and issuer approval

  • No credit check when applying for the card

  • Reports to the three major credit bureaus

Cons
  • Annual fee

  • Making payments on the phone or at retailers comes with fees

  • No credit card rewards

  • Replacement card fee

Pros Explained

  • Can Make Security Deposit or Payments at Retailers Nationwide: People who are trying to establish credit but don’t have a bank account may not have a way to make an initial deposit or their monthly credit card payments other than with cash. With this card, you can make cash payments at participating retailers nationwide, like 7-Eleven and CVS. There is a fee for the service, but it could be worth the convenience.
  • Credit Limit of up to $5,000 with Equal Security Deposit and Issuer Approval: Some secured credit cards come with credit limits of just a few hundred dollars. That can make maintaining a reasonable credit utilization ratio difficult even though it is an important factor in your credit score. This card allows you to have a credit limit of up to $5,000 as long as you’re approved and put down a security deposit of the same amount.
  • No Credit Check When Applying for the Card: You don’t have to worry about passing a credit check to get this credit card because the issuer won’t check your credit. That can also help avoid the small credit score ding usually associated with hard inquiries
  • Reports to the Three Major Credit Bureaus: Those looking to build or rebuild their credit score will be happy this card reports credit activity to the three major credit bureaus, Equifax, Experian, and TransUnion. But practicing good credit behavior—such as paying bills on time—will be essential so the reported credit activity affects your score in a positive way rather than a negative one.

Cons Explained

  • Annual Fee: This card charges a $39 annual fee. Even though annual fees are typical for secured credit cards, it is possible to find cards that don’t charge one.
  • Making Payments on the Phone or at Retailers Comes With Fees: It’s always good to have options for making your payments, as well as your initial security deposit. Green Dot offers free online-based payments. If you make your payments over the phone, there is a $4 fee per transaction. Additionally, payments made at participating nationwide retailers will cost you $4.95 each.
  • No Credit Card Rewards: Credit card rewards are rare on secured credit cards, but they do exist. This card doesn’t offer any.
  • Replacement Card Fee: If you lose your card or it’s stolen, the Green Dot Platinum Visa Credit Card requires you to pay a $10 fee to get a replacement. There is an exception for expiring cards, though. If you need the card shipped to you in an expedited fashion, you’ll have to pay a $30 fee. Most other credit cards don’t charge for a replacement card.

This Card is Best For

  • Avatar for Credit Builder Persona
    Motivated to create positive credit history
    Credit Builder

The Green Dot Platinum Visa Credit Card may be a good fit for those looking for a secured credit card to help build or rebuild their credit score. The card doesn’t require a credit check, which means people who have negative information on their credit report don’t have to worry about clearing the credit report hurdle. 

This card could be ideal for someone who can’t make online payments and prefers to make payments in person at participating nationwide retailers, even though there is a $4.95 fee per transaction. People who can make online payments without a problem may be able to find a better secured credit card that doesn’t charge an annual fee.

Cardholder Experience

Green Dot is the issuing bank of the Green Dot Platinum Visa Credit Card. It was not ranked in J.D. Power’s 2019 U.S. Credit Card Satisfaction Study. 

You can contact customer service with any questions about this card by calling 866-795-7597. While Green Dot Bank does have a mobile app, the description states it is only for debit card and bank accounts, rather than a Green Dot credit card.

Security Features

The Green Dot Platinum Visa Credit Card provides security features that fall in line with the industry’s standards.

Fees to Watch Out For 

Making a payment on your card can result in fees. While online payments are free, paying over the phone costs $4 per transaction and paying at a retailer will cost you $4.95.

Additionally, replacing your card will cost you $10 for any reason except when it expires. If you ask for a replacement card to be expedited, there is a $30 expedited delivery fee. Finally, don’t forget about this card’s $39 annual fee since it is possible to find secured credit cards with no annual fee.

Our Verdict

The Green Dot Platinum Visa Credit Card is a secured credit card option for people looking to start building or rebuilding their credit. It reports your credit activity to the three major credit bureaus. This card could work well for those who need to make their security deposit and credit card payments at retailers. That said, you’ll have to pay a $4.95 fee each time you make a payment that way.

If you have a bank account or another convenient way to send your security deposit and monthly payments directly to the issuer, other secured credit cards that don’t come with as many fees may be a better option. Some other secured credit cards, such as the Discover it Secured card, even offer credit card rewards.

Apply Now
For Green Dot Visa® Secured Credit Card
on Green Dot Bank's Secured Site.
Compare This Card
See how this card compares to similar cards
CURRENT CARD
Green Dot Visa® Secured Credit Card
overall rating
2.3
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 19.99% fixed
Annual Fee $39
Minimum Deposit to Activate $200
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.