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
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
Making payments on the phone or at retailers comes with fees
No credit card rewards
Replacement card fee
- 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.
- 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
Motivated to create positive credit history
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.
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.
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.
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.