Green Dot Platinum Visa Credit Card Review

Full Review of Green Dot Platinum Visa

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.

Who This Card Is Best For

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 2022 U.S. Credit Card Satisfaction Study.

You can contact customer service with any questions about this card by calling 866-291-0818. Green Dot Bank itself has a simple mobile app.

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, potentially more. 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.