By: Heather Hanks July 13, 2020
The Green Dot Primor® Secured Platinum Credit Card can help you build credit over time by keeping your payments low and putting you in control of your finances. You can secure your account by putting down a security deposit of $200 to $5,000. This deposit is fully refundable and serves as your credit limit. Plus, you don’t need good credit or even a checking account to apply.
Green Dot reports to all three major credit reporting agencies to help keep your credit reports uniform. The card comes with an annual fee of $39 and an APR of 19.99% for purchases and cash advances. You can use your Visa card anywhere in the United States and manage your account for free online. Check out our Green Dot Primor® Secured Platinum Credit Card review below for more information.
The Primor® Secured Platinum Credit Card is issued by Green Dot. The company is a banking app that focuses on providing affordable and reliable debit accounts to make everyday finances as easy as possible. The service appeals to those with less than perfect credit. The company operates on a comprehensive platform that builds banking into its brand. They can help you build credit by reporting your activity to all three major credit reporting agencies.
You can also set your own credit limit between $200 and $5,000 to ensure that you can make each payment on time. This is the best way to build credit. Green Dot will work with you, whether you’re a business corporation or an individual seeking to build credit. They have competitive features that make banking more convenient. Plus, they’re a great value, due to their low fees and open transparency policies. In addition to the Primor® Secured Platinum Credit Card, a Green Dot account offers the following:
This can help cover the cost of your monthly subscription and even help you make a profit. You can also use Green Dot to earn 2% on savings, which is one of the highest rates in America.
Keep in mind that you do not need a banking account to open a Green Primor® Secured Platinum Credit Card. However, opening a Green Dot account allows you to put money away for the future in their free FDIC-insured savings account.
The Green Primor® Secured Platinum Credit Card allows you to boost your credit by offering affordable fees and allowing you to pick your credit limit. Your line of credit is secured by a refundable security deposit that you will get back when you close your account as long as you have no pending charges. A secured credit card works just like a regular credit card, except you have to put money down upfront. Green Dot reports your activity to the three major credit reporting agencies. This ensures that you’ll boost your credit, as long as you pick a low credit limit and pay your balance in full on time each month.
The Green Primor® Secured Platinum Credit Card puts you in control of your finances by allowing you to choose your own credit limit. You also don’t need to have good credit or even a checking account open to qualify for this card. It’s the best way to build your credit from scratch or reestablish your credit habits after a few years of financial hardship.
Reporting to all three credit bureaus also ensures that your credit reports will be the same throughout. You may find discrepancies among the three bureaus if your credit card company only reports to one or two. This means you may have to make disputes on your credit report later on.
Here are the terms and conditions of the Green Primor® Secured Platinum Credit Card:
The Green Primor® Secured Platinum Credit Card also offers military benefits. The company makes sure its military customers are aware of the federal servicemembers Civil Relief Act (SCRA) as well as the benefits it offers. This act states that military members on active duty are to devote their full attention to their service by alleviating some of their financial costs. Customers who are on active military duty will receive a lower APR on their Green Primor® Secured Platinum Credit Card on balances that they accumulated before their status change. To qualify for this special rate, you must submit all military paperwork to Green Dot before your active duty status begins. Keep in mind that you will still need to make payments even while on active duty.
The Green Primor® Secured Platinum Credit Card works by extending you a line of credit after you submit a security deposit and then reporting your information to all three credit agencies. The card is ideal for those who are looking to build or rebuild their credit. It looks and operates just like a regular credit card. The only difference is that you need to submit a security deposit to act as collateral before using the card. This deposit needs to be at least $200 (cannot exceed $5,000) and will act as your credit limit. You will get this money back after you close your account as long as there are no pending charges. You must make timely payments each month to boost your credit.
All activity (including late payments) will be reported and will show up on your credit report. Keep an eye on your minimum payments. If the new balance on your monthly statement is less than $25, then your minimum payment due will be the new balance. For example, if your new balance is $25 or more, then your minimum payment due will be $25 or 2% of your new balance (whichever is more). This amount includes fees and interest charges that are past due on your account. You can pay your one-time security deposit by directly depositing it at a retail store and your deposit will be ready within minutes.
If your approved credit is $500 and you deposit less than this amount, then you will have to mail in a check for the rest. This service is subject to a $4.95 fee. You can also submit your security deposit by visiting the company’s website and clicking on the “make your initial deposit” button. You should be able to do this from the app. Your funds will be available within one business day when you use this method. If you mail a check, your funds will be available within 10 days. This security deposit is designed to keep the bank safe in case you default on your payments. Your deposit is due within 60 days from the date your account opens. If you don’t send it in by this time, then your account will be canceled.
If your security deposit is less than the credit limit you were approved for, then you can send this money in later to increase your credit limit. You can add funds to your security deposit online or by sending a check to Green Dot. Keep in mind that your security deposit does not earn interest and there is no cash back associated with this card. However, you can receive cash back rewards when you open an unlimited account with Green Dot. You can also use a Green Dot prepaid Visa card by preloading it. The secure card is accepted anywhere Visa is accepted, but foreign transaction fees will apply if used outside the United States.
The Green Primor® Secured Platinum Credit Card is ideal for anyone looking to build or rebuild their credit. It comes with a lower annual fee and APR than similar offers on the market. The Green Primor® Secured Platinum Credit Card bases your credit limit on your security deposit, which ranges from $200 to $5,000. Keeping your payments low and paying on time is an excellent way to boost credit. This ensures that you will be able to pay in full each month. Your security deposit is also 100% refundable when you close your account as long as it’s in good standing.
There is a low annual fee of $39 to be aware of. However, other secured lines of credit that offer a similar platform require higher fees. This is because Green Dot allows you to qualify even if you have bad credit. Your security deposit acts as collateral as well as your credit limit. There are no other hidden fees, including monthly maintenance fees or one-time fees. Overall, the Green Primor® Secured Platinum Credit Card is the ideal way to boost credit without breaking the bank.
Here are some pros and cons to consider:
You can apply for a Green Primor® Secured Platinum Credit Card online and receive approval within seconds. It’s one of the card’s many features. This card does not require a banking account, which means that you won’t need to spend time inputting banking information. To apply, you will need to enter the following information:
After you enter this information, you’ll be asked to sign a disclosure and collateral account agreement. You’ll need to verify that you understand the account’s basic terms and conditions, including a 19.99% APR for purchases and cash advances, a $39 annual fee, and all associated late fees. Once you are approved, your account will be ready to use within 7 to 10 business days. Your card will be delivered to the address you provided in your application. Be sure to fill out all information provided in the application. Leaving any information blank may cause you to be declined. You will also need to make sure your monthly income and expenses are approved before you can be approved.
The above review of the Green Primor® Secured Platinum Credit Card is based solely on the opinion of Creditnervana. The Green Primor® Secured Platinum Credit Card is an excellent choice if you are just starting out and need to build credit. It can also help you if you need to rebuild credit. It comes with an annual fee of $39 and an APR of 19.99%. However, the card operates just like a normal credit card. The only difference is that you will need to secure the card by putting down a security deposit that ranges from $200 to $5,000. This gives you total control over your credit limit.
The Green Primor® Secured Platinum Credit Card also reports to all three major credit reporting agencies. This helps ensure that your credit reports will remain accurate across the board. Keeping your monthly payments low and reporting to all three credit bureaus is the best way to build credit. You’ll be able to make payments on time and this will be reflected on your report. Your security deposit is 100% refundable when you close your account as long as there are no pending charges. We recommend the Green Primor® Secured Platinum Credit Card because of its policy to disclose all information and its affordable rates. It’s a great tool to help boost credit if you have no other options. No banking account is needed.
CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.
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