Your credit profile may be established or reestablished with a Green Dot Platinum Secured Visa credit card, provided that you use the card responsibly. Because this issuer conducts a "soft" inquiry into applicants' credit histories, applying to them will not harm your credit score and will make it much easier to get accepted. Green Dot offers automated spending notifications, payment reminders, and reporting to the three main credit card agencies in the United States. You may learn more by reading reviews left by actual customers or by submitting your own.

Review Of The Green Dot Platinum Card

The Green Dot Platinum Card operates similarly to a standard credit card, except credit lines range from $200 to $1,000 for security deposits. Before using the card, though, you must pay a $39 yearly fee deducted from your available credit. Your initial credit limit, for instance, will be $161 if you open an account with the required minimum deposit of $200.

Your credit limit will always equal the amount of your deposit because the deposit serves as collateral. Add extra security deposit money to raise your Green Dot credit limit. Your credit rating should rise enough with responsible use to qualify you for an upgrade to an unsecured credit card from a different issuer.

Benefits of the Green Dot Platinum card

In contrast to prepaid debit cards, Green Dot Platinum Visa cards can assist those with little or no credit history in enhancing their credit profiles through responsible use. Although Green Dot Visa cardholders don't receive rewards, they can still use mobile features, make payments quickly, and win prizes.

• Convenience: Green Dot credit card payments and deposits are available online or at many well-known stores.
• Mobile access: The Green Dot card features automated spending alerts, payment reminders, and 24/7 online account access.
• Prizes: Green Dot offers prizes and sweepstakes to cardholders who responsibly use their credit.
• Global acceptance: Another benefit of having a Green Dot credit card is the ability to use it anywhere Visa is accepted.

Rates And Costs For The Green Dot Platinum Card

Although there isn't a specific monthly cost, you must make a minimum payment of $25 or 2% of your total monthly balance, whichever is larger. This covers past-due credits as well as any applicable interest and other fees. The least balance would be payable at least 25 days after the end of the payment cycle; however, if you pay your balance in complete every month, you can avoid paying interest. The first returned check is free of charge, but any additional one will cost $20.

Green Dot charges a cash advance fee to make an ATM withdrawal using a protected credit card. There can be no more than two cash advance transactions per day for Green Dot Platinum cardholders, and the most you can get is 50% of your credit limit. However, while the account's collateral deposit protects the credit card, Green Dot Platinum cardholders cannot withdraw money from it. Remember that you'll accrue interest on a cash advance at nearly 20% the day you execute the transaction.

How To Apply For A Secured Credit Card With Visa Called Green Dot Platinum

Applying for a Green Dot Platinum card is relatively simple. The only requirements for qualified applicants are 18 years old and enough cash to cover the deposit. They are not required to have a minimum credit score or a bank account.

Fill out an application online: Your address, Social Security number, and monthly income and expenses will be requested. Green Dot won't accept applicants if their information cannot be verified. If authorized, Green Dot will use the information from your application to determine your maximum credit limit.

Depositing Money As Security

1. Take your new card to any participating Green Dot partner, including Walmart, CVS, Dollar General, Walgreens, 7-Eleven, or Rite Aid, along with enough cash for the initial security deposit.
2. Request that a cashier authorizes your card and loads the deposit. After the deposit is finished, the Green Dot Visa card should begin to function shortly.
3. Be warned that certain stores have $500 deposit caps, you can only make one deposit per location, and there can be a $4.95 service fee.

For no additional charge, you can also submit a check for the deposit, but it will take a further ten days to process.