Green Dot Platinum Visa Secured Credit Card Review: Rebuild Your Credit [2020]

You can use the Green Dot Platinum Visa Secured Credit Card to build or rebuild your credit, but is it worth the annual fee?
Last updated Mar 26, 2020 | By Kevin Payne

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For people with no credit history, there aren’t many options for getting started building their credit. And it can be especially hard to get a credit card after bankruptcy or with a bad credit history. Many people in these situations turn to secured credit cards. The Green Dot Platinum Visa Credit Card is a secured credit card that doesn’t require a credit check.

Having a credit card comes in handy if you want to make a purchase today and pay it off later. Also, many hotels and car rental companies require a credit card deposit to make reservations. If you don’t qualify for a regular credit card, having a secured credit card allows you access to these kinds of benefits.

Although it does have an annual fee, the Green Dot Platinum card has a reasonable interest rate and one of the higher potential credit lines for a secured credit card. Read this Green Dot Platinum Visa Secured Credit Card review for a more in-depth look at this card, including its benefits and drawbacks.

Rebuild Your Credit With No Credit Check

Green Dot Platinum Visa Secured Credit Card

Green Dot Platinum Visa Secured Credit Card

Green Dot Platinum Visa Secured Credit Card

Benefits

  • Credit limits from $200 to $5,000
  • Make free online payments each month
  • No bank account required to open card
  • Accepted nationwide

Drawbacks

  • Has annual fee
  • No option to upgrade to unsecured credit card

In this Green Dot Platinum Visa Secured Credit Card review

Who should get the Green Dot Platinum Visa Credit Card?

The Green Dot Platinum Visa card is ideal for people who need to build or rebuild their credit. It can also be a good way to get a credit card if you don’t have a job.

The Green Dot Platinum Visa is a secured credit card, which means you aren’t subject to a traditional credit check. Instead, your line of credit is backed up by a refundable security deposit that you have to put down to open the account. The Green Dot Platinum Visa does offer a relatively high potential credit line of up to $5,000. This is more than some other secured credit cards will offer.

Through responsible use and on-time monthly payments, holders of a secured credit card can build up a positive credit history. That’s because your monthly payments will be reported to all three major credit bureaus. If you pay regularly and on time, you can create a positive track record and possibly open an unsecured credit card in the future. You can demonstrate that you are financially responsible and build credit by making small purchases and paying them off on time.

The Green Dot Platinum Visa doesn’t offer any perks beyond credit building. It’s rare to find a secured credit card that does earn rewards points, but they do exist. If you’re interested in a cashback credit card or a travel credit card, the Green Dot Platinum is not the card for you.

Additionally, some secured credit cards allow you to upgrade to an unsecured version of the card after you demonstrate responsible use over a period of time. This is not the case with Green Dot, which has no unsecured credit cards. You’ll have to look elsewhere for a secured card that allows for an upgrade.

Card basics

Card type Secured
Card issuer Green Dot
Annual fee $39
Intro bonus None
Reward rate None
Recommended credit score No credit check required
Intro APR None
Foreign transaction fee 3%

Green Dot Platinum Visa Credit Card benefits and perks

  • Credit limit control: Your credit limit will be equal to your security deposit. Although the minimum you can put down is $200, you can increase your credit limit by adding to your deposit. This can allow you to finance large purchases, but having a higher credit limit can also lower your overall credit utilization, which is a major factor in building a higher credit score.
  • Visa benefit: The Green Dot Platinum card is a Visa credit card, which means you can use it anywhere that accepts Visa credit cards.
  • No credit requirements: You open a Green Dot credit card by making a security deposit, not by having your credit checked. There is no hard inquiry done, and therefore applying for this card will not negatively affect your credit score. In addition, if you have a bad credit history or no credit history, you can get approved for this card.
  • In-person payments: Green Dot allows you to make payments and add to your security deposit online or in person at select retail stores across the country. Be aware though that these in-person payments have a fee of $4.95 per transaction.

Drawbacks to this card

  • Annual fee: The Green Dot Platinum Visa Credit Card carries a $39 annual fee. This can be a drawback as there are other secured cards available that have no annual fee.
  • No graduation: Responsible use of many secured credit cards can lead to “graduating” to an unsecured credit card with the same credit card issuer. This means you don’t have to apply for a new credit card all over again and you get back your security deposit. There is no upgraded unsecured card option with Green Dot at this time. The only way to receive your security deposit back is to pay your balance and close the card.

Green Dot Platinum Visa Credit Card FAQs

How do I pay my Green Dot Platinum Visa Credit Card?

Payments on your Green Dot Platinum Visa Credit Card can be made in several ways. Payments from a bank account can be made online by logging into the Green Dot website or by phone at 866-795-7597. Cardholders can make cash payments in person at participating retailers. Be aware though that in-person payments come with a $4.95 fee per transaction. Another option is to mail a check or money order to the address on your billing statement.

Can I rent a car with a Green Dot Platinum Visa Credit Card?

Yes, you can rent a car using your Green Dot Platinum Visa Credit Card. But be aware that car rental companies often place temporary authorizations on credit cards for amounts greater than the rental cost. In these cases, your available credit line can be limited for several days.

Does the Green Dot Platinum Visa Credit Card have an app?

Green Dot does have a mobile app, but it’s limited to Green Dot’s personal banking products, such as its bank accounts. Credit card accounts aren’t accessible on the app.

How long does it take to get a Green Dot credit card?

Once you’ve applied, been approved, and paid your security deposit, your Green Dot credit card should arrive at your home within 7-10 business days.

What bank is affiliated with Green Dot?

Green Dot credit card products are affiliated with Green Dot Bank. Green Dot has headquarters in Provo, Utah. Green Dot Bank is an FDIC-insured bank.

Can I get a cash advance with my Green Dot Platinum Visa Credit Card?

Cash advances are available with the Green Dot Platinum Visa card. You will pay a fee for the cash advance, based on the amount you request. Fees are $5 or 5%, whichever is greater.


Other cards to consider

If you’re looking for a secured credit card to build up your credit, but hate the thought of paying an annual fee, check out the Capital One® Secured Mastercard®. Besides having a $0 annual fee, it also offers perks such as mobile access, choice of your monthly payment date, autopay, and free access to your credit score. The Capital One Secured card is also a great traveling companion, with no foreign transaction fees, travel accident insurance, and 24-hour travel assistance.

For people who want to build their credit but also earn rewards, the Petal Cash Back Visa Card is one of the best options. Petal uses more than just your credit score to determine your creditworthiness, which means you’ll have a better chance of being approved, even if you have no credit history. Petal Cash Back Visa cardholders earn unlimited 1% cash back on purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back. The Petal Cash Back Visa can also give you access to higher credit limits, up to $10,000. By having a higher credit limit, you can lower your credit utilization, which helps improve your credit.

Rebuild Your Credit With No Credit Check

Green Dot Platinum Visa Secured Credit Card

Green Dot Platinum Visa Secured Credit Card

Green Dot Platinum Visa Secured Credit Card

Special Offer

No credit check

See how these cards compare:

Capital One® Secured Mastercard®
Capital One® Secured Mastercard®
  • $200 initial credit line after making minimum security deposit
  • Access to a higher credit line after you make your first 5 monthly payments on time
  • No annual fee
  • Pick your monthly due date
Petal Cash Back Visa Card
Petal Cash Back Visa Card
  • Earn up to 1.5% cash back on all purchases
  • Great for those with little to no credit history
  • No annual fee
  • No foreign transaction fee