Green Dot primor Visa Gold Secured Credit Card Review
This article was last updated Jul 24, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Who the card is best for
If there’s a chance you may carry a balance month to month, the Green Dot primor® Visa® Gold Secured Credit Card has a low 9.99% (F) APR that can minimize your interest charges, compared with other secured cards. However, consider other secured cards before applying since there is a $49 annual fee.
Where this card stands out in its category
Low, fixed regular purchase APR. The APR for this card is 9.99% (F). That is one of the lowest APRs for secured cards, which can have APRs upward of 20% variable. If you may carry a balance month to month, there’s slight peace of mind that the interest charges won’t be as high as they would with some other cards.
Where this card falls short in its category
$49 annual fee. This card comes with a $49 annual fee, which is high for secured cards — they often have no annual fee.
The annual fee reduces your initial available credit limit. That means if you have an initial $200 credit limit, the $49 annual fee will reduce it to $151. This limits your purchasing power and may be an issue if you need to access your full credit limit.
There are no rewards. This isn’t a major deciding factor because it’s rare to find rewards with secured cards, but you can if you shop around. For example, the Discover it® Secured offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
How to use it most effectively
As with all credit cards, it’s key to practice responsible credit behavior. Some key tips to follow include:
- Pay on time and in full. Payment history is the most important factor of your credit score. Therefore, it’s key to always pay on time and in full. This helps you avoid late payment fees, penalty APRs and interest charges.
- Keep a low utilization rate. The amount of credit you use compared with your total credit limit is known as utilization. We recommend keeping a utilization below 30%. So, if you have a $300 credit limit, don’t spend more than $90.
Compare it with the Green Dot primor® Visa® Classic Secured Credit Card
If you want a lower annual fee, check out the Green Dot primor® Visa® Classic Secured Credit Card. The Green Dot primor® Visa® Classic Secured Credit Card has a slightly lower annual fee at $39, compared with the Green Dot primor® Visa® Gold Secured Credit Card’s $49 annual fee.
However, while a lower annual fee is good thing, it’s key to point out that the Green Dot primor® Visa® Classic Secured Credit Card has a higher APR at 13.99% (F). If you think you may carry a balance, then the 9.99% (F) APR of the Green Dot primor® Visa® Gold Secured Credit Card can save you more money on interest charges. Note: Just because the APR is lower with the Green Dot primor® Visa® Gold Secured Credit Card, that doesn’t mean you should rack up more debt! Try not to spend more than you can afford to pay when your bill is due.
Here’s a breakdown of the key features of each card:
| Green Dot primor® Visa® Gold Secured Credit Card | Green Dot primor® Visa® Classic Secured Credit Card | |
| Annual Fee | $49 | $39 |
| Minimum Security Deposit | $200 | $200 |
| Regular Purchase APR | 9.99% (F) | 13.99% (F) |
| Foreign Transaction Fee | 3% of each transaction in U.S. dollars | 3% |
Bottom line
If your goal is to build credit with a secured card, that can be done with no annual fee secured cards instead of the $49 annual fee Green Dot primor® Visa® Gold Secured Credit Card. And while you may be tempted to open this card for the 9.99% (F) APR, other secured cards with higher variable APRs and no annual fee may actually be a better, more affordable option.
