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This article was last updated Jul 26, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Who the card is best for
People new to credit or those with poor/limited/no credit may be able to build credit with the Green Dot primor® Visa® Classic Secured Credit Card and benefit from the 13.99% (F) APR — but beware of the $39 annual fee. Prior to choosing a card, consider other secured cards that have no annual fee and may offer rewards.
Where this card stands out in its category
Decent, fixed regular purchase APR. Unlike many secured cards that have high, variable APRs, the Green Dot primor® Visa® Classic Secured Credit Card has a reasonable 13.99% (F) APR. This rate is ideal if there’s a chance you may carry a balance in the future. However, we strongly recommend paying each statement in full each month, as it’s the best way to boost a low credit score.
Where this card falls short in its category
$39 annual fee. You can find secured cards that don’t have annual fees, saving you the $39 annual fee this card charges.
The annual fee reduces your initial available credit limit. Your initial purchasing power is limited due to the $39 annual fee. For example, if you have an initial $200 credit limit, the $39 annual fee will reduce it to $161.
There are no rewards. While your goal is to build credit and not earn rewards, you can find secured cards like the Discover it® Secured that offer rewards — earn 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.
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.
Credit line will equal your security deposit of $200 or more*
No annual fee, no late fee on your first late payment. No penalty APR*
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- INTRO OFFER: We automatically match all the cash back you've earned at the end of your first year.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- See Rates & Fees
See additional details for Discover it® Secured
How to use it most effectively
As with all credit cards, it’s key to practice the following responsible credit behaviors:
- Pay on time and in full. Comprising 35% of your credit score, payment history is a key factor in determining your credit eligibility. It’s important to consistently pay your bills on time and in full to avoid late payment fees, penalty APRs and interest charges. Having a good payment history also has the potential to increase your credit score.
- Keep a low utilization rate. Utilization is the amount of credit you use compared to your total credit limit. The lower your utilization is, the better, and we recommend keeping a utilization below 30%. That means if you have a $400 credit limit, don’t spend more than $120.
Compare it with the Green Dot primor® Visa® Gold Secured Credit Card
If you want a lower APR, check out the Green Dot primor® Visa® Gold Secured Credit Card. The Green Dot primor® Visa® Gold Secured Credit Card is more ideal for people who may end up carrying a balance with its low 9.99% (F) APR. That’s compared to the Green Dot primor® Visa® Classic Secured Credit Card’s 13.99% (F) APR.
Reports to the Three Major Credit Bureaus
No Penalty Rate or Application Fees*
- Credit lines available from $200 to $5,000! Super Low Fixed 9.99% interest rate on purchases - with no penalty rate!
- No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
- Helps strengthen your credit with responsible card use. Reports to three national bureaus
- Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
- See additional Green Dot primor® Visa® Gold Secured Credit Card details
See additional details for Green Dot primor® Visa® Gold Secured Credit Card
Looking at the annual fees, the Green Dot primor® Visa® Classic Secured Credit Card is a bit lower at $39, compared to the Green Dot primor® Visa® Gold Secured Credit Card’s $49 annual fee.
Here’s a breakdown of the key features of each card:
|Green Dot primor® Visa® Classic Secured Credit Card||Green Dot primor® Visa® Gold Secured Credit Card|
|Minimum Security Deposit||$200||$200|
|Regular Purchase APR||13.99% (F)||9.99% (F)|
|Foreign Transaction Fee||3%||3% of each transaction in U.S. dollars|
If you’re looking to build credit while keeping fees to a minimum, you’re better off with other secured cards that have no annual fee since the Green Dot primor® Visa® Classic Secured Credit Card has a $39 annual fee, although some people may find benefit with the reasonable 13.99% (F) APR.