Green Dot Primor Visa Gold Secured Credit Card

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Green Dot Primor Visa Gold Secured Credit Card

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  • One of the lowest APRs charged on a secured credit card
  • Low minimum credit score of 300+ required
  • No application fees


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  • No penalty rate on late payments
  • Reports to three major national credit bureaus
  • No application fees


The Green Dot Primor Visa Gold Secured Credit Card Summary

The Green Dot Primor Visa Gold Secured Credit Card is a product specifically tailored to those individuals who are looking for a card that they can use to build their credit record, even when they are currently in poor credit health. While a minimum credit score requirement of 300 is specified, there does not seem to be any credit checks when a customer applies for this particular product.

The card does require a security deposit to be made, which will be matched in terms of the credit line that is granted to the customer. The security deposit is refundable, however, which is certainly an advantage that customers do need to take note of.

The ongoing APR charged on transactions made with the Green Dot Primor Visa Gold Secured Credit Card is low, especially when compared to other options that customers have when they are looking for a secured card that can help rebuild their credit health.


PROS:
  • No penalty rate on late payments
  • Reports to three major national credit bureaus
  • No application fees

CONS:
  • $49 annual fee
  • 3% foreign transaction fee
  • No intro APR offer


Best Features

With no extensive credit checks conducted on customers when they apply for the Green Dot Primor Visa Gold Secured Credit Card, this is a great product for those individuals who have suffered a significant setback to their credit score. The card also offers the individual an opportunity to get their security deposit matched by an initial credit line.

The 9.99% APR charged on purchase transactions that are made with the Green Dot Primor Visa Gold Secured Credit Card is another benefit that customers can enjoy, along with the fact that late payments do not incur a higher APR, as found with a large number of alternative options available today.

The customer’s behavior with the card will be reported to all three major credit bureaus in the United States, which means responsible usage of the card will help the individual boost their credit score.


Drawbacks

An annual fee of $49 will be a significant drawback for many individuals who might be interested in the Green Dot Primor Visa Gold Secured Credit Card. There is also a minimum security deposit of $200 required for the issuance of the card, which means the applicant does need an initial cash amount if they are interested in applying.

The card charges a higher APR on Cash Advance transactions, and individuals who may travel out of the country should also take the 3% foreign transaction fee into account.


Overall Summary

The Green Dot Primor Visa Gold Secured Credit Card sits at the top when it comes to a low APR, with a fixed 9.99% APR charged on purchases. There are no penalty APR fees added for late payments, which is another advantage that customers can enjoy. The card also does not come with extensive credit checks like many competitor options, which means almost anyone will be able to qualify for the product. On the other hand, the fact that the card comes with an annual fee and a Cash Advance has a higher APR might be disappointing factors for interested individuals.


Who this card is best for

The Green Dot Primor Visa Gold Secured Credit Card is best for people with an exceptionally poor credit score and those who are unable to qualify for other types of credit options. The card is also great for people who need a secured credit card that has a minimal APR charged on regular transactions that they will be making with the product. This, however, might not be an appropriate option for people who do not want to make a large initial security deposit, as well as those who want to avoid an annual fee.


 

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