When this blog first started covering credit cards, we focused on secured credit cards because I was unhappy with the coverage on other sites. The focus on this site has shifted considerably, but I still cover these secured cards occasionally. You are probably familiar with the prepaid cards that GreenDot offers, but they recently introduced a secured card as well so let’s have a look at the basics.
Contents
The Basics
- Annual fee of $39
- Credit limit of $200 – $1,000 (this is based on how big your security deposit is. If your security deposit it is $500 then your credit limit will be $500)
- Ability to add to security deposit to increase credit limit
- You can also make your initial security deposit or additional deposits in select stores, but there is a $4.95 fee (maximum deposit is $500 at all stores apart from Walmart where you can deposit $1,000)
- Card does not graduate you a unsecured card
- Can check to see if you’re pre-qualified without impacting your credit score
- Security deposit does not earn interest
- Reports to all three credit bureaus
Our Verdict
There are a few key things you want to look for when you need a secured credit card. You want a card with no fees (as chances are you’re already under financial pressure or have been in the past and let’s face it, nobody likes paying fees unless you have to) and you also want a card that will graduate to an unsecured card, that way you can get your security deposit back without having to close the card. That means you’ll continue to build account age with that account (rather than it falling off your report in seven years), something that helps your FICO score.
It’s also a plus if the card earns rewards. Another reason why I stopped writing these secured card reviews is that the Discover it Secured card is just significantly better than all of the other cards in this market segment. It graduates to an unsecured card, doesn’t have any costly fees and has a great rewards program (2% cash back on all purchases for the first year).
If you’re considering this GreenDot card, I’d urge you to get that card instead. Also keep in mind that unlike other sites, we don’t use credit card affiliate links so we are able to provide you with unbiased advice rather than recommending cards that pay us the most!
Please DON’T get this Platinum VISA secured card. Green Dot is a prepaid card company and they don’t know how to be a credit card company. There is zero live customer service (no option at all to reach a live person, ever, when you have a problem), and you CANNOT use this credit card to rent cars. Who ever heard of a credit card that cannot be used to rent cars?
I loaded $300 on this card for my initial deposit, and the online system showed ZERO dollars for more than 6 hours. No record of my deposit. And no way to call anyone for help, because the number on the back of the card is an automated system only with no option to reach a live person. Ever. Green Dot does not know how to be a credit card company, and they shouldn’t try. DON’T get this card.
Green Dot secured card is absolutely worthless for renting a car. The rental car companies read it as prepaid even though it is not. I called customer service three times. Finally one the rental people explained what was happening. It was not even coming through as a declined transaction and they could not explain why it was declined . Finally some one said that it works sometimes. You also cannot make more than eight transactions in a day. Just not worth it.
Some GreenDot users are reporting that car rental agencies are showing their secured cards as ‘debit’…and they’re unable to rent.
I got my card in the email went to walgreens loaded $200 on the card and within minutes the $39 Annual fee came out took the available credit down to $161 with a outstanding balance of $39 cool no problem there then I went the next day to CVS and put back the $39 to put my balance back at 0 and to $200 available credit after I checked to see if it posted how about it said that my credit limit was now $239 with and outstanding balance of $39 with I olly put $200 on there to be my credit limit they caim that they never got the $39 payment if you do the math you will see then they had me fax them a copy of my receipts to prove I made that payment after going back and forth with the rude supervisor they suppose to had opened a case about it checked back the next day after they said they got the fax and how about my card went back to $161 available credit with an outstanding balance of $39 just as it was when the initial $39 came out but they are saying that the system has to update and it should go back to 0 with the $200 limit we will see because I cant have issues like this about getting a payment when everything I need this card for is built around them getting my payments and getting them on time not a good look.
WHAT NYMBER DO I EVEN CALL TO TALK TO SOMEONE… PLEASE HELP..4694647472
So if i get a 1000 dollar limmit and pay 300 do i only get 300 credit or do i get the whole 1000 dollars credit
would love a answer back and won’t be able to check this frequently to find it but my question is…..how to u add money to your security deposit? do you just load more money on there just like you would if you would do anything else? or does it have to be mailed in I’m unsure how to and would like to…if someone sees this and can shoot me a text with the answer that would be great (616)-427-9160
I own a Green Dot Platinum credit card, a GoBank green dot debit card and a Walmart money card also from green dot. I paid my monthly payment on my Green dot platinum card using my GoBank checking account and even though the money was there… the payment was declined causing a $25 dollar payment reverse fee to be charged to my green dot platinum. keep in mind I’m using green do accounts to pay my green dot accounts. The last thing happening that caused me to write this review is that I went to walmart and made a $200 dollar payment to my green dot credit card but, my account shows no such transaction meaning, the money is lost as I can’t prove I made the payment, so said the green dot customer service representative but, luckily I keep my receipts. I faxed all my information to green dot so they can credit my money to my account.
Case in point…. Green Dot Bank is a thief.
Up until now, I seriously doubt I’ll be getting my money back but, if you don’t believe me…. try for yourself with green dot, then you’ll know that what I’m saying is true.
this is a very bad bad bank and secured credit card to get…..send my pmt and it seems to get lost…sometimes i get lucky and can understand the person im talking to.i did cancel my card only to here they would send me a check in 7 weeks…..but they took my money out of my checking account in 1 min when i first got my card why cat they transfer my deposit back……..bad company!
How long did it take to receive the card in the mail?
The card was easy to get and I was able to fund it at Walmart. A nice feature is the monthly payment can also be paid at Walmart, so no need to mail a payment or set up a recurring one with your bank.
My problem is this…
I established this account with the sole purpose of using it to help restore my credit. I’ve been a card holder since April of this year and as of today, September 13th, they have yet to report my open account to any of the credit reporting agencies.
Several weeks ago I called customer service to complain. They instructed me to print and fax to them copies of the most recent reports from each of the reporting agencies showing no mention of my open Green Dot Platinum account. It’s been nearly 30 days since I did that. But so far, no change.
I’m hoping they’ll take care of it soon. I’ll update you if they do. I’ll also post an update if they don’t.