Green Dot Platinum Visa Review
Best known for their prepaid options, Greendot has recently launched a secured credit card for consumers. Find out what this card has to offer, and whether it's worth getting.
Green Dot Corporation is credited (no pun intended) with inventing prepaid cards and continues to be the largest prepaid card provider in the U.S.
The company also provides financial services including tax fund disbursement through its subsidiary TPG and mobile banking through its GoBank checking account.
They've recently introduced a secured credit card called the Green Dot Platinum Visa.
About the Company
Alternate Business Names
- Bonneville Bank
- Walmart MoneyCard
- Green Dot Reloadable Prepaid Debit Cards
- Green Dot Bank
- Green Dot Network
Green Dot Corporation
3465 E Foothill Blvd
Pasadena, CA 91107-6071
Green Dot Platinum Visa Customer Service
Email: Contact Form
Green Dot Platinum Visa
Target customers for Green Dot Platinum Visa
This card is primarily used to build or rebuild credit.
The card is secured with a security deposit used as collateral with no financial risk to Green Dot so the company can provide cards to those with bad credit.
Green Dot reports card activity to the three credit bureaus – EquiFax, Experian and TransUnion – bumping up a cardholder's credit score in about six months or so.
Need to know what a good credit score looks like? We're happy to explain here!
Prepaid vs. Secured Credit Cards
Prepaid Card: User deposits money onto the card and then uses it like a regular credit card.
Secured Credit Card: User provides a security deposit (collateral) to cover the credit limit of the card and pays a monthly bill on the card for purchases proving financial responsibility.
Rates & Fees
- Interest Rate: 19.99% APR
- Annual Fee: $39
- Foreign Transaction Fee: 3% of the transaction amount
- Cash Advance Fee: The greater of $10 or 3% of amount.
- Late Payment Fee: Free for first time, $27 after.
- Returned Check Fee: Free for first time, $20 after.
- Card Replacement Fee: $10
- Expedited Card Delivery Fee: $20
- Phone Payment Fee: $4.00
Terms & Conditions
The Green Dot Platinum Visa account is only available online and will not be available if you do not have access to the Internet or a valid email address.
- Security Deposit Minimum: $200
- Credit Limit: $200-$1,000 (or up to the amount of your approved credit limit)
How can I increase my limit?
Unlike other credit cards that will increase your limit as you prove your creditworthiness, the Green Dot Platinum Visa card limit can only be increased if you provide more funds on top of your original security deposit up to your approved credit limit.
Increasing your credit limit:
- Visit the Green Dot Platinum Visa card page here
- Print a deposit slip from your account
- Mail the deposit slip with a check payable to Green Dot Bank to:
C/O: Green Dot Bank
P.O. Box 400
Provo, UT 84603-0400
Payment will take 10 days to process after it is received.
Green Dot does not offer any spending rewards on its Platinum Visa.
Why Improving Your Credit is Vital
There are plenty of reasons to improve your credit, and some are more startling than others.
How to Apply for a Green Dot Platinum Visa
Do I pre-qualify?
Green Dot offers a soft credit pull to pre-qualify for their Platinum Visa card.
This means that you provide them with your contact and financial information and they use that to establish your creditworthiness without checking your credit report.
This means that it will not affect your credit score.
- Enter your contact and financial information to see if you pre-qualify for the Green Dot Platinum Visa card.
- Green Dot will respond with an approval/denial and a credit limit (collateral) amount.
- Apply for the card online.
- Within 7-10 business days, the card will arrive by mail.
- A minimum security deposit of $200 is required within 60 days of receiving the card.
- Paying the security deposit
A cashier at a participating retail store (7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart) can load your cash deposit for a fee of $4.95 or less.
All retail stores except Walmart require a $500 minimum deposit amount.
Mailing a deposit check (allow 10 days to process transaction from time check is received):
C/O: Green Dot Bank
P.O. Box 400
Provo, UT 84603-0400
How to manage your online account
Green Dot offers Platinum Visa cardholders an online account to view transactions and pay bills. They also offer automated spending alerts and payment reminders,
How long does it take to get a Green Dot Platinum Visa card?
After you are approved for the credit card, you will receive it by mail within 7-10 business days, but you cannot use the card until you have supplied Green Dot Bank with your security deposit.
How can I check the status of my application?
You can check the status of your Green Dot Platinum Visa by contacting customer service at 866-291-0818.
What are the minimum payments?
Green Dot Platinum Visa minimum payments are the greater of $25 or 2% of the card balance, and are due 25 days from the close of the billing cycle.
What are the late payment repercussions?
Green Dot is pretty cool in offering a first time free penalty on late or returned payments, but after you have used those up, expect to pay a $27 late fee and a $20 returned payment fee.
Where and how can I make my payments?
Payments on the Green Dot Platinum Visa can be made in four ways:
Onlinethrough your account (must have a bank account to use this option).
By phone by calling Green Dot Visa customer service at 866-291-0818 for a service fee of $4.
Cardholders can also authorize a bank payment using Green Dot's automated IVR system for free.
At a participating retail store (7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart) for a transaction fee up to $4.95. Minimum payments are $20.
By mail by sending a check or money order to (payment will take 10 days to post after check is received): C/O: Green Dot Bank - P.O. Box 400 - Provo, UT 84603-0400
The most common complaints about the Green Dot Platinum Visa card involve failed or glitched technology like inability to pay at retailers, reversed payments or even hacked accounts.
The Green Dot Visa account is only available online so there is no physical bank customers can visit if they are having issues.
Another common complaint was lack of ability to reach a human when calling customer service.
Those who need a more personal touch will not enjoy the dependence on automation by Green Dot.
Pros and Cons
- Do not need good credit or a bank account to qualify
- Good option to build or rebuild credit
- Annual fees
- No rewards or upgrades
Is it worth it?
The Green Dot Platinum Visa is certainly worth it for those who need to build their credit and want to use cash to make payments.
However, this card does not offer the spending rewards that other secured credit cards do, and, let's face it, that is half the reason to have a credit card these days!
Is there any rewards program?
Green Dot Platinum Visa does not offer a rewards program.
Do I need to have a bank account with Green Dot to get the credit card?
No, Green dot does not require you to have a bank account.
You can pay the deposit amount and bills by cash at a participating retail store (7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart) for a fee of $4.95 or less.
Can I get an unsecured card after getting this card?
Not through Green Dot Bank, but you can build your credit using their secured Platinum Visa card and apply for unsecured cards at different banks.
Where can I go to put my security deposit?
Your security deposit can be made at participating retail stores (7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart) using cash for a fee of $4.95 or less.
Only Walmart allows you to make a security deposit of less than $500.
You can also pay the security deposit by check or money order to C/O: Green Dot Bank, P.O. Box 400, Provo, UT, 84603-0400.
How can I cancel my card?
You can cancel your card by contacting Green Dot Platinum Visa customer services at 866-291-0818.
What can I use my Green Dot Platinum Visa card for?
It can be used anywhere that accepts Visa payments.
Where and what stores can I use my Green Dot Platinum Visa card?
A Green Dot Platinum Visa can be used anywhere that accepts Visa payments.
Can I get a refund on the credit card?
Most retailers will refund your credit card with the proper documentation, like a receipt, when returning a purchase.
How can I check my Green Dot Platinum Visa balance?
You can check your balances by logging into youraccount.
Can I get cash advance and are there any related fees?
You can get a cash advance from your Green Dot Platinum Visa for a fee of $10 or 3% of amount (whichever is more).
Can I pay for my Green Dot credit card with a gift, a different credit card? Or PayPal?
No, you need to pay your card online using your bank account, by mailing a check to C/O: Green Dot Bank, P.O. Box 400, Provo, UT 84603-0400, or by cash at a participating retailer (7-Eleven, CVS, Dollar General, Rite Aid, Walgreens and Walmart) using cash for a fee up to $4.95.
Can I use my Green Dot credit card without the card?
No, you need to have your card with you to use it.
Can I add an authorized user to Green Dot credit card?
Yes, authorized users can be added by contacting Green Dot Visa customer service at 866-291-0818.
Are there any upgrades on Green Dot Platinum Visa card?
There are not upgrades on the Green Dot card. The only increase that you can make is to add more funds to your deposit up to the approved amount.
How soon can I use my Green Dot Platinum Visa once I receive it?
Your card can be used as soon as your deposit has been processed.
How to contact Green Dot Platinum Visa card services?
Contact customer support at 866-291-0818 or by using their online contact form.
How do I report stolen Green Dot Platinum Visa card?
Contact customer support at 866-291-0818.
Can I use my card online?
Yes, you can use the card anywhere that accepts Visa.
What credit score do I need to get approval?
You do not need a good credit score to be approved by Green Dot for a Platinum Visa, but you probably will not be approved if you have no income, or bankruptcy, debt or judgements in your credit history.
What credit score do I have to maintain so my account is not closed?
This card is designed to help you build your credit. Green Dot Bank will be reporting to the credit bureaus, but as long as you are making your minimum monthly payments on time, your credit score should be going up.
Will my credit score drop when my account gets closed?
Your credit score will drop if your Green Dot account goes into default. However, if you have paid off your card in full and then cancelled your card, your credit should be fine.
Does Green Dot credit card report to credit bureaus?
Green Dot reports to all three credit bureaus: EquiFax, Experian and TransUnion.
Can I build my credit with the Green Dot credit card?
This is really what the card was designed to do; allow those with no or low credit to build their credit scores.
Is there an expiry date on the card?
Like all credit cards, the Green Dot Platinum Visa card will come with an expiry date. The Green Dot bank will send you a new card before your old one expires if they choose to continue their services with you.
Is there a credit insurance program and how will it cover me if I lose my job?
Green Dot does not offer a credit insurance program.
How long does it take to receive the card once I have been approved for it?
The card will arrive by mail within 7-10 days.
Have you had any experience with the Green Dot Platinum Visa?
Tell us about it in the comments below!