Green Dot Platinum Visa Credit Card Review

The Green Dot Platinum Visa Credit Card—like any secured credit card—is for people who are rebuilding their credit or have no credit history. Most secured cards still require a credit check, though, and that can lead to a temporary dip in your credit score. The Green Dot Platinum Visa Credit Card is a good option if you want to avoid a credit check and still get a decent interest rate. 

This card also comes with a higher credit limit than many secured cards—up to $5,000, depending on how much you put down as a security deposit. (The minimum is $200.) A higher limit—if you make sure not to max it out—can be helpful in improving your credit score because lenders like to see you’re not using more than 30% of your available credit.

• Decent APR: The Green Dot Visa Platinum Credit Card’s interest rate is better than many secured cards out there. (Though you can get an even lower rate with Green Dot’s own primor Visa Gold Secured Credit Card, if you don’t mind more fees.)
• No credit check: When you’re trying to rebuild your credit, the fewer inquiries on your credit report, the better. Green Dot won’t check your credit when you apply. That doesn’t mean anyone can get this card; the company will still look at factors such as your income. 
• Many payment options: You can schedule an ACH payment directly from your bank account, use your debit card online, or mail in a check. You can also use a Green Dot MoneyPak (a store-bought card that lets you send money electronically) or make a cash payment at over 100,000 partnering retail locations, but these options come with a fee. 

• High annual fee: This card’s $39 annual fee is sizable considering many secured cards don’t charge anything at all. 
• Limited deposit options: You can’t use an ACH bank transfer to make your initial security deposit. You can mail a check or money order, use your debit card online, or pay a fee of up to $4.95 to pay in cash with one of Green Dot’s retailer partners. 

Because this is a secured card, it doesn’t have the kind of perks and features unsecured cards do. It comes with one relatively standard benefit: rental car collision insurance if you rent your vehicle with the card. It kicks in after your personal insurance policy.

You might find Green Dot’s customer support features a little lackluster, especially compared to the bigger-name card issuers like Capital One and Discover. You’ll still have access to a 24/7 customer support line, but that’s about it.

The Green Dot Visa Secured card comes with industry-standard security protocols, like fraud monitoring and secure online logins, but don’t expect virtual card numbers for online purchases, Social Security number monitoring, or credit report alerts. 

Besides the $39 annual fee, the Green Dot Platinum Visa Credit Card’s fees aren’t out-of-line with many of its competitors. It’s worth noting that there is no penalty APR and balance transfers aren’t allowed. We’d also recommend using cash or your debit card if you plan on traveling overseas, since this card comes with a 3% foreign transaction fee.