With exceptionally low interest, even for a secured credit card, the Green Dot Secured Primor Visa Card opens doors for many who would otherwise be unable to acquire a credit card with a relatively high credit limit. Yes, it comes with its share of fees, but these fees are reasonable and when combined with this exceptionally low APR.
The Green Dot Secured Primor Visa Card has no rewards program to speak of. Low credit scores may be considered for approval. For the full details on just how low this APR is, as well as any fees hidden in the fine print of the fee schedule, you can read the full review below.
The Green Dot Secured Primor Visa Card is ideal for anyone that needs to build up credit, is good at keeping track of their finances and making payments, but that has a habit of keeping a balance on their credit cards. The Green Dot Secured Primor Visa Card is not an ideal credit card, but it makes an excellent credit-building tool if you pay attention to how it works.
The APR for purchases made with the Green Dot Secured Primor Visa Card is a low, set rate of 9.99%. This applies to all purchases and there is no penalty rate. The APR for cash advances is just 18.99%, much higher than the purchase APR but lower than the industry average by far.
The Green Dot Secured Primor Visa Card offers a credit limit equal to the amount used to secure your card. This amount has a minimum of $200 and a maximum of $5,000. There is a credit limit increase fee of $49 each time you are granted a credit limit increase. Asking for an increase, however, has no fee.
One important thing to note about the following fees is that all fees, aside from the annual fee, will draw interest the same way a cash advance will. Further, this means that all fees that are not cash advances have no grace period and may begin to draw interest the day they are charged.
- Annual Fee – The annual fee for the Green Dot Secured Primor Visa Card is $49. This applies to all cardmembers, though long-time Green Dot Secured Primor Visa cardholders may be able to have this fee waived or be transferred to a better card type.
- Credit Limit Increase Fee – All credit limit increases for the Green Dot Secured Primor Visa Card come with a fee of up to $49.
- Cash Advance Fee – The cash advance fee for any cash advances requested with any Green Dot Secured Primor Visa Card is 5% of the total cash advance with a minimum charge of $5.
- Foreign Transaction Fee – There is a foreign transaction fee of 3% of all foreign transactions made with any Green Dot Secured Primor Visa Card.
- Late Payment Fee – There is a late payment fee of up to $29 for all late payments. This includes payments that have been scheduled but not processed before the due date of any bill.
- Return Payment Fee - There is a returned payment fee of up to $29 for all returned payments including checks.
- Expedited Payment Fee – Is it close to your bill's due date and you want to avoid a late payment fee? It's possible to make your payment up to the day before it's due and choose the expedited payment option to avoid paying a late fee as your payment should be processed same-day. The expedited payment fee is $10 per expedited payment made to your Green Dot Secured Primor Visa Card.
- Stop Payment Fee – If you need to stop any payment for any reason, you will incur a charge of $29. This does not guarantee any payment will be stopped.
- Reinstatement Fee – Have you lost access to your account due to missed or late payments? If so, you'll need to pay $29 to have your account privileges reinstated.
- Authorized User Fees – There is a $29 fee for each additional card or authorized user. This fee also applies to replacement cards.
- Balance Transfer Fee – There is no balance transfer fee with the Green Dot Secured Primor Visa Card as there are no approved balance transfers to any Green Dot Secured Primor Visa Card.
- Upgrade Fee – If you qualify for any account upgrades, agreeing to the upgrade will mean a $49 charge is added to your account for the upgrade.
There is no rewards program for the Green Dot Secured Primor Visa Card. However, it may be possible to get an upgrade from the Green Dot Secured Primor Visa Card to another credit program that offers a rewards program. This upgrade will come with a fee and will likely be unavailable for your first year or two with the Green Dot Secured Primor Visa Card program.
Pros – Advantages of the Green Dot Secured Primor Visa Credit Card
- Low Fixed Interest Rate – The APR for both cash advances and purchases is much lower than the average, especially for a card of this type.
- Permissive Credit Score Requirements – The Green Dot Secured Primor Visa Card program is likely to approve the vast majority of applicants, even those with what is considered "poor" credit.
Cons – Disadvantages of the Green Dot Secured Primor Visa Credit Card
- Lots of Fees – Though small and understandable in most cases, the fees could add up if you're not careful. Worse, the fees that come with the Green Dot Secured Primor Visa Card will draw interest over time.
- Secured Credit Card – As it says in the name, you'll need a deposit to secure the Green Dot Secured Primor Visa Card.
There are not introductory or welcome offers found with the Green Dot Secured Primor Visa Card. However, it may be possible to get a mail offer with slightly better terms than those offered here. With purchase APR of 9.99% and a low annual fee of $49, the Green Dot Secured Primor Visa Card is one of the better secured credit card options for those with the lowest credit scores or poorest credit profiles. With proper management, the Green Dot Secured Primor Visa Card is a welcome tool for improving a credit score.