Green Dot is a name that pops up a lot thanks to the unique credit cards they issue. Many people, however, aren’t familiar with the bank and what it offers. So, precisely what is Green Dot Bank?
The Global Leader In Prepaid Debit Cards
In the world of credit and banking, Green Dot might not be the first name that comes to mind. That said, the bank is one of the premier card issuers for people with subprime credit scores. Additionally, the Green Dot Corporation is the largest prepaid debit card company in the world.
The company is one of the pioneers of prepaid debit cards, first getting into that business in the late 1990s. To date, individuals can find Green Dot prepaid cards at major retailers across the United States, plus through the bank’s website. You might notice the company’s money cards at Walmart, Target, CVS, Walgreens, and other stores.
Green Dot Credit Cards
While Green Dot enjoys immense popularity for its prepaid debit cards, the bank is also gaining a reputation for its high-quality credit cards for bad credit scores.
Continuing with the company’s ethos of providing payment solutions to those overlooked by other banks, the company issues credit cards to those identified as “underbanked” or “unbanked.” In other words, this issuer offers credit cards to people without access to bank accounts, as well as individuals without adequate access to credit card products.
Primor Credit Cards
Green Dot credit cards classify as secured credit cards. A secured card requires a deposit, which acts as collateral for the card and as its credit limit. Green Dot secured cards require a minimum deposit of just $200, making them very affordable for those struggling to repair their credit score – or who are entirely new to credit.
Secured cards typically charge an annual fee – and Green Dot cards are no different. These annual charges range from $39 to $49, depending on the card. While an annual fee is never ideal, the yearly rate is significantly lower than many unsecured credit cards for bad credit. Those cards usually have an annual fee considerably higher than anything Green Dot offers. Some of these cards also charge a monthly maintenance fee, further increasing the cost of membership. Those cards also typically have much higher APRs, making them more challenging to live with day-to-day.
The following are the current Green Dot secured card offers:
Green Dot Visa® Secured Credit Card
The Green Dot Visa® Secured Credit Card is a no-nonsense secured card for those new to credit. The card offers a fixed interest rate which compares with other secured card products on the market. This card is an excellent choice for those either new to credit or banking, as a bank account isn’t a requirement. Plus, the issuer reports activity to all the major credit bureaus, letting cardholders quickly build credit with on-time payments.
Green Dot primor® Secured Visa® Gold Card
The Green Dot primor® Secured Visa® Gold Card is at the other end of the spectrum from the Visa Secured. The Gold Card features one of the lowest interest rates on the market today, at 9.99% fixed. In fact, the APR with the Gold Card bests most other credit cards on the market – no matter the issuer of the credit score required!
The Gold Card has a slightly higher annual fee ($49), but for that cardholders enjoy the same low minimum deposit and reporting to the major credit bureaus. Plus, the cash deposit on the Gold Card earns interest, meaning the card offers a return on investment if used correctly.
Green Dot primor® Secured Visa® Classic Card
The Green Dot primor® Secured Visa® Classic Card is another offering from Green Dot, which is a mid-range secured card. The card offers the perfect middle ground for those who don’t want to pay the extra $10 in fees each year but still want a great rate. The Classic Card features a fixed-rate APR which is extremely competitive for a secured card. The low rate is on-par with many low APR credit cards for people with excellent credit, meaning it offers the ability to carry a balance – without the punishment of costly interest payments each month.
Should You Consider a Green Dot Prepaid Card or Secured Credit Card?
This issuer prides itself on offering quality products to those who lack access to many other traditional banking services. The bank’s ethos of serving those who lack access to banking and credit card progress continues to attract new customers. Secured credit card offers particularly entice thanks to the bank’s exceptional interest rates and low annual fees.
The issuer’s customer service also earns rave reviews. The company has millions of satisfied customers across the United States. This is thanks to its no-nonsense cards that avoid hidden fees and provide value-for-money.
Related Article: What Is the Easiest Credit Card to Get for Bad Credit?
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