Green Dot Platinum Visa Secured Credit Card Review [2024]: Rebuild Your Credit

Green Dot is no longer accepting applications for the Platinum Visa Secured Credit Card. For our recommendations on cards, check out our list of the best secured credit cards.

For people with no credit history, there aren’t many options for getting started building their credit. And it can be especially hard to get a credit card after bankruptcy or with a bad credit history. Many people in these situations turn to secured credit cards. The Green Dot Platinum Visa Credit Card is a secured credit card that doesn’t require a credit check.

Having a credit card comes in handy if you want to make a purchase today and pay it off later. Also, many hotels and car rental companies require a credit card deposit to make reservations. If you don’t qualify for regular credit cards, having a secured credit card allows you access to these kinds of benefits.

Although it does have an annual fee, the Green Dot Platinum card has a reasonable interest rate and one of the higher potential credit lines for a secured credit card. Read this Green Dot Platinum Visa Secured Credit Card review for a more in-depth look at this card, including its benefits and drawbacks.

Rebuild Your Credit With No Credit Check

Green Dot Platinum Visa Secured Credit Card

3.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Green Dot Platinum Visa Secured Credit Card

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Current Offer

No credit check

Annual Fee

$39

Rewards Rate

N/A

Benefits and Drawbacks

Benefits

• Credit limits from $200 to $5,000
• Make free online payments each month
• No bank account required to open card
• Accepted nationwide

Drawbacks

• Has annual fee
• No option to upgrade to unsecured credit card

Card Details

• No credit check
• N/A

Who should get the Green Dot Platinum Visa Credit Card?

The Green Dot Platinum Visa card is ideal for people who need to build or rebuild their credit. It can also be a good way to get a credit card if you don’t have a job.

The Green Dot Platinum Visa is a secured credit card, which means you aren’t subject to a traditional credit check. Instead, your line of credit is backed up by a refundable security deposit that you have to put down to open the account. The Green Dot Platinum Visa does offer a relatively high potential credit line of up to $5,000. This is more than some other secured credit cards will offer.

Through responsible use and on-time monthly payments, holders of a secured credit card can build up a positive credit history. That’s because your monthly payments will be reported to all three major credit bureaus. If you pay regularly and on time, you can create a positive track record and possibly open an unsecured credit card in the future. You can demonstrate that you are financially responsible and build credit by making small purchases and paying them off on time.

The Green Dot Platinum Visa doesn’t offer any perks beyond credit building. It’s rare to find a secured credit card that does earn rewards points, but they do exist. If you’re interested in a cashback credit card or one of the best travel credit cards, the Green Dot Platinum is not the card for you. Check out our list of the best cashback credit cards to learn more about your options.

Additionally, some secured credit cards allow you to upgrade to an unsecured version of the card after you demonstrate responsible use over a period of time. This is not the case with Green Dot, which has no unsecured credit cards. You’ll have to look elsewhere for a secured card that allows for an upgrade.

Card basics

Green Dot Platinum Visa Credit Card benefits and perks

• Credit limit control: Your credit limit will be equal to your security deposit. Although the minimum you can put down is $200, you can increase your credit limit by adding to your deposit. This can allow you to finance large purchases, but having a higher credit limit can also lower your overall credit utilization, which is a major factor in building a higher credit score.
• Visa benefit: The Green Dot Platinum card is a Visa credit card, which means you can use it anywhere that accepts Visa credit cards.
• No credit requirements: You open a Green Dot credit card by making a security deposit, not by having your credit checked. There is no hard inquiry done, and therefore applying for this card will not negatively affect your credit score. In addition, if you have a bad credit history or no credit history, you can get approved for this card.
• In-person payments: Green Dot allows you to make payments and add to your security deposit online or in person at select retail stores across the country. Be aware though that these in-person payments have a fee of $4.95 per transaction.

Drawbacks to this card

• Annual fee: The Green Dot Platinum Visa Credit Card carries a $39 annual fee. This can be a drawback as there are other secured cards available that have no annual fee.
• No graduation: Responsible use of many secured credit cards can lead to “graduating” to an unsecured credit card with the same credit card issuer. This means you don’t have to apply for a new credit card all over again and you get back your security deposit. There is no upgraded unsecured card option with Green Dot at this time. The only way to receive your security deposit back is to pay your balance and close the card.

Green Dot Platinum Visa Credit Card FAQs

Other cards to consider

If you’re looking for a secured credit card to build up your credit, but hate the thought of paying an annual fee, check out the Capital One Platinum Secured Credit Card. Besides having a $0 annual fee, it also offers perks such as mobile access, choice of your monthly payment date, autopay, and free access to your credit score. The Capital One Platinum Secured card is also a great traveling companion, with no foreign transaction fees, travel accident insurance, and 24-hour travel assistance.

For people who want to build their credit but also earn rewards, the Petal^® 2 "Cash Back, No Fees" Visa^® Credit Card¹ is one of the best options. Petal uses more than just your credit score to determine your creditworthiness, which means you’ll have a better chance of being approved, even if you have no credit history. Petal 2 Visa cardholders earn unlimited 1% cash back on eligible purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back. The Petal 2 Visa can also give you access to higher credit limits, up to $10,000. By having a higher credit limit, you can lower your credit utilization, which helps improve your credit.

Rebuild Your Credit With No Credit Check

Green Dot Platinum Visa Secured Credit Card

3.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Green Dot Platinum Visa Secured Credit Card

3.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Why We Like It

No credit check

See how these cards compare:

Capital One Platinum Secured Credit Card

• $200 initial credit line after making minimum security deposit
• Consideration for higher credit line as soon as 6 months after account opening
• No annual fee
• Pick your monthly due date

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

• Earn 1.5% unlimited cash back on all eligible purchases after 12 on-time payments
• 2% to 10% cash back on select merchants
• Great for those with little to no credit history
• No annual fee
• No foreign transaction fee