Green Dot Primor Gold Secured

Who is the Green Dot Primor Gold Secured card for?

The Green Dot Primor Gold Secured card has a variety of features that make it stand out as a solid credit building card. There is a minimum deposit of $200 and a maximum deposit of $5,000, and this deposit amount becomes your line of credit. This ensures that the cardholder is able to pay for the purchases they make since the goal of the card is to build credit.

Additionally, while there is no intro APR, there is a fixed APR for purchases of 9.99%. This is extremely low, meaning that cardholders do not need to worry about being burdened with high-interest rates on their purchases. This is also beneficial since it is a fixed rate, so those with lower credit scores will not be punished by having to pay higher variable interest fees.

However, there are some fees to take note of. The annual fee is $49, which is very manageable but may not be the best option for fee-averse individuals. Additionally, there is a foreign transaction fee of 3%, making this card not great for frequent travelers.

Ultimately, this card is a good fit for individuals focusing on building their credit rather than receiving rewards and bonuses. Specifically, we believe this card would be a great first credit card for any students or recent graduates or anyone without that many expenses to meet the deposit minimum.

Intro APR

There is no intro APR period; however, this card offers an extremely low fixed APR of 9.99% on purchases. This is an excellent feature for cardholders looking to finance any purchases since they will not be burdened with excessive interest rates.

Annual Fee

While there is an annual fee, it is a very low cost for the credit you will build by owning this card. Since the amount you deposit becomes your credit line, the only way to hurt your credit with this card is by making payments late. Therefore, it is crucial to make payments in a timely manner since not only will it damage your creditworthiness, but you will also have to pay a fee of up to $29.

Additionally, you will only have to pay this annual fee likely for a few short years, since after that you can upgrade to a card with a rewards program and welcome bonuses. It is very easy to improve your credit with this card since it reports any progress you have made with your credit to three different national bureaus, who will update your score.

Conclusion

While this card does not offer any bonuses or rewards, its main purpose is to build its cardholders’ credit score. It is simple to obtain this card since it only requires limited/poor credit history to own it. 

Someone with poor or limited credit will benefit by using this card. The amount you deposit is the amount you can use to spend, making it easy to stay on top of payments. Additionally, there is a very low APR of 9.99% for purchases, which is another beneficial feature to cardholders. We recommend this card to any new cardholders, such as students, or people with a bad credit history.