New Green Dot Visa Secured Card Lets Members Build Credit

Tuesday, October 25th, 2016

For people with limited credit, bad credit, or no credit history at all, secured credit cards are a huge help. They let folks who might otherwise have trouble getting a credit card be approved for a card and rebuild or establish credit.

Now Green Dot has launched a Visa credit card that does exactly that. Applicants do not have to have a bank account to qualify for the card, and payments will be reported to all three major credit bureaus: Equifax, Experian and TransUnion. Over time and with a good track record of on-time payments, cardholders’ credit scores will begin to climb.

Millions of Americans have compromised credit

The Center for Financial Services Innovation (CFSI) has estimated that about 108 million Americans are affected by having bad credit or nonexistent credit. This means they may have trouble being approved for a credit card, and therefore they are unable to establish or improve their credit scores.

Lew Goodwin, president of Green Dot Bank, said the new card is designed to help exactly these people. “The Green Dot Platinum Visa Secured Credit Card is just another way Green Dot Bank is helping to open the door to financial inclusion for millions of low and moderate income Americans.”

Designed for easy use

Cardholder will be able to put down a security deposit with cash and make card payments at any of Green Dot’s locations. There are about 100,000 retail Green Dot locations across the country, making it easy to find a payment station.

Card benefits include free online account management and bill pay. Fees, terms and conditions can be found in the cardholder agreement. Generally, fees for secured credit cards tend to be a little higher than for unsecured cards. However, this can be mitigated with careful use. If the APR is high, as it might be for a secured card, customers can avoid paying interest by paying their balance off in full each statement cycle.

Improving credit

To improve credit, it’s important that cardholders make all payments on time and pay at least the minimum due. They also should not charge an excessive amount to the card, so their credit-to-debt ratio remains healthy, with plenty of available credit.

Latest Credit Card Fees News

Thursday, August 13th, 2015
MasterCard is going to move fraud protection to the next level. The company will start a test of their new program which approves online purchases with a facial scan.
Monday, January 12th, 2015
Have you ever thought about what metamorphoses your credit account undergoes when you miss a payment? Here are several things that can happen to your credit card account in case ...
Tuesday, July 15th, 2014
Today most consumers understand how to avoid their credit cards having a negative effect on their credit scores. They know that making every minimum payment every month on time, ...
Thursday, May 29th, 2014
There were times when credit card companies could increase your interest rate or change your payment due date without warning. Of course such changes led to late payments or ...
Monday, January 13th, 2014
You hardly find a person who hasn’t made a mistake involving a credit card. It happens to all of us. These mistakes can be costly if they come in form of fees, interest charges ...
Best Credit Offer
Click the Compare link to compare the checked cards side-by-side at the comparison table.
Consumer Rating: 4 / 5
Pacific Credit Group Emporium Black Card
Copyright © 2001-2016 BestCreditOffers.com All Rights Reserved.

* The BestCreditOffers.com.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com.com website are property of their respective owners.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.