The Inexperienced Dot Platinum Secured Visa Card is just not one in every of Investopedia’s top-rated secured playing cards. Please see our record of the best-secured bank cards for what we take into account to be higher choices.
Full Assessment of Inexperienced Dot Platinum Visa
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Finest For
- Cardholder Expertise
- Safety Options
- Charges to Watch Out For
- Our Verdict
Execs
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Could make safety deposit or funds at collaborating retailers nationwide
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Credit score restrict of as much as $5,000 with equal safety deposit and issuer approval
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No credit score verify when making use of for the cardboard
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Stories to the three main credit score bureaus
Cons
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Annual charge
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Making funds on the cellphone or at retailers comes with charges
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No bank card rewards
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Substitute card charge
Execs Defined
- Can Make Safety Deposit or Funds at Retailers Nationwide: People who find themselves attempting to ascertain credit score however don’t have a checking account could not have a strategy to make an preliminary deposit or their month-to-month bank card funds apart from with money. With this card, you can also make money funds at collaborating retailers nationwide, like 7-Eleven and CVS. There’s a charge for the service, nevertheless it might be definitely worth the comfort.
- Credit score Restrict of as much as $5,000 with Equal Safety Deposit and Issuer Approval: Some secured bank cards include credit score limits of only a few hundred {dollars}. That may make sustaining an inexpensive credit score utilization ratio tough though it is a crucial think about your credit score rating. This card means that you can have a credit score restrict of as much as $5,000 so long as you’re permitted and put down a safety deposit of the identical quantity.
- No Credit score Verify When Making use of for the Card: You don’t have to fret about passing a credit score verify to get this bank card as a result of the issuer gained’t verify your credit score. That may additionally assist keep away from the small credit score rating ding normally related to arduous inquiries.
- Stories to the Three Main Credit score Bureaus: These seeking to construct or rebuild their credit score rating will probably be completely satisfied this card experiences credit score exercise to the three main credit score bureaus, Equifax, Experian, and TransUnion. However training good credit score conduct—equivalent to paying payments on time—will probably be important so the reported credit score exercise impacts your rating in a optimistic manner relatively than a detrimental one.
Cons Defined
- Annual Price: This card costs a $39 annual charge. Though annual charges are typical for secured bank cards, it’s attainable to search out playing cards that don’t cost one.
- Making Funds on the Telephone or at Retailers Comes With Charges: It’s all the time good to have choices for making your funds, in addition to your preliminary safety deposit. Inexperienced Dot gives free online-based funds. When you make your funds over the cellphone, there’s a $4 charge per transaction. Moreover, funds made at collaborating nationwide retailers will price you $4.95 every.
- No Credit score Card Rewards: Bank card rewards are uncommon on secured bank cards, however they do exist. This card doesn’t supply any.
- Substitute Card Price: When you lose your card or it’s stolen, the Inexperienced Dot Platinum Visa Credit score Card requires you to pay a $10 charge to get a alternative. There’s an exception for expiring playing cards, although.
Who This Card Is Finest For
The Inexperienced Dot Platinum Visa Credit score Card could also be a very good match for these searching for a secured bank card to assist construct or rebuild their credit score rating. The cardboard doesn’t require a credit score verify, which suggests individuals who have detrimental info on their credit score report don’t have to fret about clearing the credit score report hurdle.
This card might be very best for somebody who can’t make on-line funds and prefers to make funds in particular person at collaborating nationwide retailers, though there’s a $4.95 charge per transaction. Individuals who could make on-line funds and not using a downside could possibly discover a better-secured bank card that doesn’t cost an annual charge.
Cardholder Expertise
Inexperienced Dot is the issuing financial institution of the Inexperienced Dot Platinum Visa Credit score Card. It was not ranked in J.D. Energy’s 2022 U.S. Credit score Card Satisfaction Research.
You may contact customer support with any questions on this card by calling 866-291-0818. Inexperienced Dot Financial institution itself has a easy cell app.
Safety Options
The Inexperienced Dot Platinum Visa Credit score Card supplies safety features that fall consistent with the trade’s requirements.
Charges To Watch Out For
Making a fee in your card can lead to charges. Whereas on-line funds are free, paying over the cellphone prices $4 per transaction and paying at a retailer will price you $4.95.
Moreover, changing your card will price you $10, doubtlessly extra. Lastly, don’t overlook about this card’s $39 annual charge since it’s attainable to search out secured bank cards with no annual charge.
Our Verdict
The Inexperienced Dot Platinum Visa Credit score Card is a secured bank card choice for individuals seeking to begin constructing or rebuilding their credit score. It experiences your credit score exercise to the three main credit score bureaus. This card may work properly for individuals who must make their safety deposit and bank card funds at retailers. That mentioned, you’ll should pay a $4.95 charge every time you make a fee that manner.
If in case you have a checking account or one other handy strategy to ship your safety deposit and month-to-month funds on to the issuer, different secured bank cards that don’t include as many charges could also be a greater choice. Another secured bank cards, such because the Uncover it Secured card, even supply bank card rewards.
