Green Dot Corp., a aggregation best accepted for its prepaid debit agenda accessories (and celebrity advocate Steve Harvey), is now alms a anchored acclaim card. Like best anchored acclaim cards, the Green Dot Platinum Visa Anchored Acclaim Agenda is “designed to advice bodies with no above-mentioned acclaim history or those with poor acclaim arrangement body a absolute acclaim history,” according to a columnist release.
That’s the accepted angle in the anchored acclaim agenda world: Almost anyone can get one, so you can get in. For the best part, all you charge to do is be able to pay a drop and, sometimes, an anniversary fee, and again you can use the anchored acclaim agenda aloof like any added acclaim card: Buy things with it, and back your bill comes anniversary month, accomplish abiding you pay it on time. If you don’t pay your bill, the coffer can booty your deposit. (We angled up some of the best anchored cards in America and additionally acquire an able adviser to anchored acclaim cards here.)
Anyone in the bazaar for a acclaim agenda should anxiously analysis the agreement of the cards they’re considering. Here’s what abeyant cardholders will appetite to apperceive about the Green Dot Platinum Visa Anchored Acclaim card.
Deposit: The minimum drop is $200. So, if you accomplish that $200 deposit, your acclaim absolute would be $200. The best acclaim absolute accessible is $1,000. Consumers can administer online, and already they acquire their card, they can alpha application it as anon as they accomplish their deposit. For a $4.95 fee, cardholders can accomplish deposits at a Green Dot banker (like CVS, Walgreens and Wal-Mart, amid others). Some retailers can alone acquire a drop of $500, so if you’re accustomed for a college acclaim limit, you will charge to mail the aberration in drop to Green Dot Bank. Wal-Mart can acquire deposits up to $1,000. Cardholders additionally acquire the advantage of sending their drop by mail, which takes 10 canicule to process, so you can’t use the agenda anon aloft accepting it. Green Dot Coffer holds assimilate your deposit.
Bank Account: You do not charge a coffer anniversary in adjustment to get the agenda (some anchored cards crave cardholders to acquire a coffer anniversary to accomplish their drop and accustomed payments).
Credit Reporting: Green Dot letters anchored acclaim agenda action to the three above acclaim advertisement agencies: Equifax, Experian and TransUnion.
Fees: There’s a $39 anniversary fee, which is answerable as your aboriginal transaction. “If you are assigned the minimum acclaim absolute of $200, your antecedent accessible acclaim will be alone about $161,” the agenda acknowledgment says. You charge pay a $4.95 annual fee to accomplish the drop at a retail location. Paying your annual bill at a retail area carries a $4.95 fee. Late payments and alternate payments anniversary aftereffect in a fee up to $27. Cash beforehand fees are the greater of either $10 or 3% of the advance. Foreign affairs appraise a 3% fee on anniversary transaction in U.S. dollars.
Interest Rate: The Green Dot Platinum Visa Anchored Acclaim Agenda carries a 19.99% APR.
Payment: You can pay your bill online, at a accommodating banker or by mail. Paying your bill online requires accepting “an anniversary with Green Dot, or with any added bank,” according to a Green Dot spokesperson. There are no fees for application online bill pay or paying by mail, but paying at a accommodating banker costs $4.95.
Moving Up: At the moment, there is no advantage for “graduating” from the Green Dot anchored agenda to a standard, apart acclaim card, but the agent said there are affairs to do that in the future. Cardholders can request a acclaim absolute increase, which requires abacus to their aegis deposit.
Who Is Green Dot?
Plastic is annihilation new for Green Dot, but this is the company’s aboriginal acclaim card. Green Dot offers an arrangement of prepaid debit cards, including the Wal-Mart MoneyCard, which was in the account beforehand this year back hundreds of cardholders were accidentally bound out of their accounts. The anchored agenda may appeal to many of the aforementioned bodies who approach to prepaid debit cards: Bodies after coffer accounts and/or who are clumsy to get acclaim cards because of a poor or absent acclaim history. Green Dot touts its arrangement of retail ally as a additional for barter who alive in underbanked areas.
Building Acclaim With a Anchored Card
The best affair you can do back application a anchored acclaim agenda is accomplish all your payments on time, as acquittal history has the better address on your acclaim scores. The additional best important affair is application as little of your accessible acclaim as possible: Acclaim scoring companies about acclaim you use beneath than 30% of your accessible credit, so if you’re alone accustomed for a $200 absolute on a anchored card, that agency you’d appetite to accumulate your antithesis beneath $60. (Paying your antithesis in abounding anniversary ages is a acceptable way to accumulate that antithesis from bit-by-bit up.) It’s a acceptable abstraction to accumulate an eye on how your credit-building efforts progress, which you can do by accepting a chargeless acclaim address arbitrary on Credit.com, adapted every 14 days. Accumulate in apperception it about takes six months of action to authorize a scoreable acclaim history.
Note: It’s important to bethink that absorption rates, fees and agreement for acclaim cards, loans and added banking accessories frequently change. As a result, rates, fees and agreement for acclaim cards, loans and added banking accessories cited in these accessories may acquire afflicted back the date of publication. Please be abiding to verify accepted rates, fees and agreement with acclaim agenda issuers, banks or added banking institutions directly.
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