Green Dot Platinum® Secured Credit Card FAQs

About Green Dot Platinum Secured Card

  • The Green Dot Platinum secured credit card can build your credit history since it reports your payments to the three main credit bureaus. Generally, pre-paid cards and debit cards do not.

  • You can use your credit card everywhere that Visa is accepted. There is a foreign transaction fee of 3% of the amount you spend outside of the United States.

  • The Green Dot Platinum Visa secured card is a credit card designed for people who are looking to build or rebuild their credit. It looks and acts like a traditional credit card except that you provide a $200 minimum security deposit, up to your approved credit limit, as collateral for your credit card account. Your credit line will equal the amount of this security deposit you put down. Your credit card account use is reported to the three major credit bureaus. You will need to make on-time payments each month and use the card responsibly to build your credit.

  • If the “New Balance” shown on your monthly Billing Statement is less than $25.00, your Minimum Payment Due will be the New Balance. If the New Balance is $25.00 or more, your Minimum Payment Due will be $25.00 or the sum of 2% of the New Balance, whichever is greater. This will also include interest and fees, plus any amount that is past due on your Credit Account. Please refer to your Secured Credit Card Agreement for details.

  • The table below shows the fees that apply to the Green Dot Platinum Visa card. Please refer to your card member agreement for details.
     

    Interest Rates and Fees  
    Interest Rate 19.99% APR
    Payment due date Your payment is due 25 days from the close of the billing cycle.
    Minimum Payment Due Either $25 or 2% of the balance, whichever is greater
    Annual Fee $39
    Late Payment Fee Free for the first time you pay late. After that, $27
    Over-limit fee None
    Foreign Transaction Fee 3% of the foreign transaction amount
    Cash Advance Fee Either $10 or 3% of the cash advance, whichever is greater
    Returned Check Fee Free for the first returned check. After that, $20

Applying for a Green Dot Platinum Secured Card

Security Deposit Questions

  • If you pay your balance in full and close your credit card account, your security deposit will be refunded.

  • You can pay for the security deposit up to your approved limit by mailing in a check or by making the deposit at retail stores. If you mail in a check, there is a 10-day processing hold from the date the check is received. Alternatively, you can make a security deposit at a retail stores. The security deposit will be made available within minutes from the retail store transaction. You can only make one security deposit at a retail store. If your approved credit limit is greater than $500 and you make your security deposit at a retailer with a limit of $500, you will have to mail a check for the difference to get access to your approved credit limit. Up to a $4.95 retail service charge and limits apply.

  • The security deposit will not earn interest.

  • The security deposit allows us to provide you a credit limit while also keeping our bank safe, knowing that we won’t lose money if you don’t or cannot pay us. The security deposit is fully refundable if you decide to close your account and have paid off the balance in full.

  • The security deposit needs to be funded within 60 days from the date your secured credit card was approved. If we do not receive your security deposit within 60 days from the date your card was approved, you will have to reapply.

  • A minimum security deposit of $200 up to the amount of your maximum approved credit limit is required for this product. Your actual credit limit will equal the amount of your security deposit.

Using Your Green Dot Platinum Secured Card

Military Benefits

Green Dot Bank supports its military customers by making sure our servicemembers are aware of the federal Servicemembers Civil Relief Act (SCRA), and the benefits it offers. SCRA permits customers on active duty in the United States Military to devote their full attention to service by easing some of their financial obligations. As an active duty member of the United States Military, you may be eligible for SCRA benefits and protections on the Green Dot Platinum Visa secured credit card.

SCRA’s benefits and protections, such as the interest-rate cap limitation, are intended to protect military personnel who had an existing obligation prior to becoming active duty military, but are less able to manage their finances while in active service.


Customer Responsibilities

  • To qualify for SCRA benefits, all required documentation (e.g., copy of valid military orders) must be provided to Green Dot Bank by mailing to: 

    Green Dot Platinum
    P.O. Box 9206
    Old Bethpage, NY 11804 

    For questions about SCRA benefits, please call Customer Service at 866-291-0818. 

  • Continue making payments as SCRA benefits do not relieve you of your responsibility to make payments, nor do they prevent us from reporting past due payments to credit bureaus.
  • If you’re having trouble making your payments, please contact Customer Service.

For more information regarding your rights and responsibilities under the SCRA, see the Servicemembers Civil Relief Act Notice Disclosure.