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What’s the upside of a low credit score? Begin able to use a secured credit card, like the primor credit card, as a tool to build your credit.
With a secured credit card, you put down a cash deposit as collateral. This typically equates to your credit limit. In time, your limit may increase, provided you pay your balance in full and don’t miss any payment due dates.
Selecting a secured card – or any credit card – is not always easy. Green Dot Bank aims to change that. In addition to their prepaid cards and reloadable debit cards, Green Dot Bank issues the primor Visa Credit Card for those with bad credit.
The primor credit card review
Primor is a Visa credit card that looks like any other mass-brand bank card. The difference is you can add this piece of plastic to your wallet without any credit score requirements. Your line of credit will range from $200 to $5,000, which is dependent on how much money you put down.
When you apply, you will be asked to set up a Green Dot savings deposit account to secure your card. Once approved, you can expect a 13.99% annual percentage rate (APR), according to the schedule of rates and fees for 2017.
The basics and benefits of primor Visa credit card
Green Dot Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and has an “A” rating from the Better Business Bureau (BBB). This means your savings deposit account is fully insured and any customer complaints are usually handled quickly and fairly.
The primor Visa credit card offers reassurance in other ways, as well. When choosing the primor secured credit card, here’s what to expect:
It’s free to apply: With primor you don’t have to worry about any processing or application fees.
There’s no or low credit scoreapproval: Green Dot Bank accepts applicants with a fair credit score, damaged credit and even those with no credit history at all.
It’s a quick approval process: After opening a savings deposit account, you’ll be notified of your approval status in no time.
Reporting to all three major bureaus: Activity on the primor credit card gets reported to all three national credit bureaus, which can help a cardholder build credit history.
The primor credit card at a glance
Line of credit
$200 to $5,000
The drawbacks of the primor credit card
While the process to apply is free, you will incur an annual fee should you be approved for the primor credit card. As of September 2017, the annual fee is $39, which will reduce your initial credit limit. There are also additional card fees. If you request a second card for your account, a $29 fee will apply. This, too, will be deducted from your credit limit.
As with most secured credit cards, you won’t be awarded any special perks for being a primor card holder. And there’s no fraud protection or cash back with the primor.
A 2018 BBB review of Green Dot Corporation indicates that a customer lost $402 when their stolen card claim was denied, because the card was used near the cardholder’s home address. “So if someone steals your card and uses it 5 miles down the road they will still think it was you,” wrote the reviewer.
There have been more than 3,500 customer complaints submitted and closed with the BBB in the last three years. However, the majority of these complaints appear to be focused on Green Dot Corporation’s prepaid cards with respect to card balances – not the secured credit card.
Is the primor Visa credit card right for you?
The primor secured credit card is FDIC-insured, so you can be certain the money you put down is available for use. This type of credit lending puts everything in your hands. If you’re ready to tackle a bad credit score or start building a strong credit history, the primor Visa is a good launching pad.
Initially, you decide your credit limit. And as time goes by, it’s your ability to manage the credit card that determines if you are eligible for a limit increase. Paying your bill on time and in full is a sure-fire way to establish yourself, financially.
Meanwhile, primor reports all activity to the three national credit bureaus, so your good habits actually begin to accumulate on your credit report. Before long, you’ll have a solid foundation that will open the door for other credit cards and possibly much higher lines of credit.
Green Dot Bank headquarters and customer service
Green Dot Bank also operates under the name GoBank, Bonneville Bank and Walmart MoneyCard. The headquarters is located at:
Liz Lotts is a detail-oriented content creator for marketing, education, health, finance and wellness websites. When she's not writing, you can find Liz at Orangetheory Fitness, HSN CrossFit or running Lotts O’ Miles to clear her head.