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(REVIEW) Green Dot Secured Credit Card // Green Dot Platinum Visa - YouTube
Channel: Slava - Money
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Do you want to know if Green Dot Secured credit
card is right for you?
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If you have a very low credit score it can
be hard to be approved for a credit card.
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But secured cards are different.
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Secured cards are the easy way to start rebuilding
your credit score.
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Lets see what are the benefits and pitfalls
of the Green Dot Secured Card.
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It is also known as Green Dot Platinum Visa.
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In this video we will talk about features
and fees.
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First nice feature is that you can define
a very high credit limit.
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Range is from $200 to $5000.
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To do this you will need the security deposit.
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This security deposit should be made within
60 days after approval.
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You can even request your credit limit to
be increased - but you will need to deposit
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additional funds.
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Second is that it is a real credit card and
it reports how you use it to credit bureaus.
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To all 3 credit bureaus - Transunion, Equifax,
Experian.
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If you will pay it off every month - it will
raise your credit score.
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Third, it doesn鈥檛 require a high credit
score and there is no credit score check.
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Fourth is that APR is 20% not 25% as on other
credit cards for low credit score.
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The minimum payment is $25 or 2% of the balance.
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Late payment fee is $27.
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It shouldn鈥檛 be very important, since getting
a secured credit card and caring debt is a
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bad idea by default.
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If you have no money to pay it off - just
close it and take back your security deposit.
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You can apply for this card online.
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It should arrive after 7 to 10 business days.
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You may be declined due to your low monthly
income or high income to expense ratio.
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Then you can make a security deposit online
with a debit card.
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Or you can wait till the card will be delivered
to you via mail.
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Then you can deposit cash at 99,000 retail
locations nationwide.
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You must make the security deposit within
60 days of application.
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Otherwise you will have to reapply.
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You can pay off your card online or at those
99,000 retail locations.
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In addition you can use MoneyPak.
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Let's wrap up all the fees.
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Late Payment fee is $27
Returned check is $27
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Cash advance is 5%
Foreign Transaction is 3%
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Annual fee $39
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There are secured cards without this annual
fee, so I would recommend trying to apply
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for them first.
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The Check Secured Platinum card from Capital
One, for example.
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This card has no graduation.
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On other cards after 6 or 12 months of payments
on time you can graduate.
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Then your card will be upgraded to unsecured.
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And there will be no annual fee!
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Which is your long term goal when you want
to rebuild your credit score.
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Customer Support of Green Dot is very poor.
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I warned you - it was outsourced to another
country.
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There were a lot of complaints over the recent
years.
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As a summary, I wouldn鈥檛 recommend this
card
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Bye!
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