Source: Green Dot
Green Dot Corporation (GDOT) today announced the launch of the Green Dot Platinum Visa Secured Credit Card, a secured credit card that is designed to help people with no prior credit history or those with poor credit scores build a positive credit history.
Since the card's credit line is backed by the customer's own security deposit held at Green Dot Bank, most anyone can apply and be approved for the card. No bank account is required to qualify. The customer's payment performance will be reported to the three major credit bureaus, which, with good payment performance, can help cardholders build a better credit history over time.
The Center for Financial Services Innovation (CFSI) estimates that approximately 108 million Americans do not have credit scores or have low scores that stand in the way of accessing affordable credit.
“The Green Dot Platinum Visa Secured Credit Card is just another way Green Dot Bank is helping to open the door to financial inclusion for millions of low and moderate income Americans,” said Lew Goodwin, President of Green Dot Bank.
Green Dot Platinum Visa Secured Credit Card customers can fund their collateral security deposit with cash and make their monthly payments at any of Green Dot's nearly 100,000 retail locations.
The Green Dot Platinum Visa Secured Credit Card’s features and benefits include:
Ability to pre-qualify without impacting their credit score
Helps build a positive credit history with responsible use
No bank account required; Payments and security deposits can be made with cash at Green Dot retailers nationwide
Free online account management and bill pay
Additional features, benefits, fees, terms & conditions and cardholder agreement can be found here.