Establishing a credit history or repairing your credit score after previous financial mistakes aren’t easy.
You need to find a credit card available for people who don’t have the best credit scores, and that often leaves you browsing cards that have very high-interest rate and all kinds of fees. Fortunately, those aren’t your only options. Green Dot offers a Primor Secured Visa Gold Card that’s known for having low fixed interest and no penalty fee. The card was originally offered by Berkshire Bank until Green Dot took it over. Read on to find out what makes this Primor credit card the premier benefits card on the market.
What You Need to Know About the Primor Secured Visa Gold Card
The important terms related to this Primor credit card are as follows:
- The annual percentage rate (APR) is 9.99 percent for purchases
- The APR is 18.99 percent for cash advances, plus you pay the greater amount of $5 or 5 percent of the transaction as a cash advance fee
- Credit limits range from $200 to $5,000
- The annual fee is $49
- Additional cards have a $29 fee
- Late and returned payments each have a $29 fee
- The foreign transaction fee is 3 percent
If you’re looking for a credit card with low fixed interest and no penalty fee, it’s hard to beat this Visa gold card. At a 9.99-percent APR, it has one of the lowest interest rates that you’ll find. Since this is a secured credit card, you must pay a refundable security deposit when you get the card. This deposit becomes your credit limit – if you pay $500, you’ll have a $500 credit limit. Keep in mind that you pay the annual fee with your first monthly payment, and this does count against your credit limit when you first get the card. In the aforementioned example with a $500 deposit, you’d have $451 of available credit when you got the card due to that annual fee.
Getting the Card
The application process for this card is fast, taking only a couple minutes. Since it’s a secured credit card designed for improving credit, applicants typically get approved even if they have a score or zero credit history. You can apply online, and the preliminary portion of the application requires the following information:
- Your name
- Your email address
- Your home address and how long you’ve lived there
- Your phone number
It also asks you if you currently have a checking account. After you go through the preliminary portion, you can complete the remainder of the application. This will require some basic financial information along with your Social Security number. Green Dot verifies your identity and your address after you submit your application. If that information checks out, then you should receive approval for a card. To get the card, you do need to fund a savings account with Green Dot. You can use the money you put into this savings account to pay your refundable security deposit on your card.
Improving Your Credit with the Primor Secured Visa Gold Card
Although some applicants may not like opening a savings account with Green Dot to get this card, it doesn’t take long and you need to deposit money for your card’s security deposit, anyway. And this card is well worth it if you want to increase your credit score because Green Dot reports to all three of the credit reporting bureaus. If you use your card responsibly, expect to see your score improve. How can you make sure that your credit score improves by using this card? You need to focus on two things – paying the bill on time every month and keeping the balance below 30 percent of the credit limit. Payment history is most important when it comes to your credit score, and the best way to build it is with a credit card. You do need to make purchases with your credit card every month, because if there isn’t a bill, then you don’t have a payment to make. Even though this card has low fixed interest, it’s still best to pay off your balance in full every month and avoid interest charges entirely. Credit utilization comes right after payment history in terms of importance, and the credit bureaus could check your utilization at any point in time, not just after you’ve paid the bill. If yours is below 30 percent at all times, you’ll be fine here. This Visa by Primor is an excellent choice to help you with your credit score. With its favorable terms, it’s the premier benefits card and it won’t break the bank when it comes to interest or fees, either.