primor Secured Visa Classic Card
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Another in a line of secured cards issued by FDIC-insured Green Dot Bank, based in Pasadena, California, the primor Secured Visa Classic Card rivals its cousin, the primor Secured Visa Gold Card, in offering a low-interest option to consumers who don’t have many.
As far as secured credit cards go, the Secured Visa Classic isn’t terrible. It offers a good fixed interest rate and a fairly low annual fee. But this is the type of card you get when you have few other choices.
There’s no application fee, and with regular on-time payments you can boost your credit score because this card reports to all three of the major credit bureaus.
The main requirement is opening a savings account with Green Dot Bank and depositing an amount from $200 to $5,000. Your credit line will equal the amount you deposit.
The major drawback here is the annual fee, which is $39. That’s better than the gold card, but there are no-fee options available. You should consider those first.
Who should get this card
If you need a credit card, but don’t qualify for an unsecured one the primor Secured Visa Classic can help you boost your credit ratings with regular on-time payments.
Fees and APR
- You’ll pay a $39 annual fee, that’s slightly lower than the fee on the gold card.
- This card has a fixed APR of 13.99%, which is rare. There aren’t too many fixed rate cards available today.
Extras and perks
Unlike most credit cards, the interest rate on primor’s Secured Visa Gold Card is fixed so you won’t be subject to any rate increases as with variable rate credit cards.
You cannot earn rewards on this card.
How this card compares
If you have a bank account but limited or poor credit history, the no-fee Discover it Secured Card is a terrific choice to help build your credit and earn cash-back rewards, too.
We also like that you can quickly graduate to an unsecured Discover card with just eight months of good payment behavior.
The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate.
There’s a very narrow band of consumers this applies to, we imagine.
If you’re a USAA member, the USAA Secured Card Platinum Visa could be a good option. To get the card, you have to open a CD with their bank for an amount between $250 and $5,000. The amount you deposit will be the amount of your credit limit. If you qualify for the lowest end of this card’s APR range, it’s one of the best available among all credit cards and by far the best for an unsecured card.
Note that USAA membership is restricted to military members and their families.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.