primor® Secured Visa® Gold Card
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Sometimes a secured credit card is your only option. But these pieces of plastic often came laden with surcharges and sky-high APRs. The primor Secured Visa Gold Card is a welcome exception.
Alas, you need a credit card. You have no credit or your credit history isn’t ideal. The primor Secured Visa Gold Card might as well swoop in with a cape to save the day. The card has a dashing combination of no minimum credit score requirements and an ultra-low fixed interest rate.
Oh yeah, there’s no application fee either, and with regular on-time payments you can boost your credit score because this gold guy reports to all three of the major credit bureaus. Sub-optimal choices are foiled again.
You’ll need more than a few clicks online to get this piece of plastic. The main requirement is opening a savings account with FDIC-insured 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 $49. That’s not terrible when it comes to secured credit cards, but there are no-fee options available. You should consider those first.
Who should get this card
Anyone who doesn’t qualify for a traditional unsecured credit card should consider the primor Secured Visa Gold card for its ultra-low interest rates.
Fees and APR
- You’ll pay a $49 annual fee.
- This card has a fixed APR of 9.99%, 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 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.