Green dot how does it work

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Kelli Pate is a freelance writer and copy editor living in Kansas City, though she's a Jersey girl at heart. When she's not writing about personal finance and credit cards, she's immersing herself in the world of travel hacking. Essential reads, delivered straight to your inbox. By providing my email address, I agree to CreditCards. Your credit cards journey is officially underway.

Considering a balance transfer to a U. Bank credit card? The offers that appear on this site are from companies from which CreditCards. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories.

Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Essential news and expert tips in your inbox every week. Search popular CreditCards. Advertiser Disclosure. Summary Considering a prepaid card from Green Dot? Filed Under: Products. Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars.

In Products How to transfer a balance to a U. Green Dot credit cards carry relatively low interest rates compared with competing secured credit cards , and unlike with most other issuers, applying for one won't impact your credit.

Green Dot doesn't do a hard pull on your credit report. However, all three Green Dot cards come with annual fees, and that's a big and ongoing drawback. Those cards do carry higher APRs, though, so if you have poor to average credit and you also plan to carry a balance on the card, you might want to consider the Green Dot credit cards despite those pesky fees.

Here are five things to know about these three Green Dot credit cards:. A secured card functions like a regular credit card — you can use it to make purchases and then pay off the balance, or a portion of it, each month — but you must first put down a refundable security deposit.

Generally, your credit limit will be equal to that deposit. While there are no processing or application fees, you'll face other charges. First, you'll owe an annual fee, regardless of which card you choose:. More on that later. It's an unsecured card, meaning it doesn't require a security deposit, and it offers rewards. In fact, compared with the other two Green Dot options, its interest rate is significantly higher. The ongoing APR is The ongoing APR is 9.

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Open Account. Company Overview. Year Founded Official Website www. Pros Explained. Cons Explained. Best For. Bank Offerings. Customer Service. How to Bank. There is no cap on cash-back earnings.

Eligibility for early access depends on your employer's payment processing. If you don't have funds to cover a purchase, the transaction is declined.

But spending doesn't include bill payments and other select purchases. No joint accounts : There are no joint or custodial account options.

Verdict If you're in search of an online bank that gives you access to a competitive interest rate and cash-back earning, Green Dot might be a good fit. Article Sources. Investopedia requires writers to use primary sources to support their work.