Primor Secured Visa Classic Card Review
The Primor Secured Visa Classic Card is great for people with poor credit or no credit at all, who are trying to get a credit card. It is far from perfect, and if I had my way I would be able to talk you out of getting any type of credit card. As for this secured credit card, in the cesspool that is the world of secured credit cards, the Primor Secured Visa Classic card only stinks a little.
People like secured credit cards such as Primor Secured Visa Classic card because there are no credit checks. This is because all the risk is on your end. You send Primor your money, and then they lend it back to you, there is no risk on their end because they are not lending you their money. The credit limit you are given will depend upon how much you send as your deposit. The amount you put down as your deposit will only contribute to your credit limit because part of your credit limit is removed as your annual fee. In other words, your annual fee amount will depend upon how much of an initial deposit you put down.
Primor Secured Visa Classic card The Stuff You Want To Know
You have probably read tens of reviews on different secured credit cards as you search to find a secured credit card that isn’t a scam or predatory. To save you a lot of skim reading, here are the things you want to know.
- People with a damaged credit rating may get a secured credit card with Primor
- There are no credit checks, so people with poor credit are likely to be accepted
- You place a deposit and Primor will lend you part of that amount and call it your credit card credit limit
- Your credit limit will depend on how much of a deposit you put down
- The deposit ranges are between $200 to $5,000
- When you open your account, you will be charged an annual fee, which is taken from your credit limit
- The annual fee actually lowers your initial credit limit
- If your income is around $100 higher than what you spend, you have more of a chance of being approved
- Primor reports to all three credit scoring companies
- Make your payments on time and your credit score will recover
- The credit card comes with a low fixed 13.99% APR
- There is no purchase APR
- There is no intro APR
- The annual fee is only $39
- It is fast and easy to apply online
- Go to the “Green Dot bank website,” and go to the Secured Visa Classic Card page to apply
- Enter your personal information such as name, age and address
- You also enter your income information and bank details before you click apply
- Primor Secured Visa Classic Card does not offer cash-back rewards
- Your card should be with you between 7 to 10 business days after being accepted
- Primor does not offer unsecured cards, Primor always asks for a deposit
- Primor Secured Visa Classic Card does not allow balance transfers
Getting A Primor Secured Visa Classic card
If you are already a Green Dot Bank account holder, and you want a Primor Secured Visa Classic Card, then you will have to make sure you have not missed any bank payments or have gone overdrawn in the last six months. Primor doesn’t refuse people because of their credit rating, but having a bad banking history with their credit issuer (Green Dot) is enough to encourage a refusal.
When you apply, you have to be at least 18 yeas of age or over, in Nebraska. In addition, in Alabama you have to be 19, and in Mississippi you have to be 21 years old or over to apply. You may only have open credit card with Green Dot Bank if you want a Primor secured card, and you may only have one Primor card at a time.
Please remember that if you have money in your credit card account, it is not money that goes towards your monthly payments. You need to make a deposit payment to the value of your minimum payment amount each month, (they will not deduct your payment from your credit amount).
You can avoid interest fees using Green Dot’s grace period. Green Dot will give you 25 days of grace period after every bill is produced, this will enable you to pay for your purchases with no interest accrued.
Understanding The Late Payment Fee And Its Implications
The Primor Secured Visa Classic card does have a late fee, despite the fact that some online articles say that it doesn’t. The late fee is up to $29 per day. If you miss a payment, or your payment is late in some way, then this will affect your credit rating. A late payment is where you do not pay your minimum payment amount by the due date. A missed payment is when you go a full month between your bills and you do not pay. A missed payment is far worse for your credit rating than a late payment.
We have covered a few of their fees in the bullet point list above. However, like most secured cards, Primor has a bunch of sneaky and ugly fees. These are the ugliest fees they have.
- The stopped payments fee is $29
- Additional cards cost $29
- Replace your card for $29
- To get a credit reinstatement, it will cost you $29
- Automated account inquiries cost $0.50 per inquiry
- A credit-limit increase will cost you an extra $49
- If you wish to change from your Primor Secured Visa Classic Card to another Primor Secured card, then the upgrade will cost you $49
In addition, if you deposit more money in order to increase your credit limit, then beware of credit-limit-increase charges. These fees vary depending upon how much money you add, and they are often a surprise to the card holder.
Since Primor does not offer unsecured cards, you may use Primor cards to build your credit rating and then move on to a different company. Build a good credit rating with Primor Secured Visa Classic Card and find another company that offers unsecured cards. If you have paid your bills on time and have managed your credit card correctly, then consider going to Green Dot for an unsecured credit card. Do not close your secured credit card until you have your new unsecured card in your hand. Obviously, you can close your secured card at any time if you are not interested in getting further secured/unsecured credit cards.