Green Dot Launches a Visa Credit Card to Help Consumers Build a Better Credit History

Sep 29, 2016

PASADENA, Calif.--(BUSINESS WIRE)--Sep. 29, 2016-- Green Dot Corporation (NYSE:GDOT) today announced the launch of the Green Dot Platinum Visa Secured Credit Card, a secured credit card that is designed to help people with no prior credit history or those with poor credit scores build a positive credit history. Since the card's credit line is backed by the customer's own security deposit held at Green Dot Bank, most anyone can apply and be approved for the card. No bank account is required to qualify. The customer's payment performance will be reported to the three major credit bureaus, which, with good payment performance, can help cardholders build a better credit history over time.

The Center for Financial Services Innovation (CFSI) estimates that approximately 108 million Americans do not have credit scores or have low scores that stand in the way of accessing affordable credit.[1]

“The Green Dot Platinum Visa Secured Credit Card is just another way Green Dot Bank is helping to open the door to financial inclusion for millions of low and moderate income Americans,” said Lew Goodwin, President of Green Dot Bank.

Green Dot Platinum Visa Secured Credit Card customers can fund their collateral security deposit with cash and make their monthly payments at any of Green Dot's nearly 100,000 retail locations.

The Green Dot Platinum Visa Secured Credit Card’s features and benefits include:

  • Ability to pre-qualify without impacting their credit score
  • Helps build a positive credit history with responsible use
  • No bank account required; Payments and security deposits can be made with cash at Green Dot retailers nationwide
  • Free online account management and bill pay
  • Additional features, benefits, fees, terms & conditions and cardholder agreement can be found here.

About Green Dot Corporation

Green Dot Corporation, along with its wholly owned subsidiary bank, Green Dot Bank, is a pro-consumer financial technology innovator with a mission to reinvent personal banking for the masses. Green Dot invented the prepaid debit card industry and is the largest provider of reloadable prepaid debit cards and cash reload processing services in the United States. Green Dot is also a leader in mobile technology and mobile banking with its award-winning GoBank mobile checking account. Through its wholly owned subsidiary, TPG, Green Dot is additionally the largest processor of tax refund disbursements in the U.S. Green Dot's products and services are available to consumers through a large-scale "branchless bank" distribution network of more than 100,000 U.S. locations, including retailers, neighborhood financial service center locations, and tax preparation offices, as well as online, in the leading app stores and through leading online tax preparation providers. Green Dot Corporation is headquartered in Pasadena, Calif., with additional facilities throughout the United States and in Shanghai, China.

[1] Wolkowitz, Eva and Schmall, Theresa. “2014 Underserved Market Size: Financial Health Opportunity in Dollars and Cents”. Center for Financial Services Innovation. December 2015.

Source: Green Dot Corporation

Green Dot Corporation
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