Green Dot has introduced Visa-branded credit card, designed to help people with no prior credit history or those with poor credit scores build a positive credit history.
Dubbed the Green Dot Platinum Visa secured credit card, the new offering is available for all and it does not require any bank account to avail the card.
The card's credit line is backed by the customer's own security deposit held at Green Dot Bank, hence anyone can apply and be approved for the card.
The payment performance of the clients will be reported to the three major credit bureaus, which can help cardholders build a better credit history over time.
Green Dot Bank president Lew Goodwin said: “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.”
Using cash, the Green Dot Platinum Visa Secured credit cardholders can fund their collateral security deposit and make their monthly payments at any of Green Dot's nearly 100,000 retail locations.
The credit card provides the users the ability to pre-qualify without impacting their credit score. Furthermore, it helps build a positive credit history with responsible use.