May 5th, 2009
Public Savings Bank Secured Visa Review
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The Public Savings Bank Visa is a secured credit card that offers 0% interest on purchases for 6 months. Secured credit cards are different than typical credit cards; they require an upfront deposit in order to buy items on credit. These cards are generally appropriate for consumers who would likely be denied a credit card because of lack of credit or simply having a low credit score. For those who have a limited credit history or past derogatory credit, a secured credit card can be one of the best ways to improve your credit health and proactively manage your credit score.
The Public Savings Bank Secured Visa has no credit check. Simply deposit funds from $300 up to $2,000 and you’ll be able to purchase any item interest free for the first six months. Make sure that you’ll be able to pay off these purchases in six months, or you’ll be charged interest on your remaining balance. Also, stay up to date on your payments, missing the minimum payment could harm your credit and cost you money.
One big benefit of the Public Savings Bank Secured Visa for consumers looking to build or improve their credit health is that the card reports usage and payments to all three credit bureaus each month. There are no annual fees, and the late penalties are not as harsh as other secured credit cards; only $20 for a late payment or $25 for having a payment returned. While Public Savings Bank doesn’t have the common annual fee other secured cards generally requires, it does have a one-time activation fee of $75.
Being able to use a credit card instead of cash or checks is valuable for everyone, not just those who have good credit. The Public Savings Bank Secured Visa provides a much needed service for those with little or bad credit, while also providing a great perk by offering interest free purchases for the first 6 months. If you are having trouble getting credit in today’s shrinking market, it’s the only secured card out there we know of that offers interest free purchases for 6 months.
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