May 5th, 2009
Public Savings Bank Secured Visa Review
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 rebuild your credit and proactively manage your credit score.
The Public Savings Bank Secured Visa has no credit score or income requirements. Simply deposit funds from $300 up to $25,000 and you’ll be able to purchase any item interest free. 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 will revoke your interest free status and you’ll be subject to the standard interest rate.
One big benefit of the Public Savings Bank Secured Visa for consumers looking to build or rebuild their credit score 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 $25 for a late payment, being over your credit limit, or 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 $79.
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.
Here is my advice. You either have no credit or damaged credit. Secured credit cards are exactly for people who have no credit or bad credit. There are also unsecured credit cards out there for people with no credit or bad credit. As long as you are at least the age of 18, you can apply for one of these cards and even though they have higher interest rates, so do the secured cards. You can get a small unsecured credit card with a $300 limit. You will have hefty annual fees (which you pay monthly) to pay but you will still have about $150 of that unsecured to use as soon as you recieve your card in the mail. That $300 dollars that you were going to give towards that secured card at Bank of America, you can keep that in your own savings account so you can pull it out any time you want (so its not locked away at Bank of America). You can also use that $300 to pay your credit card payments on the unsecured credit card. If you are still having trouble deciding which direction to head, check out this website that will let you compare all different types of cards for people with bad credit.
Now if someone has low credit score then why will he go for a credit card as he will have to pay more.
HEY THIS THE CARD IS THE ONE TO GET IF YOU WANT TO IMPROVE YOUR CREDIT.
Will I be elligible for secured credit card if I’m in a Checks System?
thanks for the nice information .
I have no credit history so far and the mortgage company told me to purchase a credit card. She made one good point “You can’t pay interest on a $0 balance”. She advised me to purchase something small and pay it off within 30 days at least once a month even if it’s only something for $10. Hope this helps!!
Will I have to deposit any money to recieve a credit card. So If I wanted a card with the balance of $3000 would I have to pay $3000 to recieve the card.
That is correct. The minimum for this card is $200. Keep in mind this card is intended for people with poor credit.
i have payed for this card, with a $200 setup credit line and the $79 fee to get started. THey drafted my account thursday so i guess we will see how long it takes for me to get the card. I will also, use this card to pay for say $100 on another credit card that does have a higher intrust rate. So, lets see how it goes.
Is this a credit or debit card and can this
card be used globally?
will this report as a normal card or as a secured card?
It will report as a normal card.
Exactly how do these cards work? Lets say i deposit the initial $200, if I wanted to increase my balance could I make a large payment to increase the limit?
In a nutshell yes. We have an in-depth set of reviews and comments:
http://www.creditkarma.com/creditcard/publicsbsc01