Public Savings Bank Card
Secured credit cards are a useful way to rebuild credit history, but many come with significant fees and additional costs. A secured credit card is often the only option available to consumers with very poor credit or no credit at all, especially in today's marketplace. Unfortunately, many secured credit cards use questionable marketing ploys, charge high fees and take advantage of consumers with few alternatives. Finding a reputable and honest company offering a secured credit card is key if you need to rebuild your credit.
The Public Savings Bank Card, issued by FDIC insured Public Savings Bank, is a secured Visa credit card. Like other secured credit cards, the Public Savings Bank Card requires that you make a deposit at the Public Savings Bank. This deposit is fully refundable when the card is closed. Credit limits are based upon your deposit and can be as low as $300 or as high as $2000. After 120 days, you may increase your credit limit by increasing the amount of your security deposit. Cardholders must be of legal age, have a valid social security card, be able to verify identity, and have the necessary funding for the deposit. This Visa card has no annual fee, but does require a one time activation fee. One of the significant advantages of the Public Savings Visa is a 6 month 0% APR introductory period. You will be charged no interest on purchases made during this period.
The bank reports timely credit payments to all three major credit reporting bureaus on a monthly basis. There is no notation on your credit report that this is a secured card, and the card itself looks like any other Visa card. Over limit and late fees are reasonable, should they be incurred; however, poor payment history will also be reported so should be avoided.Positive reports on your credit can help you to improve your bad credit history or create a good credit history, eventually allowing you to get an unsecured credit card, auto loans or a home mortgage.
Updated 1/7/2010 - There have been some improvements to this secured credit card see below-
- 18.00% Maximum APR for both Merchandise and Cash Advances. This has been lowered from 23.99%
- NSF/Returned Payment Fee of $25. This has been lowered from $34
- Over Limit Fee of $20 - This was lowered from $25. Over Limit will be removed totally in February with the UDAP changes, so this is only up until that effective date
- Late Payment Fee of $20 - This means no calculation for the greater of $20 or 10% of the payment, just a flat fee of $20
- No Penalty Pricing - rate stays the same even if customer is late. Previously, this was 23.99%
- No annual or monthly fees. There are plenty of cards out there will very high annual and monthly fees. Public Savings stands apart on this card and would like the customers to see this up front.
- Customers also get free fraud prevention to protect them from unauthorized purchases.
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- 0% APR on purchases for 6 months
- No annual or monthly fees
- We report to all 3 credit bureaus
- No minimum credit score, no income/employment verifications
- 25 day grace period
- Use the card everywhere you see the Visa® logo
- Lifetime credit limits up to $10,000
- Free fraud protection against unauthorized use
- No penalty APR for late payments
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Apply Now!
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Public Savings Bank offers online account access and fraud protection. Visit http://www.publicbankcard.com for more information.
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