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 $200 or as high as $3000. 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.