subject: Public Savings Bank Secured Visa Credit Card [print this page] When your financial troubles are behind you, applying for a Public Savings Bank Secured Visa Credit Card is probably the last thing on your mind. While living on a cash basis may be an ideal strategy, it's difficult to achieve great financial independence without some form of credit.
This card fixes your credit by reporting your payments to the three major bureaus. This card helps you build a positive payment history and raise your FICO score. There are no income, credit or employment verifications so the application process is very easy. Most applicants are approved within a few hours.
Deposit Requirements
To open an account, you can deposit as little as $300 to as much as $1,500. The lifetime deposit limit of this card is $10,000. For deposit balances between $5,000-10,000, your account limit is 90% of the deposit amount. Checks, money orders, wire, ACH are acceptable forms of deposits. ACH is not accepted for balances between $1,501 to $10,000.
Minimal Requirements
The only requirements you need to satisfy is a verifiable age, Social Security number, residence, and other identifying information. In select cases, they may check your previous financial and credit history is they feel you are a really bad risk. FICO score aren't taken into consideration.
Finance Charges
New purchases incur a 0% introductory APR for the first 6 months. That's a pretty good deal. You won't find many other secured cards offering that. After the introductory period, your APR changes to 7.99% + Prime Rate. As the Prime Rate changes your APR changes.
Grace Period
Unlike other secured cards, this card offers you a 25 day grace period for new purchases. If you pay your balance off each month, you won't incur interest charges. This is one great feature most secured cards don't offer. However you need to be aware there is a minimum monthly charge of $10 or 2% of the total balance on the card, whichever is higher.
No Annual Fee
This card has no annual fee, but you do have to pay a one time setup fee of $79.
