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 check. Simply deposit funds from $200 up to $3,000 and you’ll be able to purchase any item equal to the amount of your deposit. Make sure that you’ll be able to pay the minimum amount due and 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 rebuild their credit score is that the card reports usage and payments to all three credit bureaus each month. There is only a $50 annual fee, 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.
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. If you are having trouble getting credit in today’s shrinking market, you should apply for a secured credit card.