First Credit

Public Savings Bank Secured Visa Credit Card Review

As the global economy continues its slump, more and more lenders are reluctant to give credit, especially to those who in their eyes may be a risk. If you have had a previous debt, or have simply not had the chance to build a good credit score then you may feel there is not much you can do to get credit. There are however certain cards that are specifically designed for those with an adverse credit score, and secured credit cards are the perfect option for those wishing to enhance their reputation, while the banks are more likely to accept because they are safer from non payment. The way secured credit cards work is by having the client pay a deposit and then giving them a line of credit, essentially the cardholder spends their own money which they have deposited into their account, the limit can be the full deposit amount of more typically a percentage of the deposit.

On the surface the Public Savings Secured Visa Credit Card is an ideal choice, but when you dig deeper it fails to live up to all of its potential. While having to pay no annual fees is attractive, the one-time application fee of $79.00 may be off putting to some. And with a $25.00 fee for increasing the credit limit, owning the Public Saving secured credit card could prove costly. A major plus of the Public Savings card is that it comes with a low interest rate of just 11.24%, and when this is coupled with an introductory 0% APR for six months it makes this card one of the best in its sector.

The Public Savings Secured Credit Card requires a deposit of between $200 and $3000, which is at the low end of the scale compared to rival cards that usually offer a maximum of up to $10,000. Those looking to this card to rebuild their credit worthiness will be happy with some of the key features catered for this purpose, including the fact that this secured credit card reports to the three major credit bureaus.

It is worth factoring in the fact that Public Savings is not a corporately huge company, and some may be wary of borrowing off a smaller company, merely because it does not have the huge backing behind it. Being a smaller company means that Public Savings will not pay any interest on your security deposits, and you may have to weigh this up when looking for a secured card.

As the potential cardholder you will have to decide whether this card can deliver for you. It is true that to build a credit score a secured credit card is something you may need, but is the Public Savings Visa the answer for you? If you can live with the high application fees in exchange for the great low interest rates, then the answer could be yes; although if you need a higher limit this card is unlikely to do what you need. The Public Savings Secured Visa Credit Card is neither the very best nor the worst of the secured credit cards on the market, and as such probably warrants its middling reviews. See also, Bad Credit Credit Card.