While this card has one of the lowest rates of interests of all credit cards - secured or unsecured - there are too many fees to recommend it highly.
Who the Public Savings Bank Visa Secured Card Is For
- People who have been turned down for a credit card or are rebuilding their credit.
Credit Rating Required
- Bad (below 620)
About the Public Savings Bank Visa Secured Card
Pros
- Low interest rate.
- No annual fee.
- No penalty interest rate.
Cons
- High account processing fee.
- No interest earned on security deposit.
Security Deposit Required
- $300 to $2,000.
Rewards
- None.
APRs
- Zero percent for first six months, then 11.24 percent on purchases.
Fees
- Account set-up fee: $75.
- Credit limit increase fee: $25.
- Late payment fee: $20 or 10 percent of payment due, whichever is greater.
- Returned payment fee: $25.
Public Savings Bank Visa Secured Card Review
This card carries one of the lowest interest rates, 11.24%, in the secured card arena. Plus there's even zero percent interest for the first six months.
But there are too many fees associated with this card. While it doesn't charge an annual fee, it does charge a hefty $75 account set-up fee, which is non-refundable. It also charges $25 every time it increases - or decreases - your credit limit. Of course, you'll also have to increase the size of your security deposit to match the higher credit limit. You're better off applying with a bank that is more eager to get you an unsecured card quickly rather than increasing your credit limit.
Unlike larger banks like Citigroup, Wells Fargo, and U.S. Bank, Public Savings Bank doesn't pay interest on your security deposit. While that probably wouldn't amount to a lot of money anyway, it's not a consumer-friendly action by the bank.
Recommendation
This card carries too many fees to justify the low interest rates. You're much better off getting a card with lower fees and a higher rate, and then paying off the balance in full each month to avoid paying interest, which is what you should be doing.