Public Savings Bank Secured Visa

We *lowered* the minimum deposit to $200. is this what you are referring to?

Good idea about the first increase for free. I will take that back to my team to see if it is feasible.

Thank you for being a customer!

I was referring to the $1500 maximum deposit. It was $1000 when I applied a few months ago. $200 to $1500 is better opening range.

Actually the way I read it is the only fee you have to pay is the $79. In order to open the card you send the 79 in addition to the opening deposit. You don't have to pay to expedite the card if you don't wish, you just have to wait longer for the card. So the opening balance to the card is the actual deposit you made to the card. The cost to open the card will be your deposit,say, $300 + $79=$379

Yes technically you are using your own money to fund the card and in most cases the debit card is the better option, but there are draw backs to using that option. Say you live on debit cards with out credit cards, that isn't building your credit. I know this first hand. I am being forced to get a credit card to raise my score so I can get financed to purchase a house. I thought debit cards would prove that I can live within my means, but the bank says I am a high risk and won't loan me money without having a credit card. Now I am forced to get a credit card, but can't get a regular card beacuse of past issues that are over 4years old and have been turned down by traditional secured cards due to lack of current history. So If others are in the same boat as me, I think this option is pretty good. Yes, if I decide to close this account in the future it will effect my score, but I do get my deposit back. But here is the other thing I will probably do, keep the card open, use is sparingly, and increase the average age of accounts over time. I will open it with minimal deposit, use it till i can get approved for a traditional card,and since there is no annual fee to keep the card, I will then keep this card forever. By increasing my credit score, I think I can afford the $200 sitting in this bank just in the savings I will have in the future on interest rates and improved credit.

So for those of us in the situation that we cannot get approved for traditional credit, then this is the best option for us.

There are several corrections here:

1. The one time fee is $79. There are no fees to ship the card to you. The Expedited Service fee is optional but it allows you to have the card within 4 business days as opposed to our normal 2-3 weeks. Bottom line... this fee is not required and is clearly shown as such in the Disclosure.

2. The $79 fee is added to your deposit so if you transfer $279, your credit line is $200.

3. I'm not sure where the "1st Payment to avoid interest charges...$154.00" is coming from but there are no fees like this. In order to avoid interest, you just need to pay off your balance in the grace period. (There are several cards that do not offer a grace period at all so that is something to watch for also)

4. If you choose not pay off the balance, the balance will revolve like any credit card. We offer a 0% APR on purchases for 6 months so even if you let it revolve, there are no finance charges on those purchases. this is like getting an interest free loan for 6 months!

5. The long term cost of owning this card is not high. We have no annual fees and no monthly fees. The only real thing to debate is the opportunity cost of your security deposit. We find most people like the "forced savings" and like to get the deposit back in a lump sum when the account is closed.

The impact on the score at that point is also debatable because each situation is different. In the lifetime of this credit card, you may have built up a strong credit profile and closing an account may not have a big impact. The folks at Credit Karma have a tool for this so you may want to check this out. However, the real point is that this card can be a tool to re-establish your credit and get you on the path to good credit.

6. All fees are documented in our Cardholder Agreement so I think it is a little unfair to say we aren't showing all the fees.

There are many ways to get the right facts:

A. Call the customer service center at 215-839-0100 option 6

B. We offer a live chat with a real Bank employee on our application

C. You can email CustomerCare@PublicBankCard.com

I love constructive criticism and we have made changes to the program based on accurate comments in this forum.

Thank you for your feedback!

Okay, a lot was cleared up with your reply.

The 154.00 was arrived at bu adding the one time fee + the expedited fee. I was under the impression that the expedited fee was mandatory.

Also it's true that you do state all the fees, but feel like they weren't covered that well.

For the past 4 years I used a unsecured card that was for people with a low credit score and they did charge a monthly fee so I'll give you points there, as well.

Looks like I was wrong and you guys do offer opportunity for people to start over, but I would like to ask you this...'

On a credit report it says that the card is secured, so does that count against you when trying to get a loan or more credit?

BTW - I'm happy to say that after 10 years of bad credit, I'm now over 700 on my score.

I do not know the impact on the score by reporting a tradeline as secured vs unsecured but I think for most people it is not that important. We report to all 3 credit agencies (some only report to 2) and building good credit is the most important thing. The nice folks at CreditKarma may have a tool for this so you may want to check that out.

Glad you have done well for yourself in rebuilding you're own score.

Now.. if I can just get you to turn your "thumbs down" to a "thumbs up", I can sleep tonight... :)

I suppose you could manage this card without a bank account but you need to be able to have a way to fund the initial deposit and be able to make payments on a monthly basis.

Thank you for considering Public Savings Bank

You must wait 120 days your account is opened before you can increase your credit line. However the rest of your scenario is correct.

Thank you for considering Public Savings Bank

We report the actual balance. Hope this helps. Thanks for considering Public Savings Bank!

Actually I was wondering if you report the credit limit or the balance that is eligible for interest, if that makes sense. What do you consider the actual balance.

If you have a $300 card, we report the $300 as your credit limit. I hope I'm understanding your question?

yes, that clears it up. some companies report your highest balance. say you have a limit of $300 but only carry $20 balance. they only report the $20 so it looks like you have maxed out your card and utilization is 100%. thanks for your answers, it helped make my decision. i will be applying for the card this week.

Music to my ears! Thank you! We would love to have you as a customer.

(It's Bob by the way...)

Bob is great. I appreciate this forum. Bob you've been breaking everything down very well. Im going to get this card tommorrow actually.

Great! We would love to have you as a customer! Thank you for allowing us to help you reach your goals.

I answered this post several days ago, but looks like it never made it.

I appreciate your feedback. It's always good to hear constructive criticism.

The card will never become unsecured but many people have commented that the account becomes a kind of "forced savings account". The money on deposit is fully insured by the FDIC so there is a never a threat of losing it. when you close the card, the money is returned to you.

As far as the fees go, we only have one start up fee. After that, there are no monthly or annual fees.

Hope this helps your concerns and thank you for considering Public Savings Bank... and thanks again for the feedback.

I do not believe there is a direct relationship that says opening and closing an account will have zero net gain. There are a lot of factors that go in to your score and the nice folks at CreditKarma have a great tool for this.

When you request the account to be closed, we do so and begin to process the return of your security account. The good thing about our card is that there are no monthly or annual fees, so it will act just like a regular credit card. If you like these features, you might just want to keep the card.

Hope this helps and thank you for considering Public Savings Bank

Thank you for being a customer!!

Yes, we offer a free site to manage and pay your bill online. You will get this information with your Welcome package that contains your new card.

We appreciate your trust in us and hope the card helps you reach your financial goals.