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Public Savings Bank Secured Visa

Offered by: Public Savings Bank

778 comments | Comment on this offer

Details

Purchase Intro Rate	0%
Purchase Intro Period	6 Months
Balance Transfer Intro Rate	N/A
Balance Transfer Intro Period	N/A
Regular APR	11.24%
Balance Transfer Rate	N/A
Cash Advance Rate	18%
Annual Fee	None
Late Fee	$20.00
Cash Advance Fee	See Terms
Balance Transfer Fee	None

Public Savings Bank Secured Visa features:

Build credit history – we report to all 3 major credit bureaus
0% APR on all purchases for the first 6 months
No annual fees or monthly maintenance fees
No credit check
No checking account required
Your credit is not a factor!
Choose your initial credit limit from $300-$2000
Four ways to fund your security deposit
Lifetime credit lines up to $5,000
25 day grace period
Free fraud protection against unauthorized use
No penalty APR
Use the card everywhere you see the Visa logo

Additional Details: Click here for Additional Details (Will launch in a new browser window)

See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Take Offer Now" button, you can review the credit card terms and conditions on Provider's website.

Comments

778 Total Comments

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I posted a comment earlier on how this card does not report to all 3 credit bureaus...I called the company the other day and I spoke to a rep and she stated that they now report to two instead of just one...but they still advertise reporting to all 3...

I would recommend that anyone who wants this card to call and speak to the bank or contact the credit bureau directly because they are advertising FALSE info on their site...THEY DO NOT REPORT TO ALL 3 BUREAUS.

iwantcredit 9 months ago

No offense to any customer service representatives but it may be premature to suggest any false advertising based on the comment of a representative. Can any member confirm or deny with actual data?

CK Moderator

This is blatantly incorrect. Public Savings Bank reports to all 3 credit bureaus: Experian, Equifax and TransUnion.

I'm not sure why or how you are getting this information but it is wrong.

Perhaps the Credit Karma moderator can email this customer for contact information. I will personally resolve it.

Your issue cannot be solved or answered in this forum.

We report to all 3 bureaus.

PublicSavBk 9 months ago

Remembering the Crown Jeweler vs. Experian&Equifax fiasco...... isn't it possible for a company to send information to a bureau and for the bureau itself to refuse to report out of concerns of fraud/playing the system? (the only other bad thing about that is that companies pay for the privilege of reporting, I have heard nothing about whether or not Experian refunded Crown during the time Crown itself though it was reporting to Experian.)

I too will look at this thread occasionally to see whether this card is a good card or not to recommend to people with little/no/bad credit. I also agree with CK Moderator that more actual data is needed from actual cardholders.

annoneil01 9 months ago

you are wrong about this. i got my card three or four weeks ago. on November seventh got a truecredit alert and ps savings was reported on all three credit reports

swins24 9 months ago

It seems like a good offer, but forking out money is a bit of an issue with the job I have.. lol It is only part time at a grocery store these days lol Why do we have to fork out this money?? I want to improve my credit but..

smithsmeat 9 months ago

This is a secured card so you must be able to secure your deposit at the bank in order to get the card.

Remember, the security deposit is refundable when you close the account.

Thank you for considering Public Savings Bank

PublicSavBk 9 months ago

"Why do we have to fork out this money?? I want to improve my credit but.."

-- perhaps it's a blessing in disguise, so that people who can't really afford credit card usage become more invested in their credit instead of taken advantage of by folks like Aspire. If you can cover a deposit, you have the fortitude to be responsible with credit. If you can't cover a deposit, how can you afford to be responsible with credit? Something like that. Good luck in getting your situation together, smithsmeat. (and good luck for me, too, heh.)

annoneil01 9 months ago

I currently hold two (2) First Premier credit cards, one card i have had for two years with a perfect payment history, never overcharged, how ever my credit limit is only $375.00, my other (second) card i have had for approximatly 3 months same low limit, same payment history.

Can i transfer the balances of these two cards to your card?

My credit score is currently 655.

cbassangler 9 months ago

I'm sorry, but we do not offer a balance transfer at this time.

Thank you for considering Public Savings Bank

PublicSavBk 9 months ago

Eight to Ten weeks to process a refund on MY deposit is outrageous. No "trailing charges" take that long to come in. I have had credit cards for 25 years and never, ever, have I seen a "trailing charge". Any charges I have done, even paper ones, hit the account within 7 days. Does anyone disagree with this?

So, can you promise me to return my deposit in less time, say 3 weeks? That seems to me more equitable.

pdicarlo 9 months ago

We generally return the security deposit sooner than we disclose, but we put it out there that it can take 10 weeks. The reasons are valid because often foreign charges can take a very long time to post.

I can't promise you any particular time frame because it varies, but it will never exceed the timeframe posted in the disclosure.

Thank you for the feedback though!

PublicSavBk 9 months ago

I use Quicken Online and mint.com to manage my finances and neither service can download my transactions for this card (which means I rarely, if ever,use it).

Other than that, for a secured card, it's not bad. I've only had it for a few months, so I can't comment as to how it unsecures.

jolla 9 months ago

There are several formats to download the data. If you are having trouble with this, please call the customer service center for help. If you still have trouble, you can email us at CustomerCare@PublicBankCard.com

Thank you for being a customer! I hope the card helps you reach your goals.

PublicSavBk 9 months ago

That's not how Quicken Online and mint.com work. (They are both free, so you can sign up to see for yourself how they work.)

jolla 9 months ago

I wonder if this is Mint/Quicken's problem or PSB's. Said another way, does PSB have to opt-in or does Mint/Quicken have to build into their system. Maybe a bit of both?

CK Moderator

I think it's a shortcoming of QOL and mint.com. That being said, if you use either (or probably Yodlee, too), PSB isn't convenient.

jolla 9 months ago

Can Pubservbank tell me if this card looks like a debit card or a credit card to hotels and to car rental companies as they both frown on debit cards these days.

joeykon 9 months ago

You have stumbled on a big advantage of a secured credit card over a prepaid/debit card.

Our credit card is a regular credit credit so there will be no problems at hotels and car rental agencies.

Thank you for considering Public Savings Bank!

PublicSavBk 9 months ago

Thanks I got my card quickly as I asked for the quick delivery fee option. I got it in 2 days but wish I had none that it was coming fedex and need a signature otherwise I would have had it in 1 day. I also like your online site. One other question. I sometime travel to other states, in fact I will be in Alaska from Dec 25 to 30. Will there be any issue using the card for hotel and rental car use in another state? Should I call customer service to warn them about the use out of state. Thanks, very good card.

joeykon 8 months ago

im confused.. so if u deposit 300 dollars than your limit is 300 dollars?

Hollybookman 9 months ago

Exactly! You determine your credit line by your security deposit.

PublicSavBk 9 months ago

I just accepted this offer and hopefully will be receiving it in a few weeks. I was wondering if I'll be able to manage and pay it online?

Cara415 9 months ago

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.

PublicSavBk 9 months ago

I understand that once I pay off my balance and request a refund, then my account will be close. But by closing my established account, that will lower my credit score, then I will be right back where I started from. Do offer a way to keep my account open even after requesting a refund?

rcompton 9 months ago

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

PublicSavBk 9 months ago

I previously voted that this is a good offer, but I have since discovered that the card never converts to unsecured. That fact coupled with the high set up fee ($79) makes it a very bad secured card.

jolla 9 months ago

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.

PublicSavBk 9 months ago

Comment On This Offer

Credit Score Approval Data

Ideal for those with Very Poor Credit:

551

AVERAGE Credit Score Approved for this Card

453

LOWEST Credit Score Approved for this Card

† Credit Karma members have received approvals with these credit scores. Please note that because other factors such as income and employment status can affect credit card approval, these are only guidelines and approval is not guaranteed.