CsharpBsharp

They are not here to help only they are here to do a business, and the price of $79 is nothing compare to every other offer out there, do some market research for bad/fair cc offers :D

Dude ... blah blah blah and blah... I checked freaking every single bank/CC before I opened the account with PSB and it is so far the best deal. Second best is BofA... IMHO..

I don't really think putting $1000 will be a good idea. Credit Karma provides a tool which let you model how much your credit score will go up if you add additional credit card. I modeled that before opening account and it showed me putting just 300 or 1000 will result in equal amount of increase in credit score, so hence in my case there was no advantage of putting 1000.

To answer your question anyway, I you have a limit of 1000 and you spend 150 yes you will have to pay that back, although you can pay it as $10/month but if you just make minimum payment it will keep accruing interest on the balance... What I did is opened this card and set the limit of $400 only and now I just use it 50-75 dollar each month and pay the full balance at the end of the month.

As far as I have read the fine prints you will just make additional deposit and your credit limit will go up by the amount of your deposit, there is no indication of any fees.

On my credit history it just shows as revolving account, there is no indication of secured or unsecured there.

When I signed up for this card read every single fine print and it takes up to 90 days to get your money back after you have closed your account.

Get a life... everything has its purpose and place in world. It may not be good for you but helpful for many others.

Yes but it can take up to 90 days.

BTW... when I opened this card my score was 578 and now it is 615 in just 3 months.

I am a member of Experian and Transunion and both of them show that on their credit report... I opened this card almost 3-4 months ago..

Here is my conversation with Bank of America agent.


Thank you for choosing Bank of America. An operator will be with you shortly.
You are now chatting with Jonathan.
Jonathan: Hello, how may I help you complete your online credit card application today?
you: Hi quick question, if I open secure visa card, will BOA will report to all three Credit Burue?
Jonathan: Yes, every month!
you: Awesome
you: is there any application or processing fee? I didn't see any
Jonathan: No, nothing like that whatsoever.
you: That is a nice card. I also want to know, can I pay my BOA secure card bill using my Chase debit card every month.
Jonathan: You can't use your Chase debit card, but you can use your Chase routing number and checking account number to make payments.
you: that will do it. Lastly, is there any credit check required for secure card?
Jonathan: Yes, there is a credit check- the US Patriot Act requires that all applications for loans or credit cards include a full credit check for security verification purposes.
you: well that part is shady. I have opened just this month another secure card with Public savings bank and there was no credit check for that. Patriot act does require to share info about my card with Uncle Sam but does not require credit check.
Jonathan: Alright.
you: Thank you for your help.
Last text message receivedJonathan: Take care!



Based on above discussion, when I will open this account, each time BOA will pull my credit history I will be dinged on my credit score and I can not control when they pull my credit report. However it does have a decent Annual fee of $29 VS Public savings bank with NO annual fee just one time fee of $79. Since public savings bank card will be my oldest card (I am planning to keep it for five years). I am saving alot of money instead of paying $29 every year for five years. However I do like this card and may open it.

@Hayden987, I have applied for it on May 14th and approval was instant since it is a secure card. Secure card means I had to deposit some money into their savings account.

Before I applied for it I used CreditKarma's simulator and it showed me that it doesn't matter if I open this account using $300 or $1000 it will still bring my score up equally. So what I did was I deposited $400 into Public savings bank account when I was filling out application. I had to just give my routing number and account number. I just saw on my bank site that my payment just got clear today and now I am waiting for my card.

For some reason up until yesterday my credit score was 576 on Transunion and 600 on Experian but today when I checked using credit karma soft inquiry it went up to 578 already, I don't know if it was affect of this card or something else but I am delighted I am finally seeing my credit going up.

I hope this Helps.

I have checked more than 50 websites and spent 2 whole days analyzing the different kind of credit cards with my score of 576 and I have come to conclusion that this is the best card you can find with poor credit.

The second best would be Orchard bank card which has really low fees as well. The best thing about Orchard is that if you visit their site, www.orchardbank.com and fill out info they will pre-approve you before you file the actual application. They have many card options and will offer you card which meets your needs best.