Credit Card Reviews

Public Savings Bank Secured Card

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Helpful to 2 out of 2 people

This used to be a great deal with a minimum deposit to open a SECURED card with PUBLIC SAVINGS BANK, first year ANNUAL FEE WAIVED and 0.0% interest for the first 6 months...NOW THEY HAVE BEEN SOLD TO CAPITAL BANK who has raised the interest rates and added a  $50/per year ANNUAL FEE

HDfilmdoctor's review was:    

  Jun 07, 2012 Reply

HDfilmdoctor(1, 2)

Review by HDfilmdoctor

1 Contributions 2 People Helped

Helpful to 1 out of 1 people

Ok, here's a new update on this card.

I gave these guys a glowing review when I got this card over 2 years ago and have been a perfect customer - $1500 balance, small monthly purchases paid in full as soon as the charges post.

Never had any problems with this card until now.

Originally this card was the best - low interest & no annual fee.  But the physical bank itself was closed in August 2011 and the new owners don't look very consumer friendly.  The new card has some fees etc that put that card more in the predatory lender category.

  They said that my card would stay the same, but this morning - 2/3/12 the Mint app on my phone notified me of a $50 fee on this account, I hope this is a mistake.  The nature of this card is to rebuild or build good credit, I wonder how many people with my card will be caught unawares by a $50 charge on their account and get a ding on their credit because of this?

I'll see monday whether this charge is a mistake or if they are changing the cardholder agreement.  Nice timing that this charge is posted on a weekend so their customer service is closed.

JimmA's review was:    

  Feb 04, 2012 Reply

JimmA(20, 33)

Top Contributor

Review by JimmA

20 Contributions 33 People Helped

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Helpful to 1 out of 2 people

The physical bank was closed in August 2011 for being underfunded and Capital bank took over their account assets and card programs.

They added a $50 annual fee, plus a $4 monthly paper statement fee, which can be cancelled with a little searching on the website.

Too bad, it was a good card that I thought I would keep forever, but as soon as I buy a new house I will likely be ditching - or at very least getting most of my security deposit back from. 

Capital One or Orchard bank are the way to go now for a secured card to rebuild credit.

JimmA's review was:    

  Feb 24, 2012 Reply

JimmA(20, 33)

Top Contributor

Review by JimmA

20 Contributions 33 People Helped

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Is there an application fee?

Do you put your own money on the card as the deposit?

Bumcredit's review was:    

  Sep 08, 2010 Reply

Bumcredit(1, 0)

Review by Bumcredit

1 Contributions 0 People Helped

Is it true that there is no credit check for this card? Has anyone recently tried it? On the application home page it says "no credit check"...just wanted to know cause I'm trying to get a few secured cards to use at once so I have a few accounts showing good history, but would like to have no inquiry...sounds too good to be true

cflinkman's review was:    

  Jul 11, 2010 Reply

cflinkman(24, 6)

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Review by cflinkman

24 Contributions 6 People Helped

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My husband got this card and they did not check his credit at all.

abusethedog's reply was:    

  Oct 08, 2011

abusethedog(2, 0)

Review by abusethedog

2 Contributions 0 People Helped

Initially approved with <600 CK rating. Have had this for 6 months, have had no problems at all with them and they were very responsive when I had to contact them. Has been very helpful in getting my score built back up. I was recently able to raise my limit (deposit) to $2000 with no problem. They don't pay interest on your deposit, though.</p>

louddiespam's review was:    

  Jun 26, 2010 Reply

louddiespam(1, 0)

Review by louddiespam

1 Contributions 0 People Helped

I refuse to pay an application fee.

ninjarobin's review was:    

  Apr 30, 2010 Reply

ninjarobin(2, 0)

Review by ninjarobin

2 Contributions 0 People Helped

I have this card and found they report to all 3 monthly. I pay my balance in full each month. Good company so far. Since I had a bankruptcy in Jan 2008 still rebuilding credit but this has helped. Will just take time and focus on maintaining sensible usage and prompt payment.

Lucasjsr's review was:    

  Apr 24, 2010 Reply

Lucasjsr(4, 1)

Review by Lucasjsr

4 Contributions 1 People Helped

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Company Overview

Public Savings Bank issues the Classic Secured Visa Credit Card, a popular secured visa card that has no credit check and reports to all three major credit bureaus, as well as other secured card offerings. Public Savings Bank specializes in secured credit cards, especially designed to help poor credit or little to no credit consumers build credit. Public Savings Bank offers online account access 24/7, as well as customer service by email, over the phone, and by fax.

Founded in 1928, Public Savings Bank offers business banking services that include personal banking, business banking, lending, and premium financing. The current corporate office is in Huntingdon Valley, Pennsylvania.

Public Savings Bank Secured Card

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