Public Savings Bank Credit Cards

Overview of Public Savings Bank Credit Cards

Who is Public Savings Bank? Public Savings Bank is a full service consumer bank that offers a suite of traditional banking products including deposit accounts, lines of credit, personal loans, investment loans, mortgages, and secured credit cards. As a matter of fact, Public Savings Bank specializes in secured credit cards and helping people with limited credit histories establish good credit or helping people with bad credit develop sound credit management practices. Here are some great features you'll get with a Public Savings Bank credit card:

1. No Credit Check: Because borrowers are required to establish and maintain a savings account with Public Savings Bank, a secured card can be issued with no credit check. This means that anyone can be approved for a credit card with Public Savings Bank.
2. Greater Accessibility: In this day and age, it is difficult to perform certain transactions without a credit card such as driving a rental car, buying an airline ticket, or even making an online purchase. Having a Public Savings Bank secured credit card makes life easier.
3. Credit Bureau Reporting: Because Public Savings Bank cards are credit cards and not prepaid debit cards, your payment habits are reported each and every month to the three major credit bureaus. This helps individuals demonstrate their ability to properly manage their credit accounts, whether this is their first account or their fiftieth.
4. Introductory Period: Public Savings Bank also offers a 6 month interest free introductory period, one of the only secured cards in the market that offers this benefit.

Of course, it is important to mention that a Public Savings Bank secured credit card works just like any other credit card product, meaning that you will be responsible for making regular monthly payments, remaining within your assigned limit and safeguarding your account information. But keeping your credit card account in good standing is the best way to get back on the road to financial freedom.

Your Public Savings Bank credit card will be secured by the money you deposit into a savings account you open. The more money you deposit, the higher your credit limit will be. Public Savings Bank allows its customers to open a secured credit card account with anywhere from a $300 to a $2,000 credit limit, based on the amount of money you wish to deposit. What’s even better is that your deposit will not only allow you to get a credit card, but will also be earning interest while helping you rebuild your credit.

The one drawback to this secured card is its relatively low credit limit restrictions. $2,000 is the maximum limit for a new customer in terms of a security deposit, which can be increased over time to a maximum of $10,000. And for balances over $5,000, Public Savings Bank will decrease your credit limit by 10% of your current savings account balance. These restrictions are put into place to help you manage your account effectively, however many other credit card products do not impose such limits.