I was provided the following article for the Public Savings Bank Secured Visa. In a nutshell, this card allows you to create good credit history while removing the risk of missing a payment, which in turn will improve your credit history. Here are the simple steps they provide on their site:
- You deposit a minimum of $300 into a Public Savings Bank FDIC insured deposit account.
- You can then make purchases with your card up to the amount you have in your security deposit account.
- You must pay at least the minimum payment before the due date each month. Your security deposit does not cover minimum payments.
- Your payments are reported to all 3 major credit bureaus (TransUnion, Experian, Equifax) so you can begin to establish your credit immediately.
For people with no credit or those who have experienced a negative credit event, such as divorce or foreclosure, establishing credit history can be difficult. Without proper credit, everything from a car loan to an apartment or even a job can be denied.
Prepaid cards are one way to manage daily expenses. However, prepaid cards simply provide access to your own money, not credit from a lender. Prepaid cards do not report to credit bureaus and do not help re-establish credit history. Individuals need to demonstrate on-time monthly payments on a credit card in order to rebuild credit history that’s so important.
How can someone who is denied a credit card rebuild their credit?
Well, one option is the Public Savings Bank Secured Visa. It offers people with low credit or no credit the ability to re-establish their credit history and work towards improving their credit score. Individuals deposit money into an FDIC-insured account that acts as a security deposit. They can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, currently between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so customers can begin to establish credit immediately.
The Public Savings Bank Secured Visa does not require a credit check or even a checking account to apply. Customers can fund their account via Western Union, ACH, wire transfer, check or money order. The card has no annual or monthly fees, and offers 0% APR for 6 months. Rush shipping is available so customers can begin using their card just days after funding their account.
Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying all the benefits of a Visa card at very favorable terms.
You can apply for the Public Savings Vank Secured Visa at www.publicbankcard.com and be approved within only a few hours.