Interest Rates & Features:  

The Public Savings Bank secured Visa comes with a variable interest rate that is the Prime rate plus 7.99%. As of this writing, that makes the rate 11.24% which is significantly less than any other card in this survey with the exception of the top rated Applied Bank cards…and the Public Savings Bank is a clear winner in some other categories. Even that enticement is beaten by Public’s 0% introductory rate for the first six months. That’s an offer that’s unheard of in this card category. There’s even a 10.99% introductory rate for cash advances for the first six months. Subsequent to that period, the rate will increase to between a minimum of 19.99% and a maximum of 23.99%, subject to Prime rate fluctuation.

There’s extra incentive to stick to the terms of the card agreement because failure to do so will trigger a 23.99% penalty APR in the event of a late payment or exceeding the account’s credit limit.

In addition to the rather low interest rate, there is also a 25-day grace period for purchases made with this card. That means that paying off the entire account balance every month will make purchase transactions interest free.

Other Fees:  

The Public Savings Bank Visa is the only card in our survey of credit cards for bad credit that doesn’t require an annual fee. There is, however, a onetime charge of $79.00 for establishing the account. Additionally, a $25.00 fee is charged for increasing the credit limit.

The fee for cash advances is 3.5% of the advance or $5.00, whichever is greater. That is, of course, in addition to interest that will accrue. Penalty fees for going over the card's credit limit or making a late payment are $25.00 per occurrence.

Credit Limits:  

We mentioned in the introduction to this review that there are some strange twists regarding the credit limit for this card. The minimum deposit for a new card, and therefore the minimum credit limit is $300. No surprises so far. The maximum deposit and credit limit for a new customer is $1,000. That in itself is unusual in that it’s much lower than other cards permit. A maximum deposit of $10,000 is allowed for the lifetime of the card but for balances between $5,000 and $10,000, the credit limit is reduced by 10% of the security deposit. That, in effect, means that if you deposit $10,000 as collateral, the maximum that can be charged against it is $9,000. We can’t help but find that to be a rather untenable approach to credit which is fully secured by a cash deposit.

Features:  

The Public Savings Bank Visa has some extras that are common among more mainstream credit cards but rare in the credit cards for bad credit category. The card features free travel and emergency assistance as well as automatic car rental insurance.

Help & Support:  

Online account access and customer support is available around the clock. Customer service is also provided by telephone and email. In general, customer assistance is better than we’ve come to expect with cards of this category.

There’s a lot to be said in favor of the Public Savings Bank secured Visa card. If it weren’t for a couple of unusual policies regarding the credit limit, this card would have been ranked notably higher. Take a look at those issues. If they’re not contrary to your personal needs, this could be the card you’re looking for. To see how it compares to the top rated cards in our survey, check out the objective reviews of cards from Applied Bank, UltraVX Visa and First PREMIER Bank.