The Public Savings Bank OPEN SKY Secured Visa credit card offers a feature set that makes it an excellent choice among credit cards for bad credit. Still, it has a strange twist that prevented it from ranking higher in our side-by-side comparison. For details, check out the Credit Limits section, below.
The Public Savings Bank OPEN SKY Secured Visa® Credit Card comes with a variable interest rate that is the Prime rate plus 6.5%. As of this writing, that makes the rate 9.75% 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 OPEN SKY Secured Visa® Credit Card is a clear winner in some other categories. The cash advance fee is 9.75%.
This card carries no penalty pricing; rate stays the same even if customer is late.
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.
The Public Savings Bank OPEN SKY Secured Visa credit card 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 $20.00 per occurrence.
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 $200. No surprises so far. The maximum deposit and credit limit for a new customer is $3,000. 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.
The Public Savings Bank OPEN SKY Secured Visa credit card 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.
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 OPEN SKY Secured Visa credit 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.
There is no annual fee with this credit card.
This credit card comes with a few unusual policies.
This Public Savings Bank credit card offers an excellent feature set for users.