Public Savings Bank used to offer a Public Savings Bank secured card for those who wanted to rebuild their credit score. Unfortunately, as of August 18, 2011 the bank is now closed. Those who have a Public Savings Bank secured credit card can still use them however.
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Capital Bank of Rockville, MD is now handling the deposit accounts for Public Savings Bank of Huntingdon, PA. Those that have credit cards issued by this bank may continue to use them under the same terms. In other words, your limits have not increased, and your payment must still be made on time.
Secured credit cards are issued as a beginner card or as a card for improving your credit situation. These cards are very similar to prepaid debit credit cards in that you can only spend what you have in the bank. For example if you have $300 on your account, that is your limit.
The Difference between a Public Savings Bank Secured Card and a Prepaid Debit Card
There is a difference however, between the Public Savings Bank secured card and prepaid debit credit cards. Your secured card is a bona fide credit card that does not have to be paid off monthly or with each purchase. A prepaid debit card withdraws the amount of purchase at the time of purchase.
Public Savings Bank Secured Card APR and Other Fees
There are interest fees associated with most credit cards, as this is the way the bank earns money. With this card, there is a $50 annual fee and a late payment fee along with an average APR when it applies. If you want a paper statement sent out to you, there is a $3 charge, so it is advisable to transact your business online if possible.
A Public Savings Bank Secured Card Review
Other than the complaints related to interest rate increases, there were rumors that this Public Savings Bank Secured cards were a scam. After some research, the answer to those who questioned the legitimacy of this card was that it is not among the many secured credit card scams. This was one of the legitimate ones who just did not make it.
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