Public Savings Bank is streamlining the approval process for its Visa secured credit card. The bank has claimed that, as a result, customers can deposit anywhere between $300 and $10,000 into its FDIC-insured deposit account.
The card is expected to function like any other credit card where the customer can make purchases or take cash advances up to the deposited credit line amount. Payments are reported to all three major credit bureaus thus establishing the credit history. The secured card features 0% APR on purchases for the first six months. Additionally, the bank has said that there will be no annual fee for this card.
Bob Wexler, executive vice president of Public Savings Bank, said: 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. There is no minimum credit score requirement or any income/employment verification, so the application process is highly streamlined. Our enhanced web technology allows near real-time approvals and quick account funding.
Public Savings Bank is an FDIC-insured bank. It provides secured credit cards as well as personal and commercial banking and services.
