This card is no longer available. However, if you are looking for a good secured credit card, you should consider the Capital One Secured MasterCard which has even made it to our list of Best Credit Cards 2013. Click here to read our Capital One Secured Card review.
The Public Savings Bank OPEN SKY Secured Visa Credit Card is a card designed for people with bad or no credit who want to improve their credit before they can apply for other credit cards with more benefits that require a higher credit score. Public Savings Bank is a small bank based in Pennsylvania. If you prefer a larger and more reputable bank, you should consider the Capital One Secured Credit Card, issued by Capital One Financial, one of the largest credit card issuers in the US.
Here’s a quick overview of the Public Savings Bank OPEN SKY Secured Visa Credit Card.
Things We Like About This Card
Low APR of 14.25% on purchases. This APR is variable (prime rate plus 11% variable APR) and is not an introductory rate.
Reports to all 3 major credit bureaus. If you have been diligent in paying on time and not going over your credit limit, your credit score will start increasing.
Choose your credit limit. This card offers you the choice of choosing your credit limit from $200 to $3,000. As this is a secured credit card, you will need to put a deposit equal to the credit limit you choose. So if you put $200 as a deposit, your credit limit will be $200, or if you put $3,000 as a deposit, your credit limit will be $3,000.
Our Least Favorite Things About This Card
Public Savings Bank is a small town bank. When it comes to financial stability and accountability, a larger and publicly listed financial institution is a much better choice. I’d recommend Capital One Secured MasterCard from Capital One.
Very high annual fee of $50. Most secured credit cards charge an annual fee, unlike unsecured cards. This $50 annual fee is charged to your card every year. The Capital One Secured Credit Card, on the other hand, has a low annual fee of just $29.
APR of 14.25% for cash advances. Every time you withdraw money from an ATM, you have to pay a transaction fee of 3.50% of the amount you withdraw or $5 minimum.
You will have to pay a $25 fee every time you increase or decrease your credit limit. These fees are applicable after the first year. However, if you don’t adjust your credit limit, you don’t need to pay any fee.
The deposited funds do not earn any interest, like most other secured cards.
The Public Savings Bank OPEN SKY Secured Visa Credit Card is not one of our favorite secured cards in the US, considering that the Capital One Secured MasterCard is an even better card with an annual fee of just $29 and is issued by Capital One Financial, a global bank. Click here to read our review of Capital One Secured Credit Card.
The Public Savings Bank OPEN SKY Secured Visa Credit Card, on the other hand, has a high annual fee of $50 which is charged to your card every year. On the plus side, the Public Savings Bank OPEN SKY Secured credit card has a lower ongoing APR than the Capital One Secured Card so if you are going to be holding a balance you might consider it for that reason.
As I’ve mentioned above, it’s always better to get a credit card from a global, reputable bank like Capital One than from a small town bank like Public Savings Bank. The Capital One Secured Credit Card even won a place in DailyMarkets.com’s list of Best Credit Cards 2013.
To apply online for Capital One Secured Credit Card now, click here to go to the official Capital One website.