Secured Credit Card Frequently Asked Questions
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WHO IS PUBLIC SAVINGS BANK?
Public Savings Bank is an FDIC insured bank located just outside of Philadelphia, Pennsylvania. |
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WHAT IS SECURED CREDIT CARD?
Secured Cards are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have current and past credit problems. Public Savings Bank secured credit cards look and work like any other credit card. The only difference is that you open an FDIC insured security deposit for the credit card. Your payment history is reported to the three major credit bureaus so you can begin to establish your credit. |
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WHAT IS SECURITY DEPOSIT?
All secured credit cards are guaranteed by your funds which are deposited in to an FDIC insured account at Public Savings Bank. The money acts as security in case of default. If the account is in good standing when it’s closed, you will get 100% of the deposit back to you. The security deposit is not a fee. It is fully refundable to you when you close your account as long as it’s current and paid on time. |
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HOW DO I GET SECURED CREDIT CARD?
The process is quick and simple! Just complete the secure online application and choose your method of payment. Once the funds are received and your information verified, we'll send you your new card along with a welcome kit. |
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HOW OFTEN DO YOU REPORT TO THE CREDIT BUREAUS?
We report every month. You should see us on your credit report 30 days after the end of your first statement cycle. |
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DOES PUBLIC SAVINGS BANK REPORT TO THE CREDIT BUREAUS THAT THIS ACCOUNT IS SECURED?
No. This credit card will report like any other credit card. There are also no identifying marks on the plastic relating to this being a secured account. |
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HOW CAN I QUALIFY?
Regardless of your credit or employment, you can be approved for a Public Savings Bank secured credit card when you meet these general guidelines: a) you must be of legal age in the state of your residence, and b) you must reside in the United States and have a valid social security number c) we must be able to verify your identity d) you must be able to fund your security deposit |
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IS THIS A DEBIT OR PREPAID CARD?
No. This is a regular credit card that you must repay every month. A prepaid or debit card does not require payment and thus does not establish good credit history. Your security deposit does not get drawn down like a prepaid card. |
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WILL MY SECURITY DEPOSIT EARN INTEREST?
At this time, the security deposit does not earn interest. However, the low cost of a Public Savings Bank secured credit card outweighs the little interest earned on the deposit. |
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WHAT WILL MY CREDIT LIMIT BE?
You determine your own credit limit! For credit lines up to $1,500. Your credit limit will be equal to 100% of your deposit. The minimum deposit required is $200. In the event of non-payment, your Visa charges will be deducted from your collateral deposit and any remaining balance will be returned to you as soon as all charges have been cleared. After you are a customer for at least 120 days, you may apply for a credit line increase. All credit lines are subject to bank approval. Please see Cardholder Agreement for details. |
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CAN I INCREASE MY SECURITY DEPOSIT?
Yes. Please send a check, wire or money order for the amount you want to add to your security deposit. Please make a check payable to Public Savings Bank and send to: Public Savings Bank When your credit card account is current and not over-limit, each addition to your account will increase your credit limit dollar for dollar up to $5000. Please see Cardholder Agreement for details. |
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CAN I WITHDRAW MONEY FROM MY ACCOUNT WITHOUT LOWERING MY CREDIT LIMIT?
Since this account acts as a security deposit for your secured credit card, you may not withdraw funds from it. However, you can take a cash advance according to the terms of the Cardholder Agreement. |
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WILL THIS CARD EVER BECOME UNSECURED?
The card will stay secured by your deposit as long as you have an active card. There are no plans today to make a portion of the card unsecured. |
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WHO DO I CONTACT IF I HAVE A QUESTION ON THE PROGRAM OR APPLYING FOR THE CARD?
Any questions relating to opening account can be emailed to CustomerCare@PublicBankCard.com. After your account is opened, you can call the Customer Service Center at 888-720-6836 or visit us online at www.MyCompleteCardSolution.com. |
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I HAVE APPLIED FOR AN ACCOUNT AND HAVE BEEN ASKED TO SEND INFORMATION TO PUBLIC SAVINGS BANK. WHERE DO I SEND IT?
All documentation can be sent to the following address: Public Savings Bank You may also fax your documents to 215-940-8309. Please do not email documents since email is unsecure. |
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WHEN WILL I RECEIVE MY NEW CARD?
After your identity is verified and you have successfully funded your security deposit, you should get your card in approximately 2 to 3 weeks. If you need your card sooner, you may ask us to rush the card for an additional fee of $75. If you ask us to rush the card to you, you will receive it in 4 business days. |
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DO YOU OFFER CONVENIENCE CHECKS TO OBTAIN CASH?
Not today but this is a feature we are working on. However, you may access cash at any ATM machine according to the terms and conditions for your card. |
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HOW DO I CLOSE MY SECURED CREDIT CARD ACCOUNT?
Your Credit Card balance must be paid in full before the account can be closed. It may take up to 10 weeks to process your request, so we may ensure that all items have cleared your account. Once all items are cleared we will promptly return your security deposit. |
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HOW DO I OBTAIN MY ACCOUNT INFORMATION AFTER I RECEIVE MY CARD?
You can call our Customer Service Center at 888-720-6836 or visit us online at www.MyCompleteCardSolution.com |
