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Get A Good Deal On A Secured Credit Card

Public Savings Bank has one of the best deals in the country on secured credit cards.

Its Classic Secured Visa Card has a one-time application fee of $75, and that’s pretty much it.

There’s no annual fee and if you pay your balance in full every month (there’s a 25-day grace period) the card will cost you nothing more.

With some heavily promoted secured credit cards charging outrageous maintenance and processing fees, signing up with Public Savings can literally save you hundreds of dollars a year.

Secured credit cards require you to pay first and charge later. They’re designed for consumers with little or no credit history — or a terrible credit history — who can’t qualify for a standard credit card.

With Public Savings Bank’s card, you can deposit anywhere from $300 to $1,500, and that becomes your credit limit.

It remains on deposit at the bank, which is based in Huntington Valley, Pa., unless you default and it must be tapped to pay your bill.

There’s no income, employment or credit check because Public Savings Bank takes no risk.

But it does report all of your monthly payments to the three major credit bureaus. A steady stream of on-time payments will go a long way towards rebuilding your credit history and score.

If you carry a balance, you’ll be charged 0% APR on all purchases for the first six months. After that, a variable rate of 11.24% APR (prime plus 7.99%) takes effect.

Once your credit is better, you’ll be able to apply for a regular credit card and close this account.

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