PCB Secured Visa full review
Do you need to reestablish your credit score? Take a look at our review of the PC Secured Visa credit card and see the benefits
Keep reading and learn more about the PCB Secured Visa credit card
It might be challenging to repair bad credit. Trying to build a credit history from scratch is as difficult. Millions of Americans struggle to obtain credit cards, and Plains Commerce Bank (PCB) is aware of this. It provides the PCB Secured Visa® as the best credit repair option as a result.
Despite not having the most well-known brand in banking, Plains Commerce Bank has a long history of dedication to the South and North Dakota regions, where it has a significant presence. With the PCB Secured Visa card, PCB is now expanding its reputation nationally.
Whether you have a history of having terrible credit or you’re just starting out, the PCB Secured Visa® guarantees a road to developing credit. After you make consistent payments and put down a deposit as collateral, Plains Commerce Bank will record your activity to all three credit reporting agencies.
How does the PCB Secured Visa credit card work?
Secured cards function similarly to regular credit cards in that they give you flexibility when making payments, provide protection against fraud, and assist you in building a good credit history by making timely payments.
An upfront collateral deposit is the only distinction between a secured credit card and an unsecured card.
The PCB Secured Visa card’s credit limit is determined by the collateral deposit. Select from $200 and $1,000. Although the $1,000 secured card deposit maximum is on the lower end of the range, PCB permits cardholders to increase their deposit to a maximum of $5,000 after their first year (subject to credit approval and additional collateral deposits).
Secured credit cards are simpler to get than unsecured credit cards because they call for a deposit. Because of this, secured cards are the best option for restoring bad credit ratings or starting a strong credit history.
That’s why this credit card must be used responsibly because it sends monthly reports to Experian, Equifax, and TransUnion, the three major credit bureaus. “Responsible use” entails only making purchases you can afford to pay off immediately and making sure you always make the minimum payment due each month – and on schedule.
Things to look out for on the PCB Visa Secured
While it has a lot of benefits, that are some things that you need to take care of if you are considering acquiring the PCB Visa Secured
Annual Fee: The PCB Secured Visa® Credit Card has an annual fee of $39; other secured cards do not.
No chance to advance to an unsecured position: Some secured cards, like the Sable One Secured Credit Card, let cardholders “graduate” to an unsecured card with the same issuer if they demonstrate responsible card management within a predetermined amount of time (and you get your security deposit back).
With the PCB Secured Visa Credit Card, such is not the case. You must close your PCB Secured Visa® Credit Card in order to receive your security deposit back whenever your credit scores increase to the point where you can be approved for an unsecured card (minus any fees and unpaid balance).
PCB Secured Visa credit card benefits
This card has a lot of good benefits for many people. Let’s present now the most important features this credit card has that may call your attention:
- Reports to all three credit bureaus: If you’re trying to establish or repair your credit history, the PCB Secured Visa® Credit Card will report account and payment activity to Equifax, Experian, and TransUnion.
- Fixed APR: Today’s credit cards often have variable interest rates that change in line with changes in the prime rate. The PCB Secured Visa® Credit Card’s APR of 18.90% (fixed) is affordable.
- A $1,000 security deposit: Maintaining modest amounts in relation to your credit limit is helpful for repairing credit. With only a few hundred dollars available on your credit limit, it’s really difficult to do that.
You can put down a security deposit of up to $1,000 (and up to $5,000 after a year of card use) with the PCB Secured Visa® Credit Card, which not only helps to keep your credit utilization low but also is beneficial when you need to use your credit card for more expensive transactions.
How to apply for the PCB Secured Visa?
If you like what you read about the card and things this might be a fitting credit card for you, check out our article on how to apply for the PCB Secured Visa!