the PCB Secured Visa® promises a path to building credit whether you have a bad credit history or are new to using it. After you deposit a security deposit and make regular payments, the bank – Plains Commerce Bank, based in Hoven, South Dakota – will report your activity to everyone. three credit bureaus.
The card has some drawbacks, including annual fees, a lack of rewards, and no way to eventually upgrade to a better product. So it’s worth exploring all your options including others secured credit cards – some of which solve all these problems.
Here are five things to know about the PCB Secured Visa®.
1. There are restrictions on who can apply
To get the PCB Secured Visa®, you must have a security deposit account with PCB Bank.
No further relationship with the bank is required, Cindy Jager, the bank’s credit card manager, said in an email. But you must have an address in the United States to apply for the card, and it is not available in Wisconsin due to state regulations.
Additionally, Jager says applicants must have Income of $ 5,000 per year or more to obtain approval of the card.
2. You can increase your deposit and credit limit over time.
After opening the PCB Secured Visa® with a minimum deposit of $ 200, you can increase that amount over time.
In the first year, you can increase your deposit, which is your credit limit, up to $ 1,000. Then after the first year, you can increase it up to $ 5,000.
3. The map does not offer any upgrade path to a rewards map.
Other cards may allow such upgrades on request.
But the PCB Secured Visa® does not have this option. Jager says there is no upgrade path, nor a PCB issued credit card that offers rewards.
4. It charges an annual fee
The card charges an annual fee of $ 39 *, which will be deducted from your deposit and will impact your available credit limit.
This means that if you start with a deposit of $ 200, your credit limit will be $ 161, unless you increase it by adding it to your deposit.
5. The other costs are relatively small
the cash advance fees is $ 0 in the first year, then it’s $ 5 or 5% of the trade (whichever is greater). This is ideal for avoiding the expense of a cash advance if you can, as interest will start accruing on them immediately. But in terms of fees, which are separate from interest, this is a more generous cash advance policy than what you’ll find with other cards.
The international transaction fees are also waived in the first year and then amount to up to 1% of the transaction amount. Not having these fees in the first year could be helpful for anyone with bad credit (FICO scores of 629 or less) or any credit that plans to travel or live abroad for a period of time, such as a student studying abroad.