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Some people are able to apply for and receive just about any kind of credit card they want.
But for many others who have fallen victim to bad credit, finding an institution who will offer them any credit card at all can be frustrating and discouraging.
Luckily, there is an alternative for people who want credit cards but have poor or no credit: secured credit cards.
Update: Public’s Savings Bank was closed by the FDIC.
These products, like the Public Savings Bank card, give cardholders the benefits and convenience of having a credit card in their wallet or purse.
But secured credit cards are slightly different: users place money into their credit card “account” and then spend it instead of first charging purchases on the card and paying them off later (much like a debit card connected to a checking account).
Another advantage is if cardholders pay off their balance every month, there are no interest charges. There’s even an introductory rate of 0% APR for the Public Savings Bank card on all unpaid balances for the first six months of membership.
But perhaps the best thing about the card is that Public Savings Bank reports your monthly payments to the three major credit bureaus – which can help establish or rebuild your credit score if you pay your balances on time.
There is a one-time application fee of $75.
You can apply for the Public Savings Bank secured credit card here.