PCB Secured Visa full review
Check out our review of the PC Secured Visa credit card to see the advantages if you require to rebuild your credit score.
All You Need to Know About the PCB Secured Visa Credit Card
Struggling to repair bad credit can be challenging, especially when trying to build a credit history from scratch. Plains Commerce Bank (PCB) understands the difficulties millions of Americans face in obtaining credit cards. That’s why they offer the PCB Secured Visa®, which is considered the best credit repair option.
Although Plains Commerce Bank may not be the most well-known banking brand, it has a long-standing dedication to the South and North Dakota regions, where it has a significant presence. With the introduction of the PCB Secured Visa card, PCB has expanded its reputation nationally.
Whether you have a history of bad credit or you’re just starting out, the PCB Secured Visa® provides a reliable path to credit development. By making consistent payments and providing a deposit as collateral, Plains Commerce Bank will report your activity to all three credit reporting agencies.
How Does the PCB Secured Visa Credit Card Work?
Similar to regular credit cards, secured cards offer payment flexibility, protection against fraud, and help in building a good credit history through timely payments. The only difference is that secured credit cards require an upfront collateral deposit.
The credit limit of the PCB Secured Visa card is determined by the collateral deposit, which can be selected between $200 and $1,000. While the maximum deposit of $1,000 may be on the lower end, PCB allows cardholders to increase their deposit up to $5,000 after their first year, subject to credit approval and additional collateral deposits.
Secured credit cards are easier to obtain than unsecured credit cards because they require a deposit. Therefore, they are an ideal choice for repairing bad credit or starting a strong credit history.
It’s important to use this credit card responsibly as it reports monthly to Experian, Equifax, and TransUnion, the three major credit bureaus. Responsible use includes making purchases you can afford to pay off immediately and ensuring you always make the minimum payment due each month, and on time.
Key Considerations for the PCB Visa Secured Card
While the PCB Visa Secured card offers many benefits, there are a few things to be mindful of if you’re considering acquiring it:
Annual Fee: The PCB Secured Visa® Credit Card charges an annual fee of $39, unlike other secured cards.
No Option to Advance to an Unsecured Card: Some secured cards, such as the Sable One Secured Credit Card, allow cardholders to “graduate” to an unsecured card with the same issuer if they demonstrate responsible card management within a specific timeframe (and receive their security deposit back).
However, with the PCB Secured Visa Credit Card, this option is not available. To receive your security deposit back when your credit scores improve to the point of being approved for an unsecured card (minus any fees and unpaid balance), you must close your PCB Secured Visa® Credit Card.
Benefits of the PCB Secured Visa Credit Card
This credit card offers several notable benefits that may appeal to many individuals. Here are the key features worth considering:
- Reports to All Three Credit Bureaus: If you’re trying to establish or repair your credit history, the PCB Secured Visa® Credit Card reports account and payment activity to Equifax, Experian, and TransUnion.
- Fixed APR: Unlike many credit cards with variable interest rates tied to the prime rate, the PCB Secured Visa® Credit Card offers a fixed APR of 18.90%, making it more affordable.
- A $1,000 Security Deposit: Maintaining a modest amount in relation to your credit limit is helpful for credit repair. Having only a few hundred dollars available on your credit limit makes it difficult to achieve that.
With the PCB Secured Visa® Credit Card, you can make a security deposit of up to $1,000 (and up to $5,000 after one year of card use), which not only helps keep your credit utilization low but also proves beneficial when you need to make more expensive transactions with your credit card.
How to Apply for the PCB Secured Visa?
If you find the PCB Secured Visa card suitable for your needs, check out our article on how to apply for the PCB Secured Visa!
