Classic Black Visa Credit Card by Public Savings Bank

September 18, 2009 2 Comments »

Update – This card is no longer on the market. Check out our best credit cards for establishing or rebuilding credit to see what’s currently available.

Having trouble with your credit score? Read our post on the 7 surprising reasons your credit score isn’t higher!

Unsecured credit cards and credit cards aimed at rebuilding credit encountered a massive push by some of the country’s largest banks following the emergence of our economic recession in 2008. In 2012 these offers still remain strong but have greatly reduced in size despite the fact that unemployment hasn’t made much of an uptick over the last four years. Prepaid cards and ‘no fee’ checking accounts have largely filled the voids as these offers have dwindled.

- Offer from Archive -

Here is a fairly nice credit card offer through Public Savings Bank. Thanks to BankVibe reader John for the submission. In the email John (who is a recent college grad) claimed to have applied (and was approved) for this card after being laid off from his job.

This is an ideal credit card for individuals with thin credit, students, or even immigrants (basically anyone new to applying for credit). Keep in mind, however, this is not a prepaid credit card and you WILL be building credit.

Public Savings Bank is an FDIC insured institution based out of Philadelphia, PA. This card is available to consumers nationwide

Black Visa Card Features:

• 0% APR for 6 months
• No annual fees
• 25 day grace period
• No credit check
• No income or employment verification

Our take:

This is a relatively attractive offer for those who are in need of rebuilding their credit score AND are capable of paying off their entire balance each month. We wouldn’t recommend using this card if you will be making minimum payments or are transferring an existing balance as the APR is far higher than your average credit card offer. If you do apply for this offer be sure to set up alerts each month to notify yourself of upcoming bill due dates.

If you have any experience with this credit card offer (positive or negative) please share with our readers. Thanks.

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  • Stephanie

    ahh but what is the APR AFTER 6 months? And with no credit check or verification? Interest must be through the roof, I think this is a bad idea

  • John

    Rate is prime + 7.99%… so 11.24%. Not awful considering it’s meant to re-establish credit. Plus there are no annual fees so I think it’s pretty good.