Public Savings Bank, an Internet bank headquartered in Huntington Valley, Pa., is issuing a new secured credit card with a $200 minimum credit limit.
The limit replaces a $300 minimum that the bank required for a previous card.
Lowering the minimum limit allows more consumers to get access to credit, Jack Miller, Public Savings Bank's chief executive, said in a press release Monday.
"We are committed to helping all Americans struggling with poor credit scores rebuild their credit," Miller said in the release.
Secured credit cards are marketed to consumers with low or no credit scores. Consumers deposit an amount of money as collateral to secure the card.
Public Savings Bank's Open Sky Secured Visa credit card has a $50 annual fee and has a maximum deposit of $3,000, according to the bank's website. The previous card, the Classic Secured Visa Credit Card launched in 2009, had a $2,000 maximum limit.
