Public Savings Bank is issuing a new secured credit card with a $200 minimum credit limit. The limit replaces a $300 minimum that the Huntington Valley, Pa.-based Internet bank required for a previous card.
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Lowering the minimum limit will enable more consumers to get access to credit, Jack Miller, Public Savings Bank chief executive, said in a Jan. 3 press release.
Issuers market secured credit cards 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 a maximum deposit of $3,000, according to the bank’s website. The previous card had a $2,000 maximum limit.
