Digital News Report – Credit card companies mailed out more applications in the second half of 2010 and are expected to mail out even more in 2011. While banks are looking for customers, they are focusing their attention on good credit borrowers.
There are still options available for people with a poor or bad credit score. The OPEN SKY Secured Visa® Credit Card from Public Savings Bank is designed for people with bad credit and can be used to help improve a credit score.
The bank won’t even check the applicant’s credit score before approval. Since the bank reports payments to the three credit reporting agencies, on-time payments can improve a credit score.
The interest rate is variable. The credit card interest rate is the prime rate plus 6.5%. The bank does not require a bank account to get the card. Unlike debit cards that require a bank account, secured credit cards typically do not.
There is a five percent balance transfer fee. The annual fee is $50.
By: Tina Brown