Secured credit card has been known as the life safer. It is not too much to say about that, considering this credit card option has been chosen to solve credit card problem. Many people find it is quite hard to apply regular credit card, whether because they do not have credit history or they have bad credit history before. PNC is one of issuers that provide secured credit card. Get to know PNC secured credit card by reading this review.
PNC Secured Credit Card Pros and Cons
Needless to say, PNC Bank has been around for years with various products and features thrown to the market. Among many products, PNC secured credit card seems to be the controversial one. According to some reviews, this credit card got very low score. They earned 1.1 stars out of 5. However, the score came without reason. It is much wiser to get to know the PNC secured credit card pros and cons.
To begin with, PNC credit card is quite easy to get no matter you are new or you have really bad credit history. Just like the other secured card, it requires minimum deposit as collateral. You need to submit $200 as the minimum deposit—however you can upgrade up to $2,000. This deposit will be your PNC credit limit. This is considered as good thing of PNC secured credit card because $200 stands in low side.
In addition to the good side of PNC secured credit card, the deposit is also refundable. It means you can refund the account deposit whenever you are done with it. Unfortunately, it is not that easy to get the refund. You cannot simply walk to the cashier and ask for refund. You must make PNC savings account to withdraw your PNC secured credit card deposit. This is surely not that simple because you have to open a deposit account aside from the secured credit card.
Coming to the cons, actually there are a lot of things to talk about. Let’s mention the annual fee. PNC secured credit card charges $3 per month for annual fee. You can count how much it charges for a year. Aside from the annual fee, another disturbing thing comes from the fact that they do not report your card as secured one. Instead, they repot as standard credit card.
Furthermore, some secured card issuers will turn your secured card into unsecured automatically. However, you cannot expect this from PNC secured credit card. You must make application on your own in case you want to change into unsecured credit card—pay attention to your credit score because unsecured credit card requires high credit score.
Considering the pros and cons of PNC credit card, you can decide whether or not this card is suitable for you. The pros such as easy to get and refundable deposit sound interesting if you want to start or rebuild credit history. However, the annual fee and false report are also convincing enough to think more before applying for PNC secured credit card.