Here’s a fun fact: among several ways, credit card is the fastest way to earn a good credit tittle. On the other hand, a credit card cannot be earned if we don’t have a good credit history. This paradox has been around for many years. Therefore, a new solution is offered by Secured Credit Card PNC. Read this explanation below to understand what it means by using secured credit card and what make it different from other credit cards.
What is Secured Credit Card actually?
Generally, ‘secured credit card PNC’ term is not truly common in our society. Little do they know that a secured credit card can be the way for them to build a good credit history – or even repair a bad one! So, what is secured credit card actually?
Essentially, secured credit card is similar to the unsecured one. However, when a secured credit account is opened, you will have to deposit some amount of cash. The amount you put on your account will be the credit card limit. So, if the cash deposit is $200 then the credit card limit is $200.
Only few banks offer this kind of credit card and one of them come from PNC. The secured credit card PNC will not burden its user with any application or hidden fees. However, PNC still charge their secured credit card users with annual fee billed around $3 per month which is still fairly affordable. By this way, PNC secured credit card is a good option for all new credit card user.
As discussed above, secured credit card PNC need cash deposit. It is like making a promise with PNC that you have a commitment to pay back what you have borrow. The deposit will also be a life saver for its user. When you cannot pay the bill, the issuer will take your deposited money instead. Therefore, these cards are suitable for a new credit card user and for those who have bad credit history.
However, please consider your budget first before enroll the secured credit card PNC service. List your income and your expenses for such thing as food, transportation, or others. Note every expense you do monthly and see whether it is spend more or less than your budget. Then adjust your spend wisely. This habit will help you maintain good credit history.
There are several steps you have to take for applying secured credit card PNC service:
- Read the Secured Visa Important Information About Rates and Fees. It includes some general terms and conditions.
- Review and fill in the Secured Card application
- Sign both copy of Security agreement. Keep one file for you and submit the other with the Secured Card application.
- Give a cashier check that is payable for PNC bank for the amount of limit you want for your secured credit card PNC
The minimal amount of deposit cash in the PNC secured credit is $250 and the maximum is $2500. To get the cashier check, you can go to the closest representative PNC branch.