The secured credit card offered by PNC Bank is supposed to help you to establish and build your credit score. Why is it important to build a credit score? A good score can save you a lot of money in interest on auto loans and mortgages. It can also give you valuable benefits in the form of cash bonuses when you open a new credit card and other perks.
Can I apply for PNC secured credit card online?
You CANNOT apply for PNC Secured Credit Card online. The only way to get this card is to visit banks branch and apply in person. This is very inconvenient, but it is what it is. Other PNC cards allow you to apply online, but this one is exception.
What credit score do you need for a PNC secured card?
Unlike other cards, this secured card doesn’t require you to have high credit score. You can get approved even with a low credit score. Approval odds depend on many factors and not only on score. You have to earn enough disposable income to payoff it in full every month.
Is it a legitimate card?
PNC credit card is one of those cards which you may consider. Offered by a big respectable bank this Visa card may seem appealing. The credit card has an EMV chip for additional security and a contactless payment feature. You can use it to make payments in person and online.
What credit limit can I get?
Your credit limit of determined by your security deposit. When you make a security deposit of up to $2,500 you can get the same credit limit. When you close the credit card you have to first pay it off in full and only the you can get the deposit back.
Does PNC Secured Credit Card have graduation?
No, unfortunately the secured credit card has no graduation. It means if you don’t want to pay the annual fee you must close the account. Then you can get your security deposit. The whole idea of a secured credit card is graduation when credit score improves.
Benefits
The Visa benefits package of this card is very limited. The only thing included is Roadside Dispatch. When you have some troubles on the road you can call 1-800-847-2869 and let them know what is your problem. It cost $70 per service call that provides towing up to 5 miles, tire changing, lockout, fuel delivery up to 5 gallons, winching, and jump-starting. While it is not free, it can be cheaper than local services.
Fees
| Fee | Amount |
|---|---|
| Annual fee | $3 per month or $36 per year |
| Balance Transfer | 3% of the amount ($5 minimum) |
| Cash Advance | 4% of the amount ($10 minimum) |
| Foreign Transaction | 3% of the amount |
| Late payment | $35 |
| Returned payment | $35 |
How to make payments?
You can pay your credit card bill online using PNC Online banking account or through regular mail. The last way is to call automated phone service by calling 1-800-558-8472
Concerns
My first concern is that you can apply for the card only in person at a PNC Bank branch. That seems strange. Other banks like US Bank and Capital One allow you to apply for the secured card online.
My second concern is that the PNC secured credit card doesn’t have graduation. Graduation means your secured credit card is converted to an unsecured one and your security deposit is returned back to you. Then you can keep using the card. It is very useful when you build your credit score. One of the key factors that affect your score is the length of your credit history. How old is your oldest credit? You should always keep your first credit card. So if your credit score increased and you decide to close your secured card? Then the length of your credit history will go down and pull your credit score with it.
My third concern is that you cannot open this card online. You have to go to the branch and apply in person. This is super inconvenient.
My fourth concern is the monthly fee of $3. This is $36 per year. I don’t like credit cards for bad credit that have a monthly fee, annual fee, origination fee, etc.
So my conclusion is you should not waste your time on this PNC secured credit card. Bank made it as inconvenient as possible. Focus on a good card that you can keep for many years to come.