Curious about the PNC Bank Secured Visa Credit Card? From Economía Responsable, we present to you all the features offered by PNC’s Secured credit card: fees, interest rate for deferred payments, cash back, and everything you need to know. Additionally, we compare this card to other leading secured credit cards on the market. Let´s get started.
Explicative video
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Features
In this section, we will go through all the features one by one.
Fees
In assessing financial products like credit cards, it’s crucial to weigh the impact of fees. The PNC Bank Secured Visa Credit Card comes with a monthly fee of $3, rendering it less attractive compared to other secured credit cards that are fee-free.
We also show you other credit card fees:
| Cash Advance Fee | 4% (minimum $10) |
| Cash Advance APR | 26.99% |
| Foreign Transaction Fee | 3% |
| Smart Chip | Yes |
| Max Late Fee | $35 |
| Max Overlimit Fee | $0 |
| Max Penalty APR | 33.99% (V) |
APR
If you postpone payments on the PNC Bank Secured Visa Credit Card, be prepared for a spike in interest rates. This card has a Purchase APR of 23.99%, leaning towards the higher end. Keep this in mind when managing your payments.
Unlike several cards that offer an alluring 0% introductory interest rate, the PNC Bank Secured Visa Credit Card doesn’t provide this perk. As a result, interest on your purchases starts accruing immediately.
Cash back
The PNC Secured Visa Credit Card does not offer cash back for purchases made.
Minimum deposit
There is no information about the minimum deposit required to obtain the card.
Welcome bonus
Unlike numerous other credit cards that provide sign-up bonuses, sometimes reaching $1,000 or beyond, the The PNC Secured Visa Credit lacks such incentives. Consequently, you won’t reap any rewards from your purchases during the initial months of card usage.
Summary table
We have created a table summarizing all the features:
| Features | PNC Bank Secured Visa Credit Card |
|---|---|
| Fees | $36 |
| APR | 23.99% on balance for deferred payments |
| Cash Back | 0% |
| Initial Deposit | PNC No provides information |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of The PNC Secured Visa Credit with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the The PNC Secured Visa Credit:
| Advantages | Disadvantages |
|---|---|
| Opportunity to build credit responsibly | No welcome bonus incentives |
| Higher interest rates when deferring payments | |
| No initial 0% interest rate period | |
| Foreign transaction fees |
Requirements
To qualify for the PNC Secured Visa Credit Card, consider the following criteria:
- Residence: You need to be a U.S. resident, as the card is exclusively for those living within the United States.
- Age requirement: Applicants must be at least 18 years of age.
- Proof of employment: Demonstrating employment is crucial to show that you can handle the card’s responsibilities.
- SSN: A legitimate Social Security number is imperative both for identity validation and evaluating credit history.
- Starting deposit: no provides information.
Frequent questions
Now we’re here to address any questions you might have about the PNC Secured Visa Credit Card:
Conclusion and opinions
Following our detailed examination, we believe the PNC Bank Secured Visa Credit Card isn’t a top-tier choice. It comes with an unavoidable annual fee of $36 and a notably high 23.99% APR. Additionally, it lacks introductory APR promotions or any welcome bonuses. We also want to emphasize that PNC provides very limited details about this credit card, and we had to gather information from various websites to piece together a comprehensive view.
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Updated the day 6 September, 2023 by Alfredo Barandiarán
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