Q: I am 5 months post-bankruptcy and want to get my credit back on track. Can you tell me why the PNC Bank credit card application is not available on their website, at least from what I see? Do I need to apply in-person for it?
A: I didn’t see it up there either, but I did use the search function on their website. Using “secured credit card” this is what it will show you:
The first one they’re talking about are secured business loans (obviously not what you want). If you click on the second one it takes you to a page linking to 3 credit card agreements; Standard, Visa Signature, and Secured. The last of which shows…
Underneath that table it talks about the $36 annual fee, the minimum security deposit ($250), the interest rates, and other information for the PNC secured credit card. But how do you apply? Well, watch out because you might get the wrong answer depending on the source.
So is it cancelled or not?
Upon doing a little Googling, I see a number of websites (such as Yahoo Answers) which say that PNC Bank no longer offers this card. Some even go so far in their answers/reviews as to say the reasoning is “probably” because National City cancelled their secured card program, so when PNC bank acquired them a few years ago they also axed the card. That information is incorrect.
I went straight to the horse’s mouth to find out what the deal was by calling customer support. They confirmed the card is still available. To get it though you will have to fill out the application in person at a branch.
How does it compare?
A $36 annual fee is very reasonable. The minimum security deposit is $250 and the max is $2,500. However there is one potential drawback to be aware of:
- These accounts do not graduate to unsecured on their own. If you ever want to try and get an unsecured card, you will have to try applying for a new account.
But that aside, this secured Visa card appears to be a great option to start with. Get that and perhaps one other good secured credit card and start using them to rebuid.
In fact, PNC is one of the few major retail banks that still offers these. The Chase secured credit card was discontinued and several of the other big guys have done the same with theirs. So it’s nice to see PNC hasn’t put there’s on the chopping block yet. It’s too bad they don’t advertise it because this is one of the better deals out there.
This article was updated for 2013