Advertiser Disclosure Editorial Disclosure

Park National Bank Secured Visa® Card

Park National Bank Secured Visa® Card

Get a Credit Limit of Up to $5,000

Park National Bank Secured Visa® Card
  • Regular Purchase APR 22.49%, variable with the market based on the Prime Rate
  • Balance Transfer APR 22.49%, variable with the market based on the Prime Rate
  • Cash Advance APR 25.49%, variable with the market based on the Prime Rate
  • Annual Fee $35
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Build or repair your credit
  • Earn interest on your secured savings account deposit
  • Credit limit up to $5,000
  • Cardholder protections including extended warranty, zero fraud liability, and auto rental collision damage waiver
Rates & Fees
  • Regular Purchase APR: 22.49%, variable with the market based on the Prime Rate
  • Balance Transfer APR: 22.49%, variable with the market based on the Prime Rate
  • Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
  • Cash Advance APR: 25.49%, variable with the market based on the Prime Rate
  • Cash Advance Transaction Fee: Either 4% of the amount of each advance or $10 minimum, whichever is greater.
  • Annual Fee: $35
  • Foreign Transaction Fee: 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency
  • Late Payment Penalty Fee: Up to $39
  • Return Payment Penalty Fee: Up to $35
  • Minimum Deposit Required: $300
Credit Card Deals
  • Complimentary EZ Mini Crunchies (60g) when you spend S$120 - Offer Expires on December 31, 2020 - See Details
  • 10% off museum entry - Offer Expires on December 31, 2020 - See Details
  • Save up to 55% on London theater tickets - Offer Expires on December 31, 2020 - See Details
  • Save an extra 10% on Tower of London access tickets - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Alamo® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save 5% with Enterprise Rent-A-Car® at participating locations - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The Paris Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% on The London Explorer Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Barcelona Pass - Offer Expires on December 31, 2020 - See Details
  • Save an extra 5% when you purchase your Go Bangkok Pass - Offer Expires on December 31, 2020 - See Details
  • View All Deals -

Add cards to start comparing.

  

At a Glance

The Park National Bank Secured Visa® Card is a financial tool that’s designed for those who do not qualify for a traditional credit card account offer because of poor credit and need to improve or re-establish their credit history.

Ideal for Those Who:

  • Have not yet established a credit history
  • Don’t care about rewards points
  • Need to improve their credit and can no longer qualify for a traditional credit card offer due to poor credit history
  • Are willing to make an effort to demonstrate financial responsibility by making on-time payments and avoiding going over their credit limit
  • Are willing to make a deposit as collateral for a credit card
  • Already bank with Park National Bank, or are willing to open a secured savings account with them

Park National Bank Secured Visa® Card Review

Establishing credit can seem like a paradox since folks who have not yet established credit cannot usually qualify for a credit card – and will have a difficult time establishing credit without one unless they have existing loans. Similarly, rebuilding credit can seem like a daunting task since card issuers are wary of approving the applications of consumers with poor credit. Luckily, using a secured credit card like the Park National Bank Secured Visa® Card can make the process much easier than it might be otherwise.

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

Park National Bank Secured Visa® Card Details

An excellent opportunity for someone who cannot get approved for a “regular” credit card, the Secured Visa® Card from Park National Bank is a fairly standard secured card that features slightly higher-than-average fixed interest rates, a low annual fee, and an added bonus: The convenience of earning interest from the secured savings account where your deposit is held.

Although this card’s interest rates weigh in slightly higher than the national average for a secured card, having a fixed APR can be a boon since it eliminates the uncertainty that can often come about from a variable APR that can change without warning.

The Park National Bank Secured Visa charges an annual membership fee of $35, which shouldn’t be a deal-breaker when compared to the annual fee for other secured card offers. Some cards, like the First Progress Platinum Prestige Mastercard® or Green Dot primor® Secured Visa® Gold Card. Those cards feature a similar annual fee, but an APR more than half of what PNB offers.

How Do I Open a Park National Bank Secured Visa® Card Account?

In order to qualify for the Secured Visa Card from Park National Bank, consumers must first apply either online or by mail. Funds for the Secured Card can be submitted via checking or Savings account, or with a cashier’s check or money order. You will need to open a secured savings account with Park National Bank, which is set up during the application process.

A minimum deposit of $300 is required, with a maximum of $5,000 permitted. Deposits can only be made in $100 increments (in other words, you can deposit $400, but not $450). As an added perk, Park National Bank allows you to earn interest on your deposit, a benefit that is not available with all secured cards.

Your credit limit will be determined by the amount of money you initially deposit into your secured account, which means that potential secured cardholders can have a credit limit from Park National Bank that ranges from $300 up to $5,000.

Remember, as with a regular credit card, there is no guarantee that you will be approved for the Secured Visa Card. Park National Bank may still reject your application, especially if you have had problems making on-time payments with other secured cards.

A Secured Card With Visa® Benefits

In a move that sets the Park National Bank Secured Visa Card apart from many of its competitors in the realm of secured cards, Park National Bank provides a full suite of Visa cardholder protections and benefits, which include:

  • Extended warranty coverage
  • Auto rental collision damage waiver coverage
  • Zero fraud liability
  • Travel assistance
  • Fast cash access (ATM access)
  • Cards accepted at millions of locations worldwide
  • 24-hour cardmember service
  • Verified by Visa protection
  • Free extra card

Should You Apply for the Park National Bank Secured Visa® Card from Park National Bank?

Ultimately, this decision will come down to personal preference; remember that there are multiple things to consider when weighing your options. For example, the Green Dot primor® Secured Visa Gold Card has an APR that is less than half of the APR offered by Park National Bank’s Secured Visa® Card – but it also has a higher annual fee, which may dissuade someone who might otherwise be interested. The BB&T Spectrum Cash Rewards Secured Card has a slightly lower annual fee, comparable interest rates, and offers cash back rewards on certain purchases; this might be a more enticing secured card offer when compared to the Secured Visa® from Park National Bank.

A secured credit card like the Park National Bank Secured Visa Card is an excellent opportunity for someone who is starting to build their credit history, or for someone who has been turned down for a credit card. Featuring a credit limit that begins at $300 and extends as high as $5,000, this secured card is a great tool to build credit.

Read Also: What are the best secured cards of 2020?

For more information on secured credit cards, visit our Comprehensive Secured Card Reference Page, featuring the best-secured card offers, detailed advice, and tips to help you build your credit history.