Last updated on July 5th, 2023
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Park National Bank Secured Visa® Card
Park National Bank Secured Visa® Card
- 20.99% variable based on the Prime Rate Regular Purchase APR
- 20.99% variable based on the Prime Rate Balance Transfer APR
- 23.99% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- Regular Purchase APR: 20.99% variable based on the Prime Rate
- Balance Transfer APR: 20.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater.
- Annual Fee: $35
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
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.