American Pacific Bank Secured Visa Review

It's No Longer Around But Let's Take A Look At The Rear Mirror Anyway - We reviewed this card when American Pacific Bank was still an independent entity. In 22nd April 2005, Riverview Community Bank announced that they have completed the acquisition of American Pacific Bank¹. The reason for the acquisition was to expand their presence in Oregon Portland where APB was situated. When Riverview Community Bank took over, they stopped offering the old APB credit cards. In 2009, Riverview Community Bank was closed by the FDIC² and the assets assumed by Central Bank.

APB Secured Card Details - The American Pacific Bank Secured Visa is one of the three cards offered by them and is obviously designed for those looking to build or rebuild their credit. Those who have been through bankruptcy can also get this card to rebuild credit.

Deposit Requirements and Fees - For those who have income (you need a minimum of $10,000), you can deposit in $100 increments between $300 to $15,000 (collateral for the credit card to extend credit to you). You are given credit on 100% of your deposit. For those with no income, you can be given a credit line between $500 to $1,000. You need to deposit 120% of your credit line that you wish to get. Your deposit also earns interest.

The annual fee is very reasonable at $35.00 and the APR is a fixed rate of 17.4%. The grace period is 25 days rather than the usual 20 days given by most credit card these days. There is also none of the one-time processing fee common in other credit cards. There is also no transaction fee for purchases.

Who can apply? - You will need a minimum gross income of $10,000 to apply for the card. If you have no income, you will be given a credit line of between $500 to $1,000. You must be discharged of your bankruptcy. If your bankruptcy was filed during the last 12 months, you have to send your discharge papers. Also, if you filed for chapter 13, you need to wait until at least 6 months is past before you can apply for the American Pacific Bank secured visa.

If the meets these criteria, then the American Pacific Bank secured visa is a very reasonable secured credit card that will suit those looking to build or rebuild their credit.

What Other Alternatives were around then? - Back before 2005, there weren't too many secured credit cards around. First Progress has a secured card and so did a couple of other sub prime issuers. Bank of America and Citi were just getting into the secured credit card game with their controversial application process in which you need only a TIN to apply for the card.

But at $35 and with a rate in the mid double digits, this card appears to be competitive with it's peers. The other advantage it has over more mainstream banks is that folks who have just emerged from bankruptcy can apply for this card.