Better than Prepaid...Go with a Secured Card! Load One Time - Keep On Using
Absolutely No Credit Check or Minimum Credit Score Required
Automatic Reporting to All Three National Credit Bureaus
9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late
Activate Today with a $200 Minimum Deposit - Maximum $1,000.
Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
May 27, 2020
In this Applied Bank® Secured Visa® Gold Preferred® review, we’ll highlight who this secured card is for, its credit score requirements, fees, and more.
(Click on a link to jump to the specific section)
If you’re new to owning a bank account or trying to establish a positive credit history, the Applied Bank Secured Visa Gold Preferred Credit Card could be what you’ve been looking for.
This secured card is among the best for any new and inexperienced cardholder or any person with bad credit. This Visa card also has a rare “no credit line” policy, meaning the credit card issuer won’t consider your credit score when looking at your application.
Additionally, this secured Visa card doesn’t need you to link your bank account.
One of the most exciting features of this secured credit card is that the initial deposit into this card will be used as a credit line.
With a credit line, money can be taken out from your bank account under the name of the bank and be repaid to the financial institution at a minimal interest rate.
Since this applied bank credit card is meant to help you improve your credit score, the bank (card issuer) doesn’t have a minimum credit score requirement. That makes this secured Visa card ideal for anyone with a bad credit to fair credit score, of anywhere between 300 to 670.
Tip: If you need more information regarding your credit history and scores, and want to learn how to improve it, check out Credmo.
The Applied Bank Secured Credit Card charges no application fee to become a cardholder. There’s also no monthly fee or penalty rates.
The main fee you need to consider is the annual fee which is $48.
Apart from the annual fee, the Visa card charges a 3% foreign transaction fee but no balance transfer fee.
This Applied Bank credit card also comes with a cash advance fee of either $5 or 5% of the withdrawn cash advance (whichever is greater).
And lastly, you need to make a refundable security deposit to start using this secured credit card. The credit card company will hold the amount in case you can’t repay them. This security deposit is also used as your line of credit.
You can make the security deposit using a debit card, another credit card, or a prepaid card.
This Visa card has an extremely low APR. The Applied Bank Secured Visa credit card has a fixed interest rate of only 9.99%.
A secured credit card will usually have a lower APR than an unsecured credit card, however this is still on the lower side of most secured cards.
Let’s check out both the advantages and disadvantages of this Applied Bank credit card.
Here are some benefits for an Applied Bank Secured credit card cardholder:
Here are some disadvantages that an Applied Bank Secured Visa cardholder will face:
Here are some alternative cards to consider:
If you already have established credit history or near perfect credit, this secured card probably isn’t for you.
However, if you want a flexible credit limit and want to improve your credit score, this Applied Bank credit card could be a good fit.
You can apply for this Visa card here.