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Applied Bank Secured Credit Card

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    Applied Bank Secured Credit Card

    ConsumerAffairs Unaccredited Brand

    Applied Bank Secured Visa Gold Preferred credit cards can help those with severely damaged credit improve their credit scores with responsible use over time. Approval is guaranteed as long as the applicant is at least 18 years old and can fund the minimum, $200 security deposit. Applied Bank Secured Visa Gold Preferred cardholders can increase credit limits up to $5,000 by depositing additional funds.

    BOTTOM LINE

    Applied Bank guarantees approvals and doesn’t run a credit check. There are several fees associated with this card, but the Secured Visa Gold Preferred card can still help those with damaged credit improve credit scores over time.

    PROS

    • No credit check
    • Fixed APR
    • Quick approvals

    CONS

    • No grace period
    • Higher fees
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      Applied Bank Secured Visa Gold Preferred credit card review

      The Applied Bank Secured Visa Gold Preferred card is more expensive and offers fewer benefits than many of its competitors, but it can offer an opportunity to improve credit with responsible use. Purchase APR is relatively low when compared to other secured credit cards, but it’s important to keep in mind that Applied Bank doesn’t provide a grace period, which means purchases will start accumulating interest immediately. Even with the lower rate, you could end up paying more over time.

      Applied Bank Secured Visa Gold Preferred credit card benefits

      In addition to building credit with responsible use, Applied Bank Secured Visa Gold Preferred cardholders enjoy benefits like fixed APR , mobile access and more.

      • Fixed APR: Unlike most secured credit cards, Applied Bank Secured Visa Gold Preferred cardholders pay a fixed-interest rate, which means your APR won’t suddenly increase.
      • Global acceptance: Applied Bank Secured Visa Gold Preferred credit cards can be used everywhere Visa is accepted.
      • Mobile access: With online and mobile banking, you can pay your credit card bill, check your balance and monitor credit activity online or through Applied Bank’s mobile app.
      • Smart chip technology: Applied Bank Secured Visa Gold Preferred credit cards come with smart chip technology for enhanced security and protection.

      Applied Bank Secured Visa Gold Preferred card rates and fees

      Applied Bank Secured Visa Gold Preferred charges more fees than most other secured credit card issuers. The APR rates are fixed and lower than most secured cards, but that may not count for much considering the lack of grace period and higher fees.

      Cardholder must pay a $48 yearly fee, and the first Applied Bank Secured Visa Gold Preferred annual fee is charged when the account is opened, which reduces initial credit limit.

      FeeAmount
      Annual fee$48
      Late payment feeUp to $38
      Returned payment feeUp to $38
      Foreign transaction fee3%
      Cash advance fee5%
      Additional card fee$30
      Replacement card fee$30
      Copying charges$10 per copy
      Optional payment fee$12.95
      Stop payment fee$30
      Automated account information fee$0.50
      Reinstatement fee$50

      How to apply for an Applied Bank Secured Visa Gold Preferred card

      Applied Bank Secured Visa Gold Preferred eligibility requirements are relaxed, even by secured credit card standards. To get approved, applicants only need to be at least 18 years old and have enough money to fund the initial deposit.

      1. Fill out the application: It’s easy to fill out an online application for an Applied Bank Gold Preferred Secured Visa credit card. Approvals are guaranteed — there’s no credit check or minimum credit score requirement — but Applied Bank will need to verify your residence, identity and income.
      2. Fund the deposit: Applied Bank Secured Visa Gold Preferred credit limits are equal to your security deposit. You can deposit as little as $200 or as much as $1,000 to open the account. Deposit funds will be drawn from the account provided on the application.
      3. Get the card in the mail: You should get your Applied Bank Secured Visa Gold Preferred card in the mail in 7–10 days business days. Your credit line will be available as soon as you activate the card.

      Applied Bank Secured Visa Gold Preferred credit card FAQ

      Does the Applied Bank Secured Visa Gold Preferred card have an annual fee?
      Yes, the Applied Bank Secured Visa Gold Preferred card costs $48 per year. Keep in mind that the annual fee is billed when your account is opened and will reduce the amount of your initial credit available.
      Does Applied Bank reported to all three major credit bureaus?
      Yes, your Applied Bank Secured Visa Gold Preferred card activity will be reported to all three major credit bureaus.
      Should I always pay my Applied Bank Secured Visa Gold Preferred balance in full each month?
      Yes, paying your Applied Bank Secured Visa Gold Preferred account balance in full each month will signal to credit bureaus that you are using an available line of credit responsibly. Timely payments will also save you on interest as there is no grace period for new purchases on this card

      Is the Applied Bank Secured Visa Gold Preferred card worth it?

      If you have limited credit, or even no credit at all, you can probably get a secured card with fewer fees and more benefits than the Applied Bank Secured Visa Gold Preferred card. However, the Applied Bank Secured Visa Gold Preferred card could be a worth it for those with severely damaged credit since approvals are guaranteed. Just be mindful of fees and pay off any transaction as soon as possible.

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      Applied Bank Secured Credit Card Company Information

      Company Name:
      Applied Bank Secured Visa Gold Preferred Credit Card
      Website:
      www.appliedbank.com
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