Applied Bank Secured Credit Card Reviews

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.

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 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.

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.

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.