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A secured card with guaranteed approval that lets you build your credit.
30-second take
- Get this card if you have bad credit or no credit history at all.
- Pick something else if you want an unsecured card or don’t want to pay an annual fee.
- Apply with no credit history or with poor credit score.
| Product Name | Applied Bank® Secured Visa® Gold Preferred® Credit Card |
|---|---|
| Card Type | Visa |
| Annual Fee | $48 |
| APR (Annual Percentage Rate) for Purchases | 9.99% fixed |
| Cash Advance Rate | 9.99% fixed |
| Cash Advance Fee | $5 or 5% of the cash advance amount, whichever is greater |
| Foreign Transaction Fee | 3% of the transaction value |
| Minimum Interest | $0.5 |
| Late Payment Fee | $38 |
| Returned Payment Fee | $38 |
| Additional Cardholder Fee | $0 |
| Minimum Age | 18 years of age |
|---|
The basics
The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a decent card designed to help you build your credit. All you have to do is apply — according to Applied Bank, approval is guaranteed — put down a security deposit and start building your credit.
The card doesn’t come cheap though. You’ll have to pay an annual fee, and you won’t get a grace period on your purchases.
The perks
Build your credit.
The card reports to all three major credit bureaus — Equifax, Experian and TransUnion. With timely payments, you should be able to build your credit and apply for a better card.
Guaranteed approval.
No matter what credit score you have, you’ll be approved without a credit check. Applied Bank will simply verify your identity, residence and ability to pay for the card.
Low APR on purchases.
You get a 9.99% fixed APR on purchases. This is low when compared to other cards, some of which have APRs of up to 26% variable.
You’ll also like …
Credit line.
Your deposit acts as your credit line. With this card, the minimum you can deposit is $200 and the maximum $1,000. You can increase your credit limit up to $5,000 after your application has been approved.
Visa chip card.
You can take advantage of Visa acceptance worldwide and the security that comes with chip technology.
Mobile banking.
Get access to your account online and via your mobile device. You can pay your credit card bill, check your balance, monitor your account and more.
What to watch out for
Annual fee.
To own the card, you’ll pay a $48 annual fee. This amount will immediately be charged to your card’s balance, thus lowering your total available credit by $48 until you pay it off.
Foreign transaction fee.
Each time you use your card outside of the US, you’ll pay a fee of 3% of the transaction.
No grace period.
The APR on purchases is one of the lowest available on a credit card, but you don’t get a grace period before your purchases start accumulating interest.
Other fees.
You’ll pay fees for late payments, returned payments, replacement cards, card reinstatement, stop payments, optional payments and automated account information.
Consider other cards if …
You want a similar card from another bank.
You can check out the First Progress Platinum Select Mastercard® Secured Credit Card, UNITY Visa® Secured Credit Card or OpenSky® Secured Visa® Credit Card. All three cards let you build your credit for a low annual fee, and they all accept applications from people without a credit history or with a poor credit score. Only the UNITY card offers a balance transfer option with an intro APR.
You want an unsecured card for bad credit.
If you don’t want to put a deposit down to act as your credit line while you build your credit, you can check out our guide on how to get an unsecured card for bad credit.
But if you’re a college student, you can give the Citi ThankYou® Preferred Card for College Students or the Journey® Student Credit Card from Capital One® a try.
You want to earn cash back while building your credit.
The unsecured QuicksilverOne® Rewards from Capital One® or the secured Discover it® Secured could be a decent choice. You’ll earn cash back on your purchases and you’ll build your credit at the same time.
Compare secured cards
What should I know before I apply?
To apply for the card, you’ll need to be at least 18 years old and have an active credit, debit or prepaid card.
In your application form, you’ll need to provide information, including:
- Your name and contact details.
- Social Security number and date of birth.
- Monthly income and expenses.
- Deposit and credit card information.
What credit score do I need?
You can apply without a credit history or with any credit score. Applied Bank guarantees your application approval.
What do customers say about the Applied Bank® Gold Preferred® Secured Visa® Credit Card?
Most of the negative feedback revolves around hidden fees and poor customer service. Those who are satisfied with the card claim they managed to increase their credit score in a few months of using the card.
The Better Business Bureau (BBB) rates Applied Bank with an A+. As of writing, there are over 100 complaints on the BBB website — Applied Bank has answered or completely resolved each of these complaints.
How to apply for the Applied Bank® Gold Preferred® Secured Visa® Credit Card
- Go to the Applied Bank website, navigate to Credit cards and click Get approved today.
- Fill out the form and click Continue.
- Complete the next step and review your application. Submit it when ready.
How long will it take to get my Applied Bank® Secured Visa® Gold Preferred® Credit Card?
Application processing is automated and approval is guaranteed, so you’ll likely get a decision in less than a minute.
Upon approval, you’ll get your card and any welcome materials within 7 to 10 business days.
I got the card. Now what?
- Make payments. Pay your credit card bill online or by mailing a check to Applied Bank.
- Set up automatic payments. Once you register an account on the Applied Bank’s website, you can enroll in automatic payments.
- Avoid interest. You get a low fixed APR on purchases, but you’ll immediately accrue interest on any transactions. Try paying your balance quickly to pay less in interest.
- Avoid fees. Late or returned payments can come with fees as high as $38. Keep track of your payment due dates and make your payments on time.
- Customer support. For any questions you may have, call Applied Bank customer support at 1-800-947-1090.
Bottom line
If you’ve had credit difficulties in the past and you can’t get a better card, the Applied Bank® Secured Visa® Gold Preferred® Credit Card could be a decent choice. Applied Bank guarantees your approval, and you’ll get a chance to build your credit score.
However, know that the card has an annual fee and no grace period on purchases. You’ll also want to take a good look at the fees you may face when considering this card.
If you’re still wondering which card will best help you build your credit, make sure you check out other secured cards and compare your options until you find the card that fits your needs.
