Build good credit with Applied Bank Secured Visa Gold Preferred Card

Review: Applied Bank® Secured Visa® Gold Preferred® Credit Card – July 2018

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This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.

If you’re trying to rebuild your credit, a secured credit card could be a solution for you.

You can qualify for the Applied Bank Secured Visa Gold Preferred Credit Card by putting down a security deposit of at least $200. Further, your payment history on the card will be reported to all three major credit bureaus — Experian, Equifax and TransUnion — which means that with on-time payments you can eventually raise your credit score.

As far as annual fees go, the Applied Bank Secured Visa Gold Preferred comes with a higher-than-average fee of $48. The card also lacks an interest grace period. However, it comes with a relatively low 9.99% APR — a feature that compares favorably to other secured credit cards.

Product NameApplied Bank® Secured Visa® Gold Preferred® Credit Card
Card TypeVisa
Annual Fee$48
APR (Annual Percentage Rate) for Purchases9.99% fixed
Cash Advance Rate9.99% fixed
Cash Advance Fee$5 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction amount
Interest Free PeriodUp to days
Minimum Interest$0.5
Late Payment Fee$38
Returned Payment Fee$38
Additional Cardholder Fee$0
Minimum Age18 years of age

The perks

  • You’ll qualify regardless of your credit. As long as you can put down at least a $200 deposit, you’ll qualify for the Applied Bank Secured Visa Gold.
  • Low interest rate for purchases. The Applied Bank Secured Visa Gold comes with a relatively low 9.99% APR.
  • Payment reporting to all three major credit bureaus. Your credit history will be reported to Equifax, Experian and TransUnion.
  • No penalty APR. Your interest rate won’t increase if you make a late payment (though late fees will apply).

What to watch out for

  • High annual fee. You’ll pay an annual fee of $48 for this card.
  • No grace period on purchases or cash advances. It’s uncommon for a credit card to not offer a grace period on purchases. With this card you’ll immediately accrue interest on any transaction you make with your card.
  • Miscellaneous fees. You’ll pay fees for replacement cards ($30), stopped payments ($30), automated information about your account ($0.5) and other requests. Read the card’s terms for a full list of fees.

Requirements to apply

To apply for the Applied Bank Secured Visa Gold Preferred Credit Card, you’ll need to be at least 18 years old, be able to provide proof of your residential address, and make a security deposit of at least $200.

What information do I need to apply?

To apply, you’ll need to be provide your:

  • Full name and personal contact information, including phone number and full mailing address
  • Valid email address
  • Date of birth and Social Security Number
  • Financial information like your monthly income and expenses
  • Banking information

How to apply for the Applied Bank Secured Visa Gold Preferred Credit Card

Always consider your options and your financial situation before you apply for a credit card.

To apply, visit the Applied Bank Secured Visa Gold Preferred Credit Card website and complete the online application:

  1. Enter your name and email address, and specify whether you have an active checking account. Then click “Continue.”
  2. Complete the application with your personal information and bank details. Then submit your application.
  3. Wait for approval from Applied Bank.

I got the card — now what?

  • Making payments. You can pay your credit card bill online or by mailing a check to Applied Bank.
  • Setting up automatic payments. Once you register an account on the Applied Bank’s website, you can enroll in automatic payments.
  • Avoiding interest. The Applied Bank Secured Visa Gold doesn’t come with a grace period on interest payments, so you’ll immediately accrue interest on any transactions. Consider paying your balance quickly to pay less in interest.
  • Avoiding 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.

What customers are saying about the Applied Bank Secured Visa Gold Preferred Credit Card

You’ll find average to good reviews online for this credit card. Most of the negative reviews site getting a higher APR than what was advertised because of extremely poor credit. But Applied Bank does get an A+ rating from the Better Business Bureau.

Bottom line

The Applied Bank Secured Visa Gold Preferred is a bit expensive, with a $48 annual fee and no grace period on interest. However, it offers an enviable 9.99% APR on purchases and cash advances. Before applying, however, compare the details of other credit cards available to you.

Compare secured credit cards

Compare the Applied Bank Secured Visa Gold Preferred vs. Discover it Secured

Name Product Annual Fee Minimum Credit Limit APR (Annual Percentage Rate) for Purchases
$48
$200
9.99% fixed
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
$0
$200
24.74% variable
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.

Compare up to 4 providers

Compare the Applied Bank Secured Visa Gold Preferred vs. Capital One Secured

Name Product Annual Fee Minimum Credit Limit APR (Annual Percentage Rate) for Purchases
$48
$200
9.99% fixed
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
$0
$200
24.99% variable
Take control and build your credit with responsible use.

Compare up to 4 providers

Frequently asked questions

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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