Build good credit with Applied Bank Secured Visa Gold Preferred Card

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

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

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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% fixed APR — a feature that compares favorably to other secured credit cards.

Product Name Applied Bank® Secured Visa® Gold Preferred® Credit Card
APR for Purchases ( Purchase Rate )9.99% fixed
Annual fee$48
Cash Advance Rate9.99% fixed
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
0 interest free days
Returned Payment Fee$38
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$0.50
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$200
Annual fee$48
Returned Payment Fee$38
Late Payment Fee$38
Cash Advance Fee$5 or 5% of the amount of each cash advance, whichever is greater

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% fixed 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 ($0.50) 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% fixed 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

Rates last updated April 20th, 2018
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
 Applied Bank® Secured Visa® Gold Preferred® Credit Card
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
$48
$200
9.99% fixed
Discover it® Secured Credit Card
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.
$0
$200
24.49% variable

Compare up to 4 providers

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

Rates last updated April 20th, 2018
Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Name Product Product Description Annual fee Min credit limit APR for Purchases ( Purchase Rate )
 Applied Bank® Secured Visa® Gold Preferred® Credit Card
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
$48
$200
9.99% fixed
Capital One Secured Mastercard
Take control and build your credit with responsible use.
$0
$200
24.99% variable

Compare up to 4 providers

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