Applied Bank® Secured Visa® Gold Preferred® Credit Card review
A secured card with guaranteed approval that lets you build your credit.
- 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.
Purchase APR (fixed)
Recommended credit score
|Product Name||Applied Bank® Secured Visa® Gold Preferred® Credit Card|
|Purchase APR||9.99% fixed|
|Balance transfer APR||N/A|
|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|
|Late payment fee||Up to $38|
|Returned payment fee||Up to $38|
|Additional cardholder fee||$30|
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a secured card with a $200 minimum deposit. It has a $48 fee, which is rather high. Unfortunately, it also has a serious weakness in its lack of a grace period, which means Applied Bank will start charging interest on your purchases from the day you make them.
This alone makes the card a poor choice, as it means you’ll pay much more than you expect. It overshadows the card’s benefits, such as no credit check for approval and a 9.99% fixed APR.
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.
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.
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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.
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
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’ll get no grace period before your purchases start accumulating interest.
You’ll pay fees for late payments, returned payments, replacement cards, card reinstatement, stop payments, optional payments and automated account information.
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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® Secured Visa® Gold Preferred® Credit Card?
Most of the negative feedback revolves around hidden fees and 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® Secured Visa® Gold Preferred® Credit Card
- Click Apply now.
- 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 seven 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 800-947-1090.
If you’ve had credit difficulties in the past and you’re unable to 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.