Applied Bank® Secured Visa® Gold Preferred® credit card full review
Do you want to rebuild your credit but don't know where to start? Read on for our comprehensive Applied Bank® Secured Visa® Gold Preferred® card review. In this article, we'll take a look at what makes this card so unique and how you can use it to your advantage.
by Aline Barbosa
Applied Bank® Secured Visa® Gold Preferred® credit card: no credit check, no minimum score.
Are you on the market for a credit line that will help you repair your damaged credit history? If so, our Applied Bank® Secured Visa® Gold Preferred® card review can be of service to your needs.
A secured credit card is a type of credit card that is backed by a deposit you make to the issuer. This deposit guarantees the issuer that you will pay your bill, making this product a great way to build or rebuild your credit history.
Secured cards typically have lower interest rates and fees than unsecured cards, and they can be a great way to establish or re-establish good credit habits. So if you’re ready to take the first step toward a better financial life, keep reading to learn more about the Applied Bank® Secured Visa® Gold Preferred® card.
|Credit Score||Limited – Poor|
|Regular APR||9.99% fixed|
How does the Applied Bank® Secured Visa® Gold Preferred® work?
The Applied Bank® Secured Visa® Gold Preferred® is a credit card designed to help people with a bad credit history to get their credit scores in check. This product offers one of the lowest APRs in the secured card business, with a fixed 9.99% purchase rate.
Applied Bank demands no credit checks for new applications, which makes this card the ideal tool for those who need a credit line in order to build or rebuild credit history. It reports all payments to the three major credit bureaus (Equifax, Experian, and TransUnion). So, with responsible use, you can get back on your feet in no time.
The Applied Bank® Secured Visa® Gold Preferred® allows all cardholders to set their own credit limit up to $5000 by security deposits. It has a low annual fee of $48. To activate the card, Applied Bank requires a deposit from $200 to $1000. The annual fee is deducted from the initial deposit, so if you make a $200 transaction, your limit will be $152.
Like most secured credit cards, some fees come along as you use the card. For instance, there’s a $38 charge in late and returned payments. $30 for stop payment and a $12.95 invoice for each optional payment. If you lose your card, you need to pay the bank $30 for a new one. There’s also a $50 reinstatement fee, and if you purchase anything overseas, the foreign transaction fee is 3%.
Applied Bank® Secured Visa® Gold Preferred® credit card pros and cons:
The card is an excellent alternative for anyone that needs to improve their credit scores. Considered by many one of the best products for low/lousy credit consumers out there. See below in our Applied Bank® Secured Visa® Gold Preferred® card review for some of its main perks and cons:
- Fixed 9.99% APR;
- Reports to all 3 main credit bureaus;
- Option to increase the credit limit with security deposits;
- Fair annual fee;
- Annual fee is not waived during its first year;
- No sign-up bonuses, no rewards program;
- A lot of additional fees;
Does my credit score need to be good?
Not at all! Applied Bank doesn’t perform any credit checks for new applicants. No minimum credit score is necessary, and everyone is welcome to apply. This credit card is a product built to assist customers on their path to a healthier financial future. Therefore, it’s available to anyone who needs it.
Want to apply for the Applied Bank® Secured Visa® Gold Preferred® credit card?
If you want the best tool to help you repair or build your credit score, we can help! Follow the link below and learn the application process for the Applied Bank® Secured Visa® Gold Preferred® card. That way, you can start to improve your financial future today!
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