Key takeaways
- The Applied Bank® Secured Visa® Gold Preferred® Credit Card offers a low fixed APR making it an attractive option for those looking to build or rebuild their credit history.
- A refundable security deposit is required to establish the credit line for this card. The amount of the deposit directly correlates with the credit limit.
- While the card has a relatively low APR and can aid in credit building, potential applicants should be aware of the annual fee and lack of a grace period.
Over 45 million Americans don’t have credit scores because they don’t have enough information on their credit reports to generate a score. If you fall into this category, a secured credit card, like the Applied Bank® Secured Visa® Gold Preferred® Credit Card, is a good place to start building credit.
The approval process is easy – you can get approved in 60 seconds without a credit check! Once approved, all you have to do is put down a refundable security deposit, which will act as your credit limit. Then use your secured card like a traditional credit card, pay your bills on time, and watch your credit score improve.
If you want to improve your score, the Applied Bank® Secured Visa® Credit Card is the solution you’ve been waiting for.
What We Like About Applied Bank® Secured Visa® Gold Preferred® Credit Card
Applied Bank’s Secured Visa is designed for people who struggle to get traditional credit cards. Applied will approve applications with no credit check and no minimum credit score. There is no application fee, no monthly maintenance fee, and a low APR. The Applied Bank® Secured Visa® Gold Preferred® Credit Card further stands out with automatic reporting to credit bureaus, which can help you build credit.
Better Than a Prepaid Card
Unlike prepaid cards, which do not affect your credit history, Applied Bank’s Secured Visa offers a distinct advantage by helping you establish and improve your credit score. This is achieved through regular reporting to all three major credit bureaus: Equifax, Experian, and TransUnion.
To get started, you simply need to put down a refundable security deposit, which serves as your credit limit. Once this deposit is made, Applied Bank will begin automatically reporting your credit usage and payment history to these bureaus.
This means that consistent, on-time payments and responsible use of your credit line will positively impact your credit score over time. This card not only provides a practical financial tool but also a strategic pathway to achieving better credit standing, making it an ideal choice for those aiming to build or rebuild their credit profile.
Apply in 60 Seconds
Applying for the Applied Bank® Secured Visa® Gold Preferred® Credit Card is designed to be quick and straightforward, making it accessible to a wide range of applicants. The process involves filling out a simple form where you provide basic information including your:
- Full name
- Social Security Number
- Monthly income
- Amount you intend to deposit
There is no application fee and you can receive approval in as little as 60 seconds. Applied Bank’s Secured Visa is renowned for having one of the quickest approval processes available, allowing you to start building or rebuilding your credit almost immediately. This streamlined approach ensures that you can secure the financial tools you need without unnecessary delays or complications, making it a convenient and effective option for those looking to improve their credit standing.
No Credit Check
One of the most appealing features of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is the absence of a credit check during the application process. This means that your credit history, whether it’s limited, poor, or non-existent, will not be scrutinized, removing a significant barrier for many potential applicants.
The lack of strict credit requirements ensures that anyone, regardless of their credit history, can apply and be considered for this card. This inclusivity makes it an excellent option for individuals who are starting to build credit from scratch, those who have faced financial difficulties in the past, or anyone looking to rebuild their credit profile.
Want to apply for a credit card but not sure how?
Check out 10 Tips for Getting Your Credit Card Application Approved!
Easy Credit Builder
“There is no minimum credit score required for the Applied Bank Credit Card that’s what I love about it. Applied Bank does not even investigate applicants’ credit histories. It does, however, send account information to the main credit agencies once a month, allowing responsible cardholders to enhance their credit status. It also is easy to increase your credit score with this card! Simple, yet convenient!”
Kaylee JAutomatic Credit Bureau Reporting
The Applied Bank® Secured Visa® Gold Preferred® Credit Card offers a significant advantage by automatically reporting your credit usage and payment history to all three major credit bureaus: Experian, Equifax, and TransUnion. This regular reporting is crucial for those looking to build or rebuild their credit. By ensuring that your responsible credit behavior is recorded and reflected in your credit reports, the card enables you to establish a positive credit history over time.
Pay your bills on time and keep your utilization under 30% and you should see your score improve. With a higher credit score, you’ll be able to access even better credit products.
An Impressively Low Fixed APR
The Applied Bank® Secured Visa® Gold Preferred® Credit Card stands out with its fixed-rate APR of 9.99%, which is significantly lower than the average APR for secured credit cards, which typically hovers around 22.37%. This low APR can be especially advantageous for cardholders who anticipate carrying a balance from month to month, as it helps to minimize the interest charges that accrue on outstanding balances. With a lower APR, you can manage your debt more effectively and reduce the overall cost of borrowing, making it easier to pay down your balance over time.
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This feature makes the Applied Bank® Secured Visa® Gold Preferred® Credit Card not only a valuable tool for building or rebuilding credit but also a cost-effective option for maintaining financial health. By choosing this card, you benefit from more manageable interest payments, which can lead to improved financial stability and greater peace of mind as you work towards your credit goals.
Applied Advantage
The Applied Advantage program provides cardholders with exclusive discounts on a wide range of leading brands, enhancing the card’s overall value. Members can enjoy savings on popular brands such as Avis, Macy’s, Six Flags, Sam’s Club, and Kohl’s.
No Penalty APR
One of the standout features of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is the absence of a penalty APR. This means that even if you miss a payment, your interest rate won’t spike. Many credit cards impose penalty APRs that can soar to around 30% and often remain in effect for six months or longer.
The lack of a penalty APR with this card is particularly beneficial for individuals who are new to managing credit or are in the process of rebuilding their credit. It provides a safety net, allowing you to learn and navigate credit management without the fear of severe financial repercussions from occasional mistakes. This forgiving approach can help you develop better credit habits, without the added stress of potentially crippling interest rates due to missed payments.
Online and Mobile Banking
These days, the ability to bank online is essential, and Applied Bank excels in this area. It offers robust online banking features that make managing your account effortless. You can easily check your balances, view recent transactions, and make payments from either your computer or smartphone. This convenience allows you to stay on top of your finances no matter where you are.
Choose Your Own Credit Limit
Applied Bank® Secured Visa® Gold Preferred® Credit Card lets you set your credit limit, providing you with significant control over your credit line. Your limit is directly tied to the amount of your security deposit, which means you can tailor it to fit your financial needs and goals. When you initially open the card, you are required to make a deposit ranging from $200 to $1,000. This deposit not only secures your credit line but also sets your initial credit limit. After your card is opened, you have the option to increase your credit limit by making additional deposits, up to a total of $5,000, at any time and without incurring any fees. This feature allows you to gradually increase your purchasing power as your financial situation improves, making the card a flexible and adaptable tool for managing your credit and expenses.
Visa Benefits
As a Visa-branded card, the Applied Bank® Secured Visa® Gold Preferred® Credit Card comes equipped with a range of classic Visa features and protections that enhance its overall value. One of the primary benefits is global acceptance, allowing you to use the card at millions of locations worldwide, making it highly convenient for both domestic and international transactions.
The card offers Zero Fraud Liability for unauthorized transactions, providing you with peace of mind knowing that you are protected from fraudulent charges. This feature ensures that you are not held responsible for unauthorized purchases, adding an extra layer of security to your financial dealings.
Furthermore, the card includes emergency card replacement services, which can be a lifesaver if your card is lost or stolen while traveling. These comprehensive benefits make the Applied Bank® Secured Visa® Gold Preferred® Credit Card a reliable and secure choice for managing your finances, whether you are at home or abroad.
What to Watch Out for with Applied Bank® Secured Visa® Gold Preferred® Credit Card
While there are many positives for the Applied Bank® Secured Visa®, nothing is perfect. Before you apply for the card, weigh the good with the bad to decide if it’s the right card for you and your financial situation.
Additional Fees
It is important to be aware of additional fees associated with the Applied Bank® Secured Visa® Gold Preferred® Credit Card, as these can impact your overall cost of using the card. There is an annual fee of $48, which is a common charge among secured credit cards and helps cover the cost of maintaining your account. Additionally, if you make a late payment or have a payment returned, you could incur a fee of up to $38. There is also a foreign transaction fee of 3%, which applies to purchases made outside the United States. These fees are fairly typical for secured credit cards and are part of the cost of building or rebuilding your credit. Therefore, it is essential to read the fine print and fully understand all potential charges before applying for the card. By being aware of these fees upfront, you can better manage your finances and avoid unexpected costs, ensuring that the card remains a valuable tool in your journey toward improved credit.
No Grace Period
Most credit cards typically offer a grace period of 21 to 25 days, during which you won’t be charged interest on your purchases if you pay your balance in full by the due date. However, the Applied Bank® Secured Visa® Gold Preferred® Credit Card does not include a grace period. This means that interest begins to accrue immediately from the day your billing cycle ends, rather than giving you a period of time to pay off your balance without incurring interest.
Even though this card features a relatively low APR, the absence of a grace period can result in interest charges accumulating quickly if you carry a balance. Therefore, it’s crucial to pay off your balances promptly to avoid these extra charges. By making timely payments and managing your spending carefully, you can minimize interest costs and make the most of the financial benefits this card offers. Understanding the importance of prompt payments can help you maintain better control over your finances and make your credit-building efforts more effective.
Helpful Low APR
“This is a great credit card for people with poor credit history. I applied for the credit card on the bank’s website. I was worried my application will be denied due to my poor credit score but was happy when my card was approved. The card helped me rebuild my credit score. I love that APRs is lower than the market average.”
Emma DFinal Thoughts
There’s plenty to like about the Applied Bank® Secured Visa® Gold Preferred® Credit Card. It has a low, fixed APR, modest minimum security deposit, and no credit check requirement making it accessible to almost anyone.
Credit cards with no credit check and no minimum credit score can be a lifesaver for people who need a second chance at credit building or who are just starting out. The Applied Bank Secured Card fits the role perfectly and can help you build a positive credit history with modest fees.
