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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 Prepaid…Get a Secured Credit Card!
Get the card that builds your credit. No credit check. No minimum credit score.
Better Than a Prepaid Card
Unlike prepaid cards, which don’t impact your credit history, Applied Bank’s Secured Visa helps establish and improve your credit score by reporting to all three major credit bureaus. All you have to do is put down a refundable security deposit and Applied Bank will automatically report your credit use and payment history.
Apply in 60 Seconds
Applying for the Applied Bank® Secured Visa® Gold Preferred® Credit Card is quick and straightforward. All you have to do is fill out a form and put down your basic information including your name, Social Security Number, monthly income, and deposit amount. There is no application fee and you can be approved in a little as 60 seconds. Applied Bank’s Secured Visa has one of the quickest approval processes out there.
No Credit Check
One of the most appealing features of this card is the absence of a credit check during the application process. There is also no minimum credit score required. The lack of strict credit requirements makes it accessible to anyone no matter their credit history.
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 J
Automatic Credit Bureau Reporting
The Applied Bank® Secured Visa® Gold Preferred® Credit Card automatically reports your credit usage and payments to all three of the major credit bureaus – Experian, Equifax, and TransUnion. Credit bureau reporting allows you to build your credit, with responsible use, over time.
An Impressively Low Fixed APR
The Applied Bank® Secured Visa® Gold Preferred® offers a fixed-rate APR of 9.99%, which is relatively low compared to other secured cards. The average APR for secured cards is a high 22.37%. If you plan on carrying a balance, then a low APR is a must.
Applied Advantage
The Applied Advantage program offers discounts on leading brands including Avis, Macy’s, Six Flags, Sam’s Club, and Khols.
No Penalty APR
There is no penalty APR. This means that even if you miss a payment, your interest rate won’t increase. A lot of credit cards come with penalty APRs of around 30% and last for six months or more. The lack of a penalty APR is very helpful if you’re learning to manage credit since it lets you make mistakes without punishing you.
New
Online and Mobile Banking
These days it’s essential to be able to bank online and Applied Bank comes through. You can easily manage your account, check balances, view transactions, and make payments from either your computer or smartphone. Applied makes it easy to manage your secured card.
Did you know that debit cards can help build credit?
Choose Your Own Credit Limit
One of the unique features of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is the flexibility it offers in setting your credit limit. Your limit is based on the amount of your security deposit, allowing you to have control over your credit line. When you open the card, you must make a deposit of anything from $200 to $1,000. After the card is opened, you can increase your deposit up to $5,000 at any time without paying a fee.
Visa Benefits
As a Visa-branded card, the Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with classic Visa features and protections. These benefits include global acceptance, meaning you can use the card at countless locations worldwide, Zero Fraud Liability for unauthorized transactions, providing an extra layer of security, and emergency card replacement.
Have a low credit score?
Get the Applied Bank® Secured Credit Card! No credit check. No minimum credit score needed. Automatic reporting to all three major credit bureaus.
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
Be aware of additional fees including an annual fee of $48, late or returned payment fee of up to $38, and a foreign transaction fee of 3%. These fees are pretty typical of secured cards and are part of the cost of credit building. It’s essential to read the fine print and understand all potential charges before you get the card.
No Grace Period
Most credit cards come with a grace period of 21 to 25 days. During this time, you won’t be charged interest on your bill. The lack of a grace period means interest accrues from the day your billing cycle ends. Even with a low APR, this can add up quickly. It’s best to pay off balances promptly to avoid extra charges.
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 D
Final 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.
