Applied Bank secured Visa card review
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The Applied Bank® Secured Visa® Gold Preferred® Credit Card is great for anyone that has bad credit and needs a secured credit card with no credit check and a reasonable APR. 

I created this review so that you can understand how their card works, its benefits, and its shortcomings. 

Applied Bank Secured Visa Review & Ratings

Applied Bank® Secured Visa® Gold Preferred® Credit Card

8.3 out of 10

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a great option if you are either starting your credit journey or re-establishing your credit.
The Applied Bank® Secured Visa® Gold Preferred® Credit card also has one of the lowest interest rates when it comes to secured cards. You don’t have to worry about a hard credit pull when you apply for this card. However, the card does have an annual fee.

EFFECTIVENESS
8/10
FEES
8/10
EASE OF USE
8/10
SUPPORT
9/10

Pros

Low fixed interest rate

No minimum credit score required

No credit check

Cons

Annual Fee

No grace period

Get Approved for the credit you need in less than 60 Seconds with the Applied Bank secured Visa card!

Apply Now →

What Makes Applied Bank Secured Visa Different?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is offered through Applied Bank and was created solely to help people establish or rebuild credit.

The biggest selling point of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is that approval is pretty much guaranteed. There is no minimum credit score required and no credit check. You only need to demonstrate the ability to pay.

The card also has a pretty low APR compared to the other secured card products and to top it all off, you get to choose your credit limit based on your initial security deposit.

You even have the option to increase your credit limit up to $5,000 which we discuss later in this review.

The card also helps you build credit history by reporting to all three major credit reporting agencies.

Like the majority of secured cards, it does require an initial security deposit once you get approved.

About the issuer

Applied Bank is FDIC insured and headquartered in Wilmington, Delaware.  They are a Delaware state-chartered bank that offers commercial and consumer banking services.

Applied Bank has been around since 1996 and they also have a strong commitment to the community by participating in a variety of local campaigns and initiatives, such as:

  • The Delaware Financial Literacy Program
  • Junior Achievement
  • United Way
  • The Ministry of Caring
  • Interfaith Community Housing of Delaware
  • Opportunity Center Incorporated

Applied Bank Secured Visa Card Features

The Applied Bank® Secured Visa® Credit Card is packed with several features that make it one of the best secured credit cards without a credit check.

  • Card type: Secured
  • Rewards: None
  • Credit reporting: Reports payment information to all three credit bureaus.
  • Credit check: Absolutely no credit check or minimum credit score required
  • Requirements: Verification of residence, identity and ability to pay.
  • Credit limit increase: You can increase your credit limit up to $5,000 by adding additional deposits any time after your application has been approved

In my personal opinion, paying a small fee to establish credit is 100% worth it; just be sure to make your payments on time.

Rates and Fees

  • Interest rate: 9.99% (Fixed)
  • Annual fee: $48
  • *Security deposit: $200 minimum, $5,000 maximum
  • Foreign transaction fee: 3% of each Transaction in U.S. dollars
  • Credit reporting: Reports payment information to all three credit bureaus.
  • Cash advance fee: Either $5 or 5% of the amount of each cash advance, whichever is greater.
  • Late payment fee: Up to $38.00
  • Returned payment fee: Up to $38.00

*With secured cards, you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don’t pay your bill.

In my personal opinion, paying a small fee to establish credit is 100% worth it; just be sure to make your payments on time.

Get Approved for the credit you need in less than 60 Seconds with the Applied Bank secured Visa card!

Apply Now →

Paying Your Security Deposit

Your security deposit is what will determine your initial credit limit and you can use a credit, debit, or prepaid credit card to fund your deposit.

Applied Bank® accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on a mobile device or a desktop computer.

When you submit your application, you are giving Applied Bank® the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.

They don’t store your debit card information on file.

Credit Limit Increase

You can increase your credit limit up to $5,000 by adding additional deposits at any time after your account has been approved.

You can request a credit limit increase at any time by contacting their Customer Service Department.

If you get approved, you’ll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.

Increasing your own credit limit is one of the best things you can do because it decreases your credit utilization and increases your available credit.

Applied Bank Secured Visa Card Pros & Cons

PROSCONS
Low fixed interest rate (9.99% APR)$48 Annual fee
Easy approvalNo grace period
No credit check
Credit limit increase up to $5,000

Applied Bank Secured Visa Card Alternatives

A secured credit card through Applied Bank is a great option to get things started with your credit profile.

No matter if you are looking to start building your credit or need to rebuild your credit, a secured credit card is one of the best tools to use on your journey.

Best Secured Credit Cards

However, there are a few other options available for building or rebuilding your credit, and if you can, I would get them in addition to the Applied Bank® Secured Visa® Gold Preferred® Credit Card.

Experian logo

Experian Boost can help you build your credit record with phone and utility payments… and it’s absolutely free!.

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Self online credit builder loans are straightforward to apply for and the application process is easy.

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Steps To Take After You’re Approved

The real work starts once you have been approved for your Applied Bank® Secured Visa® Gold Preferred® Credit Card.

1. Monitor Your Credit

One of the most overlooked areas of building credit is monitoring your credit.  This is truly your first line of defense when trying to build or rebuild your credit.

You should try to find a service that allows you to monitor all 3 of your reports.

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2. Make On Time Payments

Making on-time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

No matter what, avoid late payments.

3. Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

👉 For example: If your Applied Bank® Secured Visa® Gold Preferred® Credit Card has a $600 limit and you spend $120.
Spending $120 on a $600 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommended credit utilization percentage, so be mindful of how much you spend.

How To Close Your Account

According to Applied Bank®, you may close your Account at any time. In order to close your Account, you must:

  • Give them written notice of your intent to close your Account at the address for inquiries shown on your Statement
  • Pay your outstanding balance in full.

Once you do that your notice to close your Account will become effective as soon as they can reasonably act on it. 

Is There A Fee For Closing My Account?

Outside of the fees associated with your remaining balance, there is no fee for closing your account. 

You will also receive the security deposit you used to open your account back.

I would recommend keeping the card active as long as you can, there really isn’t a reason to cancel the card any time soon.

Taking Action On Your Credit

Hopefully, you found this Applied Bank® Secured Visa® Gold Preferred® Secured Card Review helpful because starting your credit journey can be complicated and confusing.

There is no better time than now to get things started and the sooner you get your card setup, the faster it will hit your credit reports and start helping you.

Having the card in your wallet is going to feel great, but growing your credit is going to feel even better. 

Start building your credit today with a Secured Visa® from Applied Bank®.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements, or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved, or otherwise endorsed by any of these entities prior to publication.