Applied Bank® Secured Visa® Gold Preferred® Credit Card

4.1 out of 5

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a useful option for people who are either starting their credit journey or re-establishing their credit. This card has one of the lowest interest rates of any secured card we’ve reviewed. There’s no credit check, but the card does have an annual fee.

4 out of 5
4 out of 5
4 out of 5
4.5 out of 5


Low fixed interest rate

No minimum credit score required

No credit check

Unusually low APR


Annual Fee

No option to upgrade to an unsecured card

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a solid option for anyone that has bad credit and needs a secured credit card. There’s no credit check and the APR is unusually low. 

This review should help you understand how this card works, its benefits, and its shortcomings. 

What Makes It Different?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is offered through Applied Bank. It is designed for people who need to use a credit card while establishing or rebuilding 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.

The card also has a pretty low APR compared to the other secured card products. You get to choose your credit limit based on your initial security deposit.

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

Like all secured cards, it requires an initial security deposit once you get approved.

There is an annual fee, but almost all cards that have no credit check charge an annual fee. The fee is substantially lower than the fees on most unsecured cards designed for people with bad credit.

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

Card Features

The Applied Bank® Secured Visa® Credit Card is packed with several features that make it one of the best secured credit cards that you can get 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 is 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

This is a solid combination for most people who have no credit or badly damaged credit.

Rates and Fees

  • Interest rate: 9.99% (Fixed)
  • Annual fee: $48
  • *Security deposit: $200 minimum, $1,000 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.

The annual fee is reasonable for a card without a credit check. If you qualify for a no-fee secured card, that would be a better choice.

Applied Bank® Secured Visa® Gold Preferred® Credit Card

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 will determine your initial credit limit. The amount that you deposit will become your credit limit. This limit’s the issuer’s risk and allows them to issue cards without a credit check.

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.

Applied Bank does not keep 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 can help your credit score by decreasing your credit utilization.

Pros & Cons

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


A secured credit card through Applied Bank is a great way to get your credit profile started and gain the convenience of a credit card without a credit check.

The only real disadvantage to this card is the annual fee, but it’s still reasonable for a card that does not require a credit check. If you qualify for a no-fee secured card, that would be a better option.

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

There are other options available for building or rebuilding your credit. They can be used alongside the Applied Bank® Secured Visa® Gold Preferred® Credit Card.

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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

Monitoring your credit is a key part of trying to build or rebuild your credit. Keeping an eye on your credit reports will help you understand your credit and your finances and will give you early warning of identity theft.

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

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2. Pay In Full and On Time

Making on-time payments sounds simple, but sometimes it isn’t. We all live in the real world where things almost never go as planned.

It’s not always easy, but it’s important to make all payments on time. Late payments will trigger costly late fees and do serious damage to your credit. If you’re not sure if you’ll be able to make payments, minimize spending on your card.

It’s also important to pay your balance in full. The Applied Bank® Secured Visa® Gold Preferred® Credit Card has a low interest rate, but you don’t want to pay interest at all.

If you pay your balance in full for each statement period, you will not pay interest.

3. Keep Credit Utilization Low

Another factor to consider is credit utilization. This is the percentage of your credit limit that you actually use. Secured cards typically have low limits, so you’ll have to watch your balance carefully to keep credit utilization down.

Credit utilization is an important component of your credit score. Try to keep your balance below 30% of your limit. Under 10% is even better!

👉 For example: If your Applied Bank® Secured Visa® Gold Preferred® Credit Card has a $400 credit limit and your balance is $100, your credit utilization is 25%. That’s not bad, but it could be better.

Here’s a proven way to use a credit card to build credit.

Place a single small recurring expense, like a Netflix account or your Internet bill, on your card. Set up a pull from your checking account to cover the bill and be sure the balance stays high enough to make the payment.

Put the card away and forget about it. Your card will be active, payments will be made on time, you won’t pay interest, and your credit utilization will stay low.

4. Don’t Make Minimum Payments

The minimum payment seems like an easy way to keep your card in good standing. It can be tempting to just make that minimum payment, especially if you’re pressed for cash.

Don’t do it. Making only the minimum payment is a sure way to push your balance up, bloat your credit utilization, and raise your interest costs. It’s not good for your credit or your finances.

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. 

Your security deposit will be refunded.

The card has an annual fee, so if you’re no longer using it it’s a good idea to close it. You may reduce the length of your credit history and that could cause a small temporary drop in your credit score, but it’s not worth it to keep paying that fee for a card you aren’t using.

A Solid Choice

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a solid choice for people who need a credit card and want to start building a credit record. It requires no credit check and is available to almost anyone.

If you qualify for a no-fee secured card, that will be a better option. It’s worth going through a pre-qualification process for a no-fee card to find out.

There are other options available without a credit check. The OpenSky® Secured Visa® Credit Card uses no credit check and has a lower annual fee than the Applied Bank® Secured Visa® Gold Preferred® Credit Card. It also has a much higher APR.

If you’re sure you will never carry a balance, you might choose the Open Sky card for its lower fee. If you think you might carry a balance, the low APR of the Applied Bank® Secured Visa® Gold Preferred® Credit Card might make it a better choice.

Compare this card to other options and make the choice that best suits your financial needs!

All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or Atlantic Capital Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. Citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to ID verification and consumer report review and approval. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans subject to approval. All Certificates of Deposit (CD) are deposited in Lead Banks, Member FDIC, Sunrise Banks, N.A., Member FDIC or Atlantic Capital Bank, N.A., Member FDIC.
The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender.

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