- Annual percentage rate (APR): 9.99% Fixed.
- Purchase intro APR: None.
- Rewards: None.
- Annual fee: $48.
- Late fee: Up to $38.
- Credit score: Poor to Average (300-700).
- Apply Today.
Table of Contents
Benefits
- Low APR: Unlike many credit cards marketed to borrowers with poor credit, the Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a low APR of just 9.99% Fixed. This makes it a great option for borrowers who are looking for a card with low interest rates.
- No credit check or minimum credit score required: Another benefit of the Applied Bank® Secured Visa® Gold Preferred® Credit Card is that there’s no credit check or minimum credit score required. This makes it a great option for borrowers with poor credit who may have trouble qualifying for other cards. Since credit checks often result in a hard pull that can damage your score, this card is also a safe bet for borrowers interested in protecting their credit score from hard inquiries.
- Good for building credit: Applied Bank reports on-time payments to all three major credit bureaus. A history of responsible borrowing and on-time payments can help borrowers with poor credit raise their scores.
Drawbacks
- Requires a security deposit: The Applied Bank Gold Preferred Secured Visa Credit Card is a secured credit card, which means that a security deposit is required before borrowers are able to open an account. Security deposits can range from $200 to $1,000.
- No rewards: As is typical of secured cards, this card doesn’t come with any rewards or benefits such as cash back, points, or travel perks. While it’s a good option for borrowers with poor credit, borrowers with average to good credit may be able to qualify for credit cards that come with additional perks.
What Can You Expect From the Applied Bank® Secured Visa® Gold Preferred® Credit Card?
The Applied Bank Gold Preferred Secured Visa Credit Card is a secured card that welcomes borrowers with poor credit or limited credit histories to apply. It’s a great way to build credit through a history of on-time payments, and requires a security deposit to get started.
Applying for the Applied Bank® Secured Visa® Gold Preferred® Credit Card
An application for this card is free, easy, and requires no credit check — approval is guaranteed regardless of credit history. Once you’re approved for the card, you’ll have to activate the card with a refundable security deposit of $200 to $1,000.
Helps Build Good Credit
The card reports on-time payments to all three major credit bureaus, which can help cardholders to improve their credit. Once borrowers have sufficiently raised their credit score, they may be able to qualify for other cards.
Minimal Fees
Another perk associated with the Applied Bank Gold Preferred Secured Visa is that there are minimal fees. While many cards marketed to borrowers with poor credit have high annual fees, monthly servicing fees, and other charges, the Applied Bank Gold Preferred Secured Visa only has a modest annual fee of $48.
There’s also a 3% charge for foreign transactions and up to a $38 charge for late payments. While the moderate fees make this card a poor choice for borrowers looking for a completely fee-free card, these fees are still lower than many competitors.
Who Should Get the Applied Bank® Secured Visa® Gold Preferred® Credit Card?
The Applied Bank Gold Preferred Secured Visa Credit Card is a great choice for borrowers with poor credit who may have trouble qualifying for other cards, or who need a way to establish or rebuild their credit scores. All applicants are guaranteed to be approved regardless of their credit score, and there’s no hard pull involved in the application. The card also has an extremely competitive APR of only 9.99%.
Since the card requires a security deposit of $200 to $1,000, it may not be an accessible option for borrowers who don’t have a lot of cash on hand. Customers with decent credit scores may be able to qualify for cards that come with additional rewards and benefits like cash back, points, and travel perks, but for borrowers struggling to qualify for a card who are interested in building good credit, the Applied Bank® Secured Visa® Gold Preferred® Credit Card might be a good fit.
Apply Today for the Applied Bank® Secured Visa® Gold Preferred® Credit Card.
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