Applied Bank® Secured Visa® Gold Preferred® Credit Card review
Learn how to use your Applied Bank® Secured Visa® Gold Preferred® Credit Card responsibly and build or rebuild your credit score!
Applied Bank® Secured Visa® Gold Preferred® Credit Card: Get the purchasing power you want and improve your score!
If you have a bad credit score, it can be difficult to find a credit card that is both affordable and offers favorable terms. However, the Applied Bank® Secured Visa® Gold Preferred® Credit Card may be just what you are looking for.
With this card, you’ll have the opportunity to build or rebuild your credit rating with responsible use while getting the purchasing power of a Visa product.
Applied Bank knows how hard it can be for applicants with a damaged score to get a credit card, so the institution doesn’t perform credit checks, making your approval odds a lot easier.
Learn the main features of the Secured Visa® Gold Preferred® Credit Card below and keep reading to learn how this card can be the perfect fit to help you achieve your goal of a better credit score.
- Sign-up bonus: There’s no sign-up bonus to this card.
- Annual fee: You’ll need to pay a $48 annual fee.
- Rewards: There are no rewards.
- Other perks: Monthly payment reports to the three main credit bureaus.
- APR: Fixed APR of 9.99%.
Applied Bank® Secured Visa® Gold Preferred® Credit Card: is it a good card?
If you have a severely damaged credit score, getting a credit card can help you get back on track so long as you use it responsibly.
The Secured Visa® Gold Preferred® Credit Card has Visa coverage and you can use it anywhere Visa is accepted.
Since it’s a secured card, you’ll need to put down a security deposit of at least $200 in order to activate it.
To get this card, you’ll have to pay a modest annual fee of $48. The APR is fixed at 9.99%, but that doesn’t mean you should carry a balance since it would be like paying interest in a loan to yourself.
All credit levels are welcome to apply and there’s no credit check, which makes this a great option for people with severely damaged credit scores to improve their rating.
The bank reports all monthly payments to the three main credit bureaus in the country. So, paying your bill in full and on time each month increases your chance of a better credit score within a few months.
You can also increase your spending limit by adding additional deposits over time up to $5,000. That amount is refundable once you bring your balance to zero and close your account in good standing.
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Applied Bank® Secured Visa® Gold Preferred® Credit Card: should you get one?
As with any financial product, there are perks and drawbacks that you should be aware of before applying for this card. See what they are below.
- Monthly payment reports to credit bureaus;
- Low fixed APR;
- No credit checks – all credit types are welcome to apply;
- Reasonable minimum deposit.
- Charges an annual fee;
- There are no welcome bonuses or rewards.
What is the required credit score?
The Secured Visa® Gold Preferred® Credit Card has no minimum score requirements. In fact, the bank won’t even check new applicants’ credit histories.
This makes this card a great option for people who need a boost in their scores since it provides a higher chance of approval.
Applied Bank® Secured Visa® Gold Preferred® Credit Card application
If you want to learn more details about how to apply for a Secured Visa® Gold Preferred® card, follow the link below. In the next article, we’ll show you everything you need to know about the application process.
About the author / Aline Barbosa
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