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f you’re looking for a straightforward way to build or rebuild your credit, the Applied Bank Secured Visa Gold Card might be just what you need.
It’s easy to apply for, and best of all, there’s no credit check, so it’s a great option if you’ve had some trouble with your credit in the past.
This card helps you get started by reporting your activity to the three major credit bureaus, which can really help boost your credit score over time. Keep reading to see if this card fits your needs!
Applied Bank Secured Visa Gold Card
No credit check required No rewards programHow does the Applied Bank Secured Visa Gold work?
The Applied Bank Secured Visa Gold Card works by requiring a security deposit before you can start using it. Your deposit—anywhere from $200 to $1,000—becomes your credit limit. So, if you put down $500, that’s how much you can spend. Pretty simple, right?
Once your deposit is made, you’ll get your card, and you can use it just like any other Visa. You can buy things, pay bills, or use it for whatever you need.
But there’s one important thing to keep in mind: interest starts right away on any purchase you make. No grace period here, unfortunately.
The card also reports your payments to all three major credit bureaus—Equifax, Experian, and TransUnion. This is a big deal because it helps you build or improve your credit score over time.
Main benefits for the Applied Bank Secured Visa Gold
The main benefits of the Applied Bank Secured Visa Gold revolve around its simplicity and focus on helping you build or rebuild your credit.
One of the biggest advantages is that there’s no credit check needed to apply. This means that even if you have bad credit or no credit history at all, you can still qualify. You just need to put down a deposit.
Another perk is the fixed 9.99% APR. This rate won’t change, no matter what happens. It’s nice to know exactly what to expect, especially when some cards have variable rates that can go up. This way, your payments are more predictable.
The card also reports to all three major credit bureaus. This is crucial for building credit because, as long as you make payments on time, you’ll start seeing improvements in your credit score.
So, while it doesn’t offer rewards like cash back or points, it’s perfect for anyone who wants to focus on improving their credit score.
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Cons for the Applied Bank Secured Visa Gold
As great as this card is for building credit, it does have some downsides. First, there’s an annual fee of $48. This fee is taken out of your deposit, so if you start with $200, you’ll only have $152 available to spend after the fee is deducted.
Another downside is that there’s no grace period for interest. With many credit cards, you can avoid paying interest if you pay off your balance in full each month, but that’s not the case here.
Interest starts accumulating the moment you make a purchase. If you don’t pay off your balance quickly, you’ll end up paying more in interest.
Lastly, the card doesn’t offer rewards like some other credit cards do. If you’re looking for a card that gives you points, cash back, or other perks, this one isn’t for you.
APR and fees
The APR for the Applied Bank Secured Visa Gold Card is a fixed 9.99%. That’s relatively low compared to some other credit cards. However, it’s important to remember that interest starts right away on any purchase you make.
So, if you don’t pay your balance in full, you’ll be paying interest on it immediately.
Along with the APR, there’s a $48 annual fee. This fee is taken from your deposit when you activate the card. For example, if you deposit $200, your available credit will actually be $152 after the fee is subtracted.
If you take a cash advance, you’ll be charged a fee of 5% of the amount you withdraw, with a minimum charge of $5.
How to apply for the Applied Bank Secured Visa Gold
Applying for the Applied Bank Secured Visa Gold Card is pretty easy. You just need to visit the Applied Bank website and fill out the application form.
You’ll enter your personal information, like your name, address, and Social Security number. Then, you’ll choose how much you want to deposit—anywhere from $200 to $1,000. This deposit is your credit limit.
Since there’s no credit check involved, the approval process is pretty fast. Once your deposit is processed, your card will be mailed to you, and you can start using it. It’s that simple!
Just remember, this is a secured card, so you’ll need to fund your deposit upfront. After that, the card is yours to use, and you can start working on improving your credit score.
