Applied Bank Secured Visa Gold Preferred Card

The Applied Bank Secured Visa Gold Preferred Credit Card Review

The Applied Bank Visa Gold Preferred card is for people who have difficulty getting a credit card. The lender designed this card for people who have applied for credit cards and received denials. While the Applied Bank Secured Visa Gold Preferred Credit Card does help rebuild bad credit, you’ll pay for it. We’ll review this card including the good and bad so you can make an informed decision. By the end, you’ll know if this card is a good option for you or if you should keep looking.

The Applied Bank Secured Visa accepts people with lower credit scores. You may be eligible if you have a credit score of 620 or lower. This makes it an easier card to obtain to help you start to rebuild your credit. If you’ve applied for credit cards for bad credit and didn’t get them, you may get this one.

Applied Bank Secured Visa card can help improve credit with responsible use.

Applied Bank Secured Visa Offers Low Interest With No Interest Penalty

The annual percentage rate (APR) is also relatively low at 12.99%. This 12.99% applies to all of the purchases and cash advances you make. For someone who has poor credit, this is an extremely generous rate. People who have poor credit can usually expect higher APR, but some can be unsecured cards.

This card also doesn’t have a penalty interest rate. This is great if you’re someone who forgets payments or can’t make them on time. If you miss a payment, your APR of 12.99% will stay the same. You’ll never have an interest rate increase as long as you have the Applied Bank Secured Visa.

Account Set Up With the Applied Bank Secured Visa

When you set up your account, you won’t pay any fees to do so. You also won’t get a hard inquiry hit on your credit report. This can save you a few points on your credit report. It can also save you money, and you’ll need it with this card.

You’ll notice when you apply for the Applied Bank Secured Visa that you need a deposit. This deposit ranges from $200 to $500, and it depends on your credit history. When you pay this deposit, this will become security for the lender. If you default on the card, they’ll keep your initial deposit. Additionally, this is your credit limit. You can’t go over it.

Applied Bank Credit Card Fees

The Applied Bank Secured Visa also comes with high annual fees. The first year you’ll have to pay $50 for having the card. Once the first year is over, you won’t pay an annual fee any longer. It switches to a $9.95 monthly fee. This adds up to around $120 a year in annual fees alone.

Once you’ve used the Applied Bank Secured Visa Gold Preferred card responsibly, you may be eligible for an upgrade. You can get a higher line of credit for making your payments on time. However, the bank will charge you $100 to upgrade to a higher line of credit.

There is also no grace period with the Applied Bank Secured Visa credit card. This means if you’re late on your payment by even a day, you’ll get a $32 to $35 fee. If you’re late with several payments, this fee can add up quickly. Most cards give you at least a 25 day grace period to make your payments, but not this one.

The Applied Bank Secured Visa Gold Preferred Credit Card Lacks Perks

You won’t have any rewards with the Applied Bank Secured Visa Gold Preferred credit card. It is a more restricted card, and it shows. You should see your credit score moving up, but this is more of a long-term reward. This card doesn’t come with any immediate rewards like a few other ones do.

When you make your deposit, it just sits in the account. You won’t be eligible for interest on your deposit. The amount you put in is the exact amount you get back when you close your account. This can make it difficult to be enthused about this card as there is a very little payoff.

You don’t get any travel perks when you use this secured card. There is no roadside assistance, rental assistance, flight insurance, or lost luggage insurance. You can use this card to travel, but you’ll pay a 3% foreign transaction fee as well. The lender adds this fee to every transaction that goes through a non-United States bank.

Finally, the Applied Bank Secured Visa Gold Preferred card has a very low credit limit. It starts at $200 and goes up to $500. You’ll have to pay that amount up front when you open the card. You can get this money back if you pay your card off before you close your account.

Bottom Line on the Applied Bank® Secured Visa® Gold Preferred® Credit Card

The Applied Bank Secured Visa Gold Preferred credit card is a last resort card. The negatives far outweigh the positives, no matter how you look at it. While the lender may approve you for this card, it cost you a lot of money in fees. You should shop around and see if you can get another secured card.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.