Applied Bank Gold Card Review
Improving your credit score is made easy with the Applied bank Gold Card, the Secured Visa Credit Card. It will suit all your credit repair needs, and has a no credit check policy, meaning acceptance is a guarantee. The card doesn’t come with any of the bonus policies such as miles, cash back, or rewards, but it comes packed with features to help to fix your credit score. If you don’t have any prior credit history, this card might suit all your needs. It’s a great jump start to a healthy financial life. One of the most redeeming features of this card is the no over-limit fees or penalty APR that comes with it. This is the “gold” in applied bank secured visa gold. It also comes with a low APR rating, which is an excellent thing for any policyholder. However, it’s a tool, not a magic spell. This means you still need to be responsible for your card. It reports all your statements to all three main credit bureaus, meaning it can damage your score as much as it can repair it.
Applied Bank Gold Visa Card – is best for those looking for a guaranteed approval secured card with gold card features and low interest.
Table of Content
- Applied Bank Gold Card Details
- Why We Like This Secured Card
- What Can Be Better
- Other Benefits and Perks
- How to Apply for Applied Bank Gold Visa
- Competition and Alternatives
Applied Bank Gold Card Details
The Applied Bank Secured Visa Gold Preferred card is issued by Applied Bank, a reputable bank based in Wilmington, Delaware. It has been in operation since 1996 and has received mostly favorable reviews from policyholders. It’s also renowned for its secured cards, one of which is the topic of this review. The bank FDIC insured, only increasing its reputability. If you’re suffering from a less than ideal credit score, that can mean quite a lot of things. Many different banks consider different things to be less than perfect. Some banks think a credit score of 500 is less than ideal, and that’s still a sky-high number for some. Better banks have a minimum credit score requirement of 380, which is far more reasonable.
When it comes to this particular card, it has no credit requirement. You can have no credit history or a meager credit score, and you’re still guaranteed to be approved for this credit card. This is unseen in the industry, making the Applied Bank Secured Gold Visa card available for anyone who seeks it out. Not only are the approval ratings unparalleled by the competition, but it comes with a bunch of credit building and maintenance features. Sadly, there are absolutely no rewards (See cards with rewards) when it comes to this card- no bonuses, cashback, or anything related. It’s standard when it comes to a secured credit card. There are some hefty fees, a significant initial deposit, and surprisingly low APR. But you’re not looking to get all the cashback benefits when the primary purpose behind your credit card is credit repair. If you’re looking to repair your credit, the card in question is going to give you all the tools you need to achieve that goal.
The card comes with an initial credit limit of $1,000, which is much more than most of the competition offers. The best part about this credit limit is that it’s subject to increase. If you’re responsible with your payments, you can improve your credit limit up to $5,000. This increasing potential isn’t the largest on the market and does require a hefty increasing fee. But again, if you’re looking to repair your credit, this won’t affect you much. An initial credit limit of $1,000 is far more than enough purchasing power for everyone, as this is not a daily card. If you’re looking to improve your credit score, you’re going to find that the Applied Bank Secured Visa Gold reports its statements to all 3 of the major credit bureaus (Explained). If you’re responsible for your debts and respect your dues, this will ensure that your credit score skyrockets. The most exciting thing about this card is the APR. While many credit repair cards come with a high APR, and secured credit cards aren’t an exception to this rule, the low APR really makes it stand out.
Why We Like the Applied Bank Gold Card
It’s very hard not to like this card. It is a secured credit card which is renowned for a number of things. When it comes to a secured credit card, the main point is improving your credit score. If you don’t have a credit score, you’re going to need to build it. The unparalleled acceptance ratings of this card are genuinely one of its most notable features.
No credit requirements. It has absolutely no minimum credit score requirement, making it ideal as a first credit card. If you can afford the hefty initial deposit, you are going to love this card. If you’re worried about your initial deposit, you don’t have to fret – after you cancel your subscription to this card, your deposit will be refunded.
Guaranteed approval. This relatively high initial deposit is understandable, and directly in comparison to the acceptance ratings. If you’re guaranteed approval, the bank needs some proof of your financial stability. This is why the deposit is as high as it is.
Very low APR. One of the best things about this card? The meager APR rate. When it comes to credit repair cards or secured credit cards, it’s pretty hard to set aside the APR percentage. It’s more often than not a rate more significant than 20%, which can dent anyone’s personal finances by quite a lot. The APR is a mere 9.99%. If you’re looking for another redeeming feature of this card, you’re going to love the employment policy.
No employment requirements. You do not have to be employed to get this credit card. That does not mean you shouldn’t pay your dues on time, as the card can damage your score as much as it can repair it. You really need to pay all your dues on time. If you miss a payment, this card will help you to an extent. Your APR is not going to increase, but your credit score will decrease. This is ultimately very counter-productive, as running your credit score further is going to reduce your financial wellness.
Gold card features. There are a couple of things that we need to clear up about this card. If you’ve read that Gold cards are better than regular cards, you’re entirely right in that assessment. A gold card has no overtime fee, no APR penalty, and no late fee whatsoever. That is the case with this card. It’s sporadic for a secured credit card to come with these benefits, and they can prove themselves to be a real lifesaver at moments. If you’re looking to improve your credit score, all while having some additional backing from these features, you’re going to love this gold card.
Widely accepted. This card is also based on the Visa platform, meaning it’s accepted in every corner of the globe. Visa takes up over 53% of the global credit card market, beating all the competition combined. If a merchant, retailer, or store accepts credit cards, it’s going to take this card too.
What Can Be Better
Even if this card is an excellent option for anyone looking to rebuild their credit score or start it anew, it does have some flaws.
Card approval time varies. The first one that comes to mind when you’re thinking about a physical copy of a credit card is the arrival time. Even if the application process is lightning fast and won’t take much time from your day, the arrival time is reported to be unreliable. Some users say that it arrives in a matter of days, while others report a waiting time of up to 2 months.
Need request to get a credit increase. If you’re looking to increase your credit limit, you will have to contact customer service. Contacting customer service is relatively simple and can be done either by landline or online form. While the facility itself and the operators are more than pleasant, the fee that the bank charges to increase your credit limit is quite hefty.
High fixed fee. When we’re on the topic of fees, some users report that there are a couple of issues with the money maintenance fees. Not only are they high, but they also aren’t subject to change. Every single cost is completely fixed when it comes to this card, which isn’t really motivational.
Lack of rewards. Another issue with this card is the complete and absolute lack of any form of rewards, bonuses, or cashback features. You’re not going to get any airline miles, no travel benefits, no gifts, awards, or anything. These are all features that all gold cards have, aside from this one.
Foreign transaction fee. Mind the international transaction fee that is present with most cards like this. The foreign transaction fee is fixed at 3% with this card. See Offers with No FX fees.
Other Benefits and Perks
- Centered to build credit. When it comes to an abundance of reward features, this Secured Visa Gold really disappoints. This card comes with no bonus features, no cashback, or rewards whatsoever. It comes with benefits, all of which are centered on improving your credit score.
- No Over limit fee. One feature that this card does have is the gold standard feature of no over limit fee. There is no punishment APR, which is a present thing with all gold cards. Sadly, it does not come with any other gold card features.
- Low interest. The benefits of the Applied Bank Secured Visa card are abundant, on the other hand, and mostly consist of APR cuts. Whereas other cards benefit primarily from their sky-high APR, this particular card has a deficient percentage.
- Up to $5,000 credit. The initial credit limit is anywhere from a couple of hundred to $1000. Your choice is the credit limit, as long as you do not exceed the maximum. If you’re looking for a little more purchasing power, if you are responsible for your credit, you can request to increase it. The potential to improve your credit limit goes up to $5000 but does require another hefty fee.
What Are Qualification Requirements?
If you’re looking to get this amazing card, you’re going to need to fulfill a couple of qualifications. These qualifications aren’t very vast and don’t require half as much information as the competitors. While other card companies might require proof of employment, this one doesn’t. You don’t have to be employed to be eligible for this card. And when it comes to the approval rating, it’s virtually unmatched by any other card. This is guaranteed approval at its finest.
How to Apply for Applied Bank Gold Visa
The application process is completely streamlined with this card. It’s as simple as can be, and won’t take more than a couple of minutes. The whole process is achieved through the website and requires only a couple of things. To apply – click here. The application process is straightforward and guided. Every step is thoroughly explained and nonintrusive in its design. The gorgeous GUI interface makes navigation a complete breeze.
What Information do You Need to Apply?
- Proof of residency
- A valid email address
- Date of birth
- Valid social security number
- An existing bank or checking account
- A legal resident of the USA
- Home address
- Initial deposit
After you’ve applied for the card, you can rest assured that the answer will arrive quickly. If you’ve filled out all your personal information correctly, you’re most likely going to get approved. Now comes the waiting game, where you have to wait for your physical card to arrive.
Applied Bank Contacts
- Customer Service for Cards: 1-800-947-1090
- Customer Service for Banking: 1-888-839-7952
- Automated Inquiries: 1-800-616-4605
- Application Status: Check the status of your application.
- Account Login: Login to your Account.
- Bank Fax Number: 1-302-456-1013
2200 Concord Pike
Suite 102 Wilmington
There are quite a lot of different options if you’re looking to build up your less than ideal credit score to a respectable amount. If you can afford a secured credit card, you should get it. If you’re given the opportunity to get a secured credit card with several gold benefits, you should chase after it. This is the card that combines a secured and sturdy credit repair toolset and some convenient features that come with gold cards. This is a tool after all and not a miracle. You will still need a credit repair strategy to repair your credit score. The absolute lack of any credit check process ensures that you’re going to be accepted. You will need to provide all the information and make sure that it’s entirely correct. After submitting it, it’s only the waiting that remains.
It’s a modern card, and every form of management is done through the internet. This means that you are given a lot of management options through a powerful GUI Grid-based interface. This will allow you to use this card from the comfort of your own home, and manage your finances on the go through your smartphone.
All management aside, you’re going to love the APR with this card. While other secured and credit repair cards have a significant APR percentage, the card is known for its low requirements. There aren’t any APR penalties either! Even if this is the case, you shouldn’t be late with your payments. This card reports everything to the three largest credit bureaus, which means it can damage your credit score as much as it can improve it. If you’re looking for a proper credit rebuilding or beginner card, this will most likely pique your interest. It’s a sturdy, well-rounded card, and an integral tool for a solid credit repair strategy.
Competition and Alternatives
|Offer||Annual Fee||Credit Limit||Key Features||Application|
|Fortiva Mastercard||See terms||up to $1,000||– 3% cashback rewards|
– Free VantageScore 3.0
– Instant pre-qualification
|Claim this offer|
|Revvi Visa Card||See terms||from $300||– 1% cashback rewards|
– Free Experian Credit Monitoring
– Response in seconds
|Claim this offer|
|Merrick Bank Double Your Line||See terms||$550 – $2,700||– Double credit line|
– Pre-approved within minutes
– Free FICO® Credit Score
|Claim this offer|
|Surge Secured Mastercard||$69||from $300||– 1% cashback rewards|
– Vantage 3.0 Score (Experian)
– Zero Liability Protection
|Claim this offer|
|GO2bank Secured Visa Card||$0||from $100||– Credit building tools|
– up to 7% cash back
– High APY savings account
– Overdraft protection
|Claim this offer|