A good credit score is one of the essential things in the life of a modern American. Every single person with a good credit score can expect the benefits that come alongside it. A good credit score doesn’t only mean financial stability; it means financial ability.
A credit score is not only going to entail if you’re going to get that brand new item you’ve always wanted. A good credit score is the tell-tale that can get you insurance, mortgage, and financial security. If you have good credit, you’re far more likely to lead a happier, healthier life.
Sadly, not everyone has a good score. Some had ruined their credit score when they were young and reckless; others have deteriorated it through years of financial incompetence. The situation may be dire, but there is a solution.
You might know about the existence of credit repair credit cards. Credit repair credit cards are cards that are purposefully made to help you repair your less than ideal credit score. If you’re suffering from one, you can benefit from a credit repair card.
Other than the credit repair credit cards, there is a thing such as secured credit cards (Explained). The two are generally the same, with the secured credit cards coming in with many more benefits. The difference between the two aside from the benefits is a deposit which secure credit cards require.
One of the top-tier secured credit cards is the Applied Bank Secured Visa Gold, with high approval rates, a sturdy purpose-built card, and a pleasant experience.
Below we’re going to provide you with a real-life, unbiased, and thorough review of this credit card. You can use the provided information and data to determine if this particular card is your match.
Applied Bank Secured Visa Card Details
This 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 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 increasing. 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.
- The relatively high initial credit limit
- Surprisingly low APR
- Significant initial deposit
- Reputable bank
- FDIC insured card provider
- Packed with credit repair features and benefits
- Based on the Visa platform
- No credit requirement whatsoever
- High fees
AppliedBank Secured Visa Card Pros
- Guaranteed approval, literally,
- Ideal for improving your damaged credit score
- An excellent beginning credit card
- Reports statements to all three credit bureaus
- FDIC insured bank
- Secured card with Gold benefits
- Relatively high initial deposit
- Low APR compared to the competition
- Packed with credit improving features
AppliedBank Secured Visa Card Cons
- High initial deposit
- High fees
- No rewards or bonus policies
- Annual fee (See Offers with No Annual Fees)
- No grace period
Why We Like It
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.
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.
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.
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.
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.
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 by these features, you’re going to love this gold card.
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.
Mind the international transaction fee that is present with most cards like this. The foreign transaction fee is fixed at 3% with this card.
Related: See Offers with No FX fees.
What Can Be Better
Even if this card is an excellent option for anyone looking to rebuild their credit score or start it from anew, it does have some flaws. 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.
If you’re looking to increase your credit limit, you will have to contact the 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.
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.
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.
When you’re looking to apply for a credit card, the days of waiting on end at a bank are over. The whole process is accomplished through the magic of the internet, and shouldn’t take much more than a couple of minutes. All this time will be spent filling out the required information.
After you apply for this card, you can rest assured that you’re going to get accepted in no time. The approval ratings with this card are excellent, as it has a complete lack of credit requirement or a credit check at all.
The only reason why you would be declined for this card is if you do not fulfill all the legal requirements or have provided some incorrect information. This is a secured credit card and will help you, but it isn’t a magic spell. It’s a tool.
You should use it as a tool as well, and don’t expect it to work overnight. Credit repair is a process that requires some time, and you should remain patient when you’re repairing your credit. You haven’t ruined your credit score within a day; you can’t expect it to fix itself within a day’s time.
As long as you’re responsible, you’re going to improve your credit score.
The Applied Bank Secured Visa card is based on the Visa platform, meaning you can use it anywhere. This does not mean you should use it anywhere, not by a long shot. Secured cards don’t make ideal daily cards. You should use this only for the safe purchases, that you’re sure you can afford.
The card comes with absolutely no cashback features, meaning it’s not ideal as a daily card. It also doesn’t have any bonuses, even if it’s a “gold” card. It’s a secured card after all, and only has some of the gold benefits. If you want a valid gold card, you’re going to have to increase your credit score significantly.
A credit repair tool is useless if not appropriately utilized. Be careful and be persistent. If you do all these things, your credit score is going to improve.
Related: See Credit Report & Score offers.
You can use this card internationally, as it is based on the Visa platform. This doesn’t mean you can use it without any fees, though. Using this card locally doesn’t have any costs like the foreign transaction fee. The foreign transaction fee is fixed, meaning that you can technically use it over the pond, but you shouldn’t.
All things considered, the Applied Bank Secured Visa Gold is a powerful card that can help you improve your credit. Like all other tools, you should use it responsibly. If you take into consideration the fees, and you’re sure you can afford them, you’re going to benefit from using this card.
Other Benefits / Perks
When it comes to an abundance of rewards 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.
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.
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.
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 with 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.
How Easy and Convenient Is It to Use the Card?
If you’re looking for convenience, you really need not look any further than this card. Not only is it based on the visa platform, which is the most popular card type around the globe, but it also comes with a couple of gold features that really make it stand out.
While not a gold card, it does have some gold features such as no overdraft fees and no penalty APR. If you’re looking to use this card to its full potential, though, you shouldn’t worry about these things. You can use it anywhere, as long as you mind the foreign transaction fee that is fixed at 3%.
This makes it ideal for a large purchase card. If you have the purchasing power for it, you should reserve it only for significant purchases. Make sure to pay all your dues on time, and if possible, use this card locally.
Qualifications and 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 Secured 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.
Bad Credit OK*
Snapshot of Card Features
- Better than Prepaid... Go with a Secured Card! Load One Time - Keep On Using
- Absolutely No Credit Check or Minimum Credit Score Required
- Automatic Reporting to All Three National Credit Bureaus
- 9.99% Low Fixed APR - Your Rate Won't Go Up Even if You Are Late
- Activate Today with a $200 Minimum Deposit - Maximum $1,000. * - Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
- Read the Review of Applied Bank Secured Visa Card.
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. You’re going to need to provide the following information:
- 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.
The Bottom Line
There are quite a lot of different options if you’re looking to build up your less than an 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 interests. It’s a sturdy, well-rounded card, and an integral tool for a solid credit repair strategy.
Improving your credit score is made easy with cards like this. It will suit all your credit repair needs, and has a no credit check policy, meaning acceptance is a guarantee.
Even if it doesn’t come with any of the bonus policies such as miles, cashback, or rewards, it comes packed with features to help you along the way of fixing your credit score. We’ve all made mistakes, and some of us have suffered the credit consequences.
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. A good credit score is essential for any American, and it increases your chances of getting important things like mortgage options, credit, and insurance.
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.
It’s a tool, not a magic spell. This means you still need to be responsible with your card. It reports all your statements to all three of the significant credit bureaus, meaning it can damage your score as much as it can repair it. Don’t forget to be responsible for your spending.
Applied Bank Secured Visa Card Frequently Asked Questions
After you have finished the quick application process, the approval process should follow suit. If you’re done with the two of them, it all boils down to the waiting game. Your new secured card is going to be activated once you receive it in the mail.
You will have to provide your mail address in the signup process, and the arrival time of the card may vary. Some users report that their card arrived in a matter of days, while others say a significantly larger waiting time.
After your card has arrived, you can activate it via the website. After activating, you can use it as a regular card both locally and internationally, just mind the international transaction fee.
Many banks throw the phrase “guaranteed approval” around, but most mean a minimum credit score requirement of 350-500. This is not a horrible credit score, but it is disputably bad. If you’re looking for a guaranteed approval card, this option can be a good fit.
It has absolutely no minimum credit score requirement at all. The card has a strict no prior credit check policy, ensuring that you’re going to be accepted.
If you can afford the initial deposit and fulfill all the federal law mandated predispositions, you’ll be accepted.
With Applied Bank Secured Visa card you get a pretty decent credit limit as a policyholder. You can also increase your initial credit limit up to $5000, but it does require a hefty fee.
When you sign up for this card, you’re given the option to pick anywhere from $200 to $1000 as your initial credit limit. This can be modified later, but the credit increase fee is considerable, so pay mind when you’re setting your credit card up.
This is a credit repair tool and thus comes with a variety of possibilities like this. But if you change your mind too frequently, you can see the fines outshining the benefits.
Sadly, at this current moment, there is no option to expedite the speed at which your card will arrive. The arrival process of the card usually takes up to 10 business days, but can take more time depending on your location.
This is a common issue with this card and has been noticed by the Applied Bank, which is working to introduce extradited shipping. Stay tuned, as these options are subtle to change in the following time.
In order to cancel your Applied Bank secured visa card, it is not enough just to call the customer support at 1-800-947-1090, you also need to send the written request and the card itself to provided PO Box. The full cancelation process and security deposit refund might take up to 30+ days.