Applied Bank® Secured Visa® Gold Preferred® Credit Card Review

Secured Visa® Gold Preferred® Credit Card from Applied Bank® — all information about the credit card.

By Hanna Volkava
Updated November 25, 2022

Good Choose for 18 year old

Gold Preferred® Secured Visa® Applied Bank
Apply now
On Applied Bank®‘s site
Our Rating:
4.23 out of 5
scorer
Recommended credit score
No Credit History to Poor (0-579)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $48 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    9.99% Fixed
  • Balance Transfer APR:
    None
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Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 9.99% Fixed
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 9.99% Fixed
  • How to Avoid Paying Interest
    • The card does not offer a grace period, so you will be charged interest on purchases and cash advances on the transaction date.

Fees

  • Annual Fee
    • $48 annually
  • Fees for Cash Advances
    • $5 or 5%, whichever is greater
  • Penalty Fees
    • None
  • Return Payment
    • Up to $38
  • Late Payment
    • Up to $38
View all Rates & Fees

Pros & Cons

Pros:
  • Extremely low regular APR
  • No penalty rate
  • Guaranteed approval
  • Increase your credit limit
Cons:
  • No rewards system
  • A lot of fees
  • Can’t upgrade to an unsecured credit card
  • No grace period

Features

Gold
Visa
  • Low interest
  • Payment Flexibility
  • Fraud Protection
  • Free Credit Score
  • Purchase Protection
  • Poor Credit

About the issuer

Applied Bank® has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
Call to Customer Service

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  • None
    Purchase Intro APR
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Secured Visa® Gold Preferred® Credit Card Review

Secured Visa® Gold Preferred® Credit Card comes with a 9.99% fixed APR which is one of the best offers among secured credit cards. There will be no credit check with your application, so anyone can use Secured Visa® Gold Preferred® to build or rebuild their credit. A refundable security deposit from $200 to $1,000 is required to apply for the Secured Visa® Gold Preferred®. Increase your credit limit up to $5,000 by making an extra security deposit if the current limit is not enough for you.

Secured Visa® Gold Preferred®: pros and cons

Pros: Cons:
Extremely low regular APR. The purchase's APR of just 9.99% is an extremely low rate among secured credit cards. You can be sure that it won’t be increased in the future since the Secured Visa® Gold Preferred® APR is fixed. No rewards system. Secured Visa® Gold Preferred® has no rewards or cash back offers.
No penalty rate. There is no penalty rate if you haven’t paid your debt on time. We still wouldn’t recommend doing it because late payments negatively impact your credit score. A lot of fees. There is a number of fees that you may face using Secured Visa® Gold Preferred®. The $48 annual fee is only the tip of the iceberg. There is also a foreign transaction fee (3%), cash advance fee ($5 or 5%, whichever is greater), late payment fee (up to $38), returned payment fee (up to $38), etc.
Guaranteed approval. It doesn’t matter what credit score you have. If you had hard times before and ruined your credit score - the Secured Visa® Gold Preferred® Credit Card is a nice tool that can help you to recover your credit score. You will certainly be accepted without a credit check. Can’t upgrade to an unsecured credit card. You can’t upgrade your Secured Visa® Gold Preferred® Credit Card to the unsecured one.
Increase your credit limit. You can increase your credit limit up to $5,000 by putting more money on a refundable security deposit. No grace period. Secured Visa® Gold Preferred® doesn’t offer a grace period for their customers. However, as we have already mentioned, the APR for purchases is fixed at just 9.99%.

Who can benefit from getting the Secured Visa® Gold Preferred® Credit Card?

Secured Visa® Gold Preferred® can act as a helping hand for those who have a poor to fair credit score. With its help, you can build or rebuild your credit with a very low fixed APR of just 9.99%. The absence of a credit check guarantees you that it won’t be reflected in your credit history. It means that applying for the Secured Visa® Gold Preferred® Credit Card can't negatively affect your credit score since you can’t be rejected. Of course, such shortcomings as a number of various fees and the absence of a rewards system, may not seem as attractive. But if your credit score is not good or even fair - there are not many options to choose from. And Secured Visa® Gold Preferred® is worth considering among the credit cards that don’t check credit score.

You may also consider applying for the Secured Visa® Gold Preferred® if you have just started your credit way. But also remember that you won’t be able to upgrade it to an unsecured credit card in the future. However, a 9.99% fixed APR compensates for this downside completely.

If the rewards system and $0 annual fee are more important for you than a low APR - you may consider applying for Customized Cash Rewards Secured from Bank of America. $0 annual fee and diverse rewards system are here for you without any credit check. But the APR is more than twice as much - 26.99%.

Are there any other benefits?

Secured Visa® Gold Preferred® is a credit card for no history or bad credit customers. That is why it is hard to find as many perks as some credit cards with higher approval requirements have. But we still have found and highlighted some of them below:

  • 24/7 support service. The Applied Bank support system is working 24/7 and is ready to help you at any time.
  • Reports to the 3 major credit agencies. Applied Bank reports to all 3 major credit bureaus which positively affects your credit score if you are paying on time.
  • Convenient banking application. Applied Bank has developed a user-friendly application where you can check your account balance, view recent transactions (including check images), transfer money between accounts, etc. You can use both your mobile device and a PC.

Conclusion

Overall, we would say that the Secured Visa® Gold Preferred® Credit Card is one of the best if not the best option among credit cards with no credit check. No wonder, Secured Visa® Gold Preferred® has some disadvantages compared to credit cards with higher approval requirements. But in this segment, there are almost no competitors to Secured Visa® Gold Preferred® taking into account its amazing 9.99% fixed APR.

Using the Secured Visa® Gold Preferred® Credit Card, customers that have big troubles with their credit score, and those who don’t have a credit history at all, can build or rebuild their credit. The main drawback is that you won’t be able to upgrade your Secured Visa® Credit Card to the unsecured one. If you don’t have a credit history or want to increase a poor credit score - A Secured Visa® Gold Preferred® Credit Card is one of the first options to think of.

FAQ

What is the customer service phone number for Secured Visa® Gold Preferred® Credit Card?

Applied Bank customer service is working 24/7, and you can call it any time using the following phone number: 800-947-1090.

How to check my application status for Secured Visa® Gold Preferred® Credit Card?

You can check your application status online on their official website or using the phone number that we have attached previously.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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