How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

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

Applied Bank<sup>®</sup> Secured Visa<sup>®</sup> Gold Preferred<sup>®</sup> Credit Card

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

Reports to Credit Bureaus
Build Credit When Used Responsibly
Regular APR
9.99% Low Fixed APR
No Penalty Rate
Your Rate Won’t Go Up Even if You Are Late
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Applied Bank® Secured Visa® Gold Preferred® Credit Card best for?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a decent option for people with no credit or bad credit who may not qualify for secured cards from major issuers, but it does assess an annual fee.

A secured card requires that you submit a security deposit, which will serve as your credit line as opposed to an unsecured card where the lender gives you a credit line based on your credit profile. Secured cards are designed to help people build or rebuild a poor credit profile. Once the secured card is closed, the security deposit is refunded, minus any fees or balance owed.

The good news is that this card doesn’t require a credit score and won’t perform a credit check when you apply, so people who lack a credit history or have a low score may be approved.

The bad news is that the Applied Bank® Secured Visa® Gold Preferred® Credit Card does not come with a grace period, which means you are charged interest immediately after your purchases. Most other credit cards allow a grace period of several weeks before interest is charged on any unpaid balance.

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

    • 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
  • Credit needed:
    300 599
    Poor/Limited
  • Reports to the three major credit bureaus
  • No credit check or minimum credit score required
  • Low fixed APR

Intro Purchase APR

N/A

Regular Purchase APR

9.99% (Fixed)

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$48

Cash Advance Fee

Either $5 or 5% of the amount of each cash advance, whichever is greater

Foreign Transaction Fee

3% of each transaction in U.S. dollars

Balance Transfer Fee

N/A

Pros and cons of the Applied Bank® Secured Visa® Gold Preferred® Credit Card

Pros

  • Helps build credit
  • No hard inquiry
  • No penalty APR
  • No credit limit increase fee

Cons

  • Annual fee
  • Foreign exchange fee
  • Replacement card fee
  • No grace period

What we like about the Applied Bank® Secured Visa® Gold Preferred® Credit Card

  • Reports to all three credit bureaus

    When trying to build or rebuild a credit history and score, it’s important to find a credit card that reports the card and payment history to the all three credit bureaus instead of just one or two. The Applied Bank® Secured Visa® Gold Preferred® Credit Card reports to them all: Equifax, Experian and TransUnion.

  • Low fixed APR

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a very reasonable 9.99% (fixed) APR.

  • No penalty APR

    If you happen to miss a payment, your APR won’t be hiked up. However, you will be assessed a late payment fee of up to $38 each time your payment is not paid on time.

What to watch out for with the Applied Bank® Secured Visa® Gold Preferred® Credit Card

  • Annual fee

    There is a $48 annual fee, which will be subtracted from your security deposit, thereby reducing your credit limit until paid. That means if you open your account with a $200 credit line, your initial available credit will be $152.

  • No grace period

    Another setback for this card is a lack of a grace period — you will be charged interest from the transaction date of your purchases. Most credit cards give you at least a 21-day grace period where you won’t be charged interest until your statement due date.

  • Foreign transaction fee

    If traveling abroad, beware that the Applied Bank® Secured Visa® Gold Preferred® Credit Card will assess a fee of 3% of each transaction in U.S. dollars on any purchases made with the card.

  • No rewards

    While earning rewards on a credit card when you’re trying to build or rebuild your credit shouldn’t be a priority, know that there are some secured cards that do offer a rewards program for a $0 annual fee, such as the Discover it® Secured Credit Card.

Alternate secured card

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
25.24% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 540

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Applied Bank® Secured Visa® Gold Preferred® Credit Card and the Discover it® Secured Credit Card are very different secured cards that target different types of people.

While both cards may approve people who are new to credit, if you have a poor/limited credit score, you may have a better chance with the Applied Bank® Secured Visa® Gold Preferred® Credit Card since it doesn’t perform a credit check.

Looking at the features of each card, the Discover it® Secured Credit Card has a wide range of benefits that include a $0 annual fee, a rewards program, access to your free credit score, a grace period and more.

Meanwhile, the Applied Bank® Secured Visa® Gold Preferred® Credit Card lacks added benefits, has a $48 annual fee and no grace period.

If you want a well-rounded secured card, the Discover it® Secured Credit Card is a great option, but if you’ve had trouble getting approved for cards from major issuers, the Applied Bank® Secured Visa® Gold Preferred® Credit Card may be an OK choice with better approval odds.

Compare the Applied Bank® Secured Visa® Gold Preferred® Credit Card to similar cards

Comparison of four different credit cards
Applied Bank<sup>®</sup> Secured Visa<sup>®</sup> Gold Preferred<sup>®</sup> Credit Card Discover it<sup>®</sup> Secured Credit Card Horizon Gold Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card
Applied Bank® Secured Visa® Gold Preferred® Credit Card Discover it® Secured Credit Card Horizon Gold Card OpenSky® Secured Visa® Credit Card
Apply Now
on Applied Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on Horizon's secure site
Apply Now
on OpenSky's secure site
Welcome Offer
N/A Discover will match all the cash back you’ve earned at the end of your first year. N/A N/A
Rewards Rate
N/A 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically N/A None
Annual Fee
$48 $0 See Terms* $35
Regular APR
9.99% (Fixed) 25.24% Variable APR N/A 18.89% (variable)
Balance Transfer Fee
N/A 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* N/A N/A
Recommended Credit
Poor/Limited Poor/Limited Poor Poor/Limited
Card Details
Applied Bank® Secured Visa® Gold Preferred® Credit Card Discover it® Secured Credit Card Horizon Gold Card OpenSky® Secured Visa® Credit Card

Is the Applied Bank® Secured Visa® Gold Preferred® Credit Card right for you?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card can be a decent choice for a secured card if you don’t have credit or have bad credit — just be aware of the cost of the annual fee, how that fee limits your available credit and the lack of a grace period.

Apply Now
on Applied Bank's secure site