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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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Applied Bank® Secured Visa® Gold Preferred® Credit Card Review

Updated on:
Content was accurate at the time of publication.
LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
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Applied Bank<sup>®</sup> Secured Visa<sup>®</sup> Gold Preferred<sup>®</sup> Credit Card
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 was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Key Takeaway

If you’re looking to avoid a credit check when you apply for a credit card, the Applied Bank® Secured Visa® Gold Preferred® Credit Card is a reasonable option. But, it has subpar value compared to many secured cards because it charges an annual fee.

Pros and cons

  • No credit check
  • Low fixed APR
  • No penalty APR
  • Reports to the three major credit bureaus
  • Requires a security deposit
  • $48 annual fee
  • No grace period for interest
  • No chance to graduate to an unsecured card
  • No rewards program
  • Foreign transaction fee
  • Replacement card fee

Is the Applied Bank® Secured Visa® Gold Preferred® Credit Card good?

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is best if you have no credit or bad credit and may not qualify for secured cards from major issuers. This card doesn’t require a credit score and there’s no credit check when you apply, making it easier to get approved for. It also comes with an extremely low 9.99% (Fixed) variable.

The bad news is that it charges a $48 annual fee. Also, it doesn’t come with a grace period, which means you are charged interest immediately after your purchases. You can find many options for building credit that don’t charge an annual fee. Many credit-building cards also allow a grace period of several weeks before interest is charged on any unpaid balance. Other secured card issuers may even allow you to graduate to an unsecured credit card. The Applied Bank® Secured Visa® Gold Preferred® Credit Card, on the other hand, does not give you this option.

Although this card can help you build credit because it reports to the three major credit bureaus, there are much better secured cards for building credit.

How much does it cost to own? You’ll pay $48 in annual fees and earn $0 in rewards each year, for a total cost of $48, versus $3 for the average credit-building card.*
*Based on LendingTree’s value methodology

Looking for a secured card with no annual fee? See our best secured credit cards page.

Quick facts

  • Security deposit: $200 to $1,000
  • APR: 9.99% (Fixed)
  • Annual fee: $48
  • Sign-up bonus: None
  • Rewards: None
  • Foreign transaction fee: None
  • Other benefits: Embedded chip technology for account security and Online and mobile banking.
  • Credit needed: Limited / Poor

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

  • No credit check

    There’s no credit check and no minimum credit score required to be approved for the Applied Bank® Secured Visa® Gold Preferred® Credit Card. To get approved, you’ll just need to provide a few details like your name, address and contact information. This is helpful if you have poor or limited credit and are worried about getting approved for a card.

    Most credit cards require a credit check to confirm that you’re eligible for the card. When your credit score is pulled, a hard credit pull is generated and your credit score can drop by up to five points. A card that doesn’t require a credit check generates a soft credit pull that won’t affect your credit score.

    See all of our top picks for credit cards with no credit check.
  • Low fixed APR

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a very reasonable 9.99% (fixed) APR. This is one of the lowest APRs you can find, especially for a card with no credit check. For example, the OpenSky® Secured Visa® Credit Card has a 25.64% (variable) APR.

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card has a fixed APR, meaning your interest rate is stable and won’t change without advance notice from your credit card issuer. Most credit cards come with a variable APR, meaning the APR is tied to an index. As the index increases or decreases, so will your APR.

    Although you should try not to carry a balance on your card, the low APR you’ll get with the Applied Bank® Secured Visa® Gold Preferred® Credit Card can save you a lot in interest in case you can’t pay your balance in full.

  • No penalty APR

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card doesn’t have a penalty APR, meaning if you miss a payment or make a payment far past your due date, your APR won’t increase. Some credit cards have a penalty APR as high as 29.99%.

    You’ll still be assessed a late payment fee of up to $38 each time your payment isn’t paid on time. Missed payments can also impact your credit score heavily and stay on your credit report for up to seven years, so it’s always best to pay on time.

    Tip: Paying on time is the most important factor in building good credit. Your payment history makes up 35% of your FICO Score and 41% of your VantageScore.

  • Reports to all three credit bureaus

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card can help you build or rebuild credit because it reports to the three major credit bureaus — Equifax, Experian and TransUnion. These bureaus issue credit reports that help determine your credit score.

    To ensure that you’re working towards building a good credit score you should:

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

  • Requires a security deposit

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a secured credit card meaning you’ll have to put a security deposit down to own the card. Your security deposit is refundable and will act as your line of credit. When you open the card, there’s a $200 minimum deposit required, with a maximum deposit of $1,000. Once your account is open you can deposit up to $5,000 to increase your credit limit.

    Tip: Secured credit cards are typically the best choice if you have no credit history or are working toward rebuilding credit.
  • Annual fee that will reduce your initial credit limit

    Unfortunately, the Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a $48 annual fee. The annual fee will be billed to your account when it’s opened and subtracted from your security deposit. For example, if you put down a $200 security deposit, your initial available credit will be $152.

    You can find many secured credit cards with no annual fee. Some even often rewards, making them much better values than the Applied Bank® Secured Visa® Gold Preferred® Credit Card. For example, the Capital One Quicksilver Secured Cash Rewards Credit Card (see rates & fees) and Discover it® Secured Credit Card come with a $0 annual fee and the opportunity to earn cash back rewards.

    Credit check required?Yearly feesEstimated first-year rewards*
    Applied Bank® Secured Visa® Gold Preferred® Credit CardNo$48$0
    OpenSky® Secured Visa® Credit CardNo$35$0
    Secured Self Visa® Credit CardNo$25$0
    Capital One Platinum Secured Credit CardYes$0 (see rates & fees)$0
    Capital One Quicksilver Secured Cash Rewards Credit CardYes$0 (see rates & fees)$54
    Discover it® Secured Credit CardYes$0$90.64
    *Based on LendingTree’s value methodology

  • No grace period

    This card doesn’t offer a grace period on purchases. This means you’ll be charged interest from the transaction date of your purchases. Although this card offers a low 9.99% (Fixed) APR, you’ll still be subject to interest that can quickly add up.

    Most credit cards give you at least a 21-day grace period where you won’t be charged interest until your statement due date. For example, the OpenSky® Secured Visa® Credit Card has a grace period of 25 days after the close of each billing cycle. You won’t be charged interest with it if you pay in full by the due date.

  • No rewards program

    If you’re working toward building or rebuilding credit, earning rewards shouldn’t be your main focus. But, there are credit cards available if you have limited or poor credit that allow you to earn rewards while improving your credit score.

    For example, the Discover it® Secured Credit Card lets you earn 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. Discover will match all the cash back you’ve earned at the end of your first year.

  • No chance to graduate to an unsecured card

    The Applied Bank® Secured Visa® Gold Preferred® Credit Card doesn’t offer a path to upgrade to an unsecured card, but there are cards that do. By upgrading to an unsecured card, you can get your security deposit back and possibly even graduate to a card with rewards and benefits. Plus, you’ll avoid having to apply for a new card, which can generate a hard inquiry on your credit.

    Cards that may let you upgrade include the OpenSky® Secured Visa® Credit Card — you may qualify for an unsecured card after six months of responsible spending. The Discover it® Secured Credit Card also offers automatic reviews starting at seven months to see if you qualify for an unsecured card.

Applied Bank® Secured Visa® Gold Preferred® Credit Card vs. OpenSky® Secured Visa® Credit Card

| Disclosures
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
apply-now-icon Apply Now
on Capital Bank, N.A.'s secure site
N/A
25.64% (variable)
$35
Earn up to 10% cash back* on everyday purchases
  • New feature! Earn up to 10% cash back* on everyday purchases
  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments
  • Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
  • *See Rewards Terms and Conditions for more information
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Poor

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 OpenSky® Secured Visa® Credit Card is another secured card that’s easy to get approved for because there’s no credit check. This card also reports to all three major credit bureaus, making it a good credit-building option. There’s a higher APR of 25.64% (variable), but you’ll have a grace period to pay off your balance. There’s also a lower $35 annual fee that won’t affect your credit limit.

The benefit of choosing the OpenSky® Secured Visa® Credit Card card over the Applied Bank® Secured Visa® Gold Preferred® Credit Card is that you’ll have a chance to graduate to an unsecured credit card after six months of responsible spending. There’s no application or credit check, so you won’t have a hard inquiry on your credit when you upgrade.

Applied Bank® Secured Visa® Gold Preferred® Credit Card vs. Secured Self Visa® Credit Card

| Disclosures
Secured Self Visa® Credit Card
Secured Self Visa® Credit Card
apply-now-icon Apply Now
on Self's secure site
Rates & Fees
N/A
29.24% Variable.
$25
Non-rewards card
  • Open a path to a secured credit card
  • No hard credit pull. No credit score required.
  • Start with a Credit Builder Account* that reports to all 3 credit bureaus. Each on-time monthly payment builds credit history and savings.
  • Backed by savings you’ve already built. Your savings progress from your Credit Builder Account secures your credit card and sets your limit. Have an active Credit Builder Account in good standing, make at least 3 monthly payments, have $100 or more in savings progress and satisfy income requirements. Then, you’ll be eligible for the Self Visa Credit Card*, without a hard credit check.
  • Stay on track with credit utilization monitoring, autopay, account reminders, an app, and dedicated customer support
  • No additional money upfront**
  • Micro-pay your way to the deposit***
  • *Credit Builder Account — proceeds are held in a deposit account until maturity.
  • **Your Credit Builder Account savings progress secures your card and sets your limit.
  • ***Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval.
  • The secured Self Visa® Credit Card issued by Lead Bank, First Century Bank, N.A., or SouthState Bank, N.A., each Member FDIC. See Self.inc for details.
  • The secured Self Visa® Credit Card requires an active Self Credit Builder Account and qualification based on other eligibility criteria including income & expense requirements. Criteria subject to change.
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Poor

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 Secured Self Visa® Credit Card is similar to the Applied Bank® Secured Visa® Gold Preferred® Credit Card, but more affordable. You’ll have a much lower annual fee of $25. It also has a lower minimum deposit of $100.

The main downside of the Secured Self Visa® Credit Card is you’re required to have a Self credit builder account to open the card. If you don’t already have an account, you can set one up, but it may take several months after that to qualify for the card.

Applied Bank® Secured Visa® Gold Preferred® Credit Card vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card*
Discover it<sup>®</sup> Secured Credit Card
Learn More
N/A
27.74% 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.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
  • Raise your credit score by 30+ points.
  • 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, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
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Limited / Poor
*The information related to the Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

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 Discover it® Secured Credit Card is one of the best secured credit cards around and is a much better choice for building credit than the Applied Bank® Secured Visa® Gold Preferred® Credit Card. There’s a $0 annual fee to own the card. Plus, you’ll get cash back rewards and a sign-up bonus. Earn 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. Discover will match all the cash back you’ve earned at the end of your first year.

This card also offers the chance to upgrade to an unsecured card after seven months of responsible use. There’s a grace period on interest, no penalty APR and no late fee on your first late payment.

But, there’s a credit check to get approved for this card, which means it may be harder to qualify for. While it is open to applicants with Limited / Poor credit, it may be off the table for you if you have seriously damaged credit.

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 — since it doesn’t require a credit check, you may have an easier time qualifying for it.

If you aren’t worried about qualifying for a secured credit card, the Discover it® Secured Credit Card or Capital One Quicksilver Secured Cash Rewards Credit Card (see rates & fees) are better cards that have no annual fee and allow you to earn rewards.

Looking for better credit-building options?

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

The information related to the Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.