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.
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
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.
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.
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.
| Credit Cards | Welcome Offer | Rewards Rate | Annual Fee | Regular APR | Balance Transfer Fee | Recommended Credit | |
|---|---|---|---|---|---|---|---|
Applied Bank® Secured Visa® Gold Preferred® Credit Card
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on Applied Bank's secure site |
N/A | Non-rewards card | $48 | 9.99% (Fixed) | N/A | Poor/Limited |
Apply Now
on Applied Bank's secure site |
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
Discover will match all the cash back you’ve earned at the end of your first year. | 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 | $0 | 28.24% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | Poor/Limited |
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on Discover's secure site Rates & Fees |
Horizon Gold Card
Review Coming Soon
|
N/A | N/A | See Terms* | N/A | N/A | Poor | Review Coming Soon |
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
N/A | Non-rewards card | $35 | 22.64% (variable) | N/A | Poor/Limited |
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on Capital Bank, N.A.'s secure site |
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.
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