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Applied Bank Secured Visa Gold Preferred Credit Card Review

The Applied Bank Secured Visa® Gold Preferred® Card can help if you need to build or rebuild your credit. There’s no credit check or minimum credit score required, and the card reports your account to all three credit bureaus. There’s a 9.99% (fixed) annual percentage rate with no penalty APR if you pay your bill late. You must deposit $200 to $1,000 to activate the card, and your initial credit limit will be the amount you deposit minus the $48 annual fee.

  • Issuer NameApplied Bank
  • Credit NeededBad, None
  • Annual Fee$48
  • Regular APR9.99% (Fixed)

On Applied Bank’s Secure Website.

  • Have bad credit or no credit and need to establish a good credit history.
  • Will pay off purchases right away.
  • Can deposit at least $200.

The Applied Bank Secured Visa® Gold Preferred® Card’s 9.99% (fixed) APR is unique, and it’s nice that this low APR will still apply even if you make late payments. However, there’s a catch: You’ll start owing interest on purchases and cash advances starting on the transaction date. That’s different from most cards that offer an interest grace period, which allows you to avoid paying interest if you pay your balance in full each month.

With the Applied Bank Secured Visa® Gold Preferred® Card, you’ll need to pay back purchases and cash advances right away if you don’t want to get stuck paying interest.

Editor’s Take

The Applied Bank Secured Visa® Gold Preferred® Card could help if you need to get access to credit, but it’s not useful as an everyday spending card or good for long-term credit building.

While it offers a pathway to credit access without a credit check, racking up interest charges at the card’s 9.99% (fixed) APR is practically unavoidable as interest applies starting on the transaction date. Also, this card’s $48 annual fee can make it costly to maintain your account long term and keep a lengthy credit history.

If you need access to credit, you’re better off choosing a different secured credit card that has no annual fee and offers an interest grace period on purchases, such as the Capital One Platinum Secured Credit Card.

Jessica MerrittContributor

There’s no welcome offer with the Applied Bank Secured Visa® Gold Preferred® Card.

You can’t earn rewards with the Applied Bank Secured Visa® Gold Preferred® Card.

U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.

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Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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