Apply for the Applied Bank Secured Visa Card

The Applied Bank Secured Visa® Card is a great option for individuals looking to build or rebuild their credit.

Since it is a secured credit card, it requires a security deposit that serves as collateral, which also determines your credit limit.

This makes it ideal for people with limited or poor credit history who may have difficulty qualifying for a traditional unsecured credit card.

Unlike many other secured credit cards, the Applied Bank Secured Visa® Card offers a fixed APR that is relatively low compared to similar cards.

Reasons to Choose the Applied Bank Secured Visa® Card

If you are considering applying for the Applied Bank Secured Visa® Card, here are some of the top reasons why it might be a good choice:

Helps Build or Rebuild Credit

One of the main reasons to get this card is to improve your credit score.

Since Applied Bank reports to all three major credit bureaus, making on-time payments can significantly boost your credit over time.

This is essential for those who want to qualify for better financial opportunities, such as lower-interest loans or unsecured credit cards in the future.

No Credit Check Required for Approval

Unlike many other secured credit cards, the Applied Bank Secured Visa® Card does not require a credit check.

This makes it a great option for individuals with bad credit or no credit history, as approval is based primarily on the ability to pay the required security deposit.

Fixed APR – No Variable Interest Rate Increases

One standout feature of this card is its fixed APR. While many credit cards have variable APRs that fluctuate with market conditions, the Applied Bank Secured Visa® Card offers a consistent APR of 9.99%.

This is significantly lower than most unsecured credit cards designed for people with bad credit, which often have interest rates above 25% or even 30%.

Customizable Credit Limit

The minimum security deposit for this card is $200, but you can deposit up to $1,000 initially.

Over time, you can increase your credit limit up to $5,000, giving you greater spending flexibility while still keeping the card secured.

Accepted Worldwide

Since this card is backed by Visa, it is accepted at millions of locations worldwide, including online purchases, restaurants, gas stations, and travel bookings.

No Minimum Credit Score Requirement

Unlike many unsecured cards, which require at least a fair or good credit score, this card is available to anyone who can meet the deposit requirement.

How to Apply for the Card

The application process for the Applied Bank® Secured Visa® Card is designed to be as simple and straightforward as possible.

Follow these steps to apply:

Visit the Official Website: Begin by navigating to the official website of Applied Bank. Look for the section dedicated to the Secured Visa® Card.

Complete the Application Form: Fill out the online application form with accurate personal and financial details. Ensure all the provided information is current to avoid delays in the analysis.

Provide the Security Deposit: Since this is a secured card, you will be required to provide a refundable security deposit. This deposit will set your credit limit and serves as collateral.

Submit Required Documentation: In some cases, you may be asked to upload supporting documents such as proof of income, identification, or residency. Have these documents ready to speed up the process.

Review and Agree to the Terms: Before final submission, carefully review the terms and conditions of the card. Understanding the fees, interest rates, and responsibilities associated with the card is crucial.

Submit Your Application: Once all sections of the form are completed, submit your application. You should receive an email confirmation, and the analysis process will begin shortly thereafter.

This straightforward application process is designed to help you quickly start building your credit history while minimizing any unnecessary complexity.

Negative Factors of the Applied Bank Secured Visa® Card

While the Applied Bank Secured Visa® Card offers many benefits, it also has some drawbacks that potential applicants should consider:

Annual Fee

One of the biggest downsides of this card is its annual fee of $48. While this fee is lower than some secured cards, it is still an extra cost that could be avoided by choosing a fee-free secured card.

No Rewards or Cash Back

Unlike some other secured credit cards, the Applied Bank Secured Visa® Card does not offer any rewards for spending.

If earning cash back or points is important to you, you may want to consider alternative credit cards.

No Credit Limit Increase Without Additional Deposits

With some secured credit cards, your credit limit may increase automatically after demonstrating responsible usage.

However, with this card, the only way to increase your credit limit is to deposit additional funds.

What Are the Requirements to Apply for the Applied Bank Secured Visa® Card?

Applying for the Applied Bank Secured Visa® Card is relatively simple, but you must meet the following requirements:

Be at least 18 years old (19 in some states);

Provide a valid U.S. address (P.O. Boxes are not allowed);

Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN);

Have a checking account to make the required security deposit;

Be able to fund a minimum deposit of $200, which serves as your initial credit limit.

Fees and Costs

Before applying, it’s essential to be aware of the fees and costs associated with this card:

• Annual Fee: $48.
• APR for Purchases: 9.99% fixed APR.
• Balance Transfer Fee: Not applicable (this card does not allow balance transfers).
• Cash Advance Fee: 5% of the amount or $5 (whichever is greater).
• Foreign Transaction Fee: 3% per transaction.
• Late Payment Fee: Up to $38.

Frequently Asked Questions about the Applied Bank Secured Visa® Card

How Can I Increase My Credit Limit?

To increase your credit limit, you must deposit additional funds into your security account. The maximum limit for this card is $5,000.

Does This Card Require a Credit Check?

No, the Applied Bank Secured Visa® Card does not require a credit check, making it accessible to people with bad credit or no credit history.

Can I Upgrade to an Unsecured Credit Card?

No, this card does not offer an upgrade to an unsecured card. If you want an unsecured card, you will need to apply for a different credit card once your credit score improves.

How Long Does It Take to Receive the Card?

Once your security deposit is processed, you can expect to receive your card within 7 to 10 business days.

Will My Payments Be Reported to Credit Bureaus?

Yes, Applied Bank reports to all three major credit bureaus (Experian, Equifax, and TransUnion), which helps you build credit over time if you make on-time payments.

The Applied Bank Secured Visa® Card is a solid choice for individuals looking to build or rebuild their credit.

With no credit check required, a fixed APR of 9.99%, and reporting to all three major credit bureaus, it provides a pathway to improving your credit score.

However, the annual fee, lack of rewards, and inability to upgrade to an unsecured card may be disadvantages for some users.

If you need a simple secured card with predictable costs, this may be a great option.

But if you’re looking for a card that offers cash back, no fees, or an upgrade path, you might want to consider other alternatives.