The Applied Bank® Secured Visa® Card is a secured credit card designed for individuals looking to build or rebuild their credit.
Secured cards require a security deposit that acts as a credit limit, and the Applied Bank® Secured Visa® Card is no exception.
This card provides an opportunity for those with less-than-perfect credit to improve their credit score with responsible use.
About the Issuer: Applied Bank
Applied Bank is a financial institution based in Delaware, specializing in providing credit cards and banking products to individuals seeking credit solutions.
Applied Bank is particularly known for offering secured credit cards to those with limited or poor credit history.
With a focus on helping consumers improve their financial standing, Applied Bank provides a range of affordable credit-building products.
Who Is This Card For?
The Applied Bank® Secured Visa® Card is tailored for:
- Consumers looking to build or repair credit: This card is ideal for those with no credit or poor credit who want to establish a positive credit history. It is also suitable for individuals who may have faced financial challenges in the past and need to rebuild their credit score.
- First-time credit card users: If you’ve never had a credit card before and want to establish credit, this card offers a simple way to get started.
- People who want a low-cost option: With an affordable annual fee, the Applied Bank® Secured Visa® Card offers a budget-friendly option for users looking to improve their credit without incurring high costs.
- Those who need a card for everyday use: The card can be used wherever Visa cards are accepted, giving you the ability to make purchases at millions of locations globally.
Who Should Avoid This Card?
- People seeking rewards or travel perks: This is a secured card, so it does not offer cash back, points, or travel rewards, which may not be suitable for those looking for such benefits.
- Those who can’t make the required deposit: Since the card requires a security deposit equal to your credit limit, it may not be ideal for individuals who do not have the funds available to place the deposit.
Top Benefits of the Applied Bank® Secured Visa® Card
Build or Rebuild Your Credit
The Applied Bank® Secured Visa® Card is an excellent tool for building or rebuilding your credit score.
As long as you make timely payments and keep your credit utilization low, you will demonstrate responsible credit usage, which can help improve your credit report over time.
- Report to the major credit bureaus: The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), allowing you to track your credit progress.
- Easy application process: The application process for this card is straightforward, and approval is generally easier for those with poor or limited credit history.
Low Annual Fee
One of the standout features of the Applied Bank® Secured Visa® Card is its affordable annual fee, which helps keep costs down while you work on improving your credit.
Compared to many other secured credit cards, the Applied Bank® Secured Visa® Card offers a more cost-effective option for those who want to establish credit without paying excessive fees.
Easy Access to a Credit Limit
Your credit limit is based on the amount of your security deposit, which can range from $200 to $1,000.
This means you can have a flexible credit limit based on how much you are willing to deposit, providing you with control over your spending and helping you manage your credit responsibly.
Visa® Global Acceptance
As a Visa card, the Applied Bank® Secured Visa® Card is accepted at millions of merchants worldwide.
This makes it highly convenient for everyday purchases and allows you to use it wherever you need it, both online and in physical stores.
Fees & Interest Rates
Annual Fee: $48
APR (Interest Rate): 24.99% variable
Cash Advance Fee: Either $10 or 5% of the cash advance, whichever is greater
Late Payment Fee: Up to $39
Returned Payment Fee: Up to $39
Foreign Transaction Fee: 3% of the transaction amount
Minimum Payment: The greater of $25 or 1% of the balance (plus fees and interest)
Is the Applied Bank® Secured Visa® Card Worth It?
The Applied Bank® Secured Visa® Card is a solid option for individuals who are looking to build or rebuild their credit, but it may not be the best choice for everyone. Here’s a breakdown:
Pros:
Affordable annual fee compared to other secured credit cards.
Flexible credit limits based on your security deposit, ranging from $200 to $1,000.
Reports to all three major credit bureaus, helping you build or improve your credit score.
Cons:
High APR: The card comes with a high-interest rate of 24.99%, which can lead to significant interest charges if you carry a balance.
Foreign transaction fees: A 3% fee applies for purchases made outside of the United States, which could add up during international travel.
No rewards or benefits: The Applied Bank® Secured Visa® Card is a credit-building card and does not offer any rewards programs or perks.
Fees and charges
Late Payment Fee: Up to $38
Returned Payment Fee: Up to $38
● APR: 23.99%;
● Balance Transfer Fee: Either $5 or 3% of the amount of each transfer;
● Cash Advance: Either $5 or 3% of the amount of each cash advance.
Expert review
The Applied Bank Secured Visa Card is a solid option for those looking to build or rebuild credit.
With guaranteed approval regardless of credit history, it requires a security deposit that determines the credit limit.
It stands out for its low fixed APR, unlike other cards with variable rates.
However, it charges an annual fee and does not offer rewards or automatic upgrades to an unsecured card.
Ideal for those seeking a predictable and controlled way to improve their credit.
You will remain on this site
+Positive points
- Guaranteed Approval: No credit check required, making it accessible for all applicants.
- Low Fixed APR: A stable interest rate, unlike variable-rate secured cards.
- Credit Building Opportunity: Reports to all three major credit bureaus to help improve credit score.
- Customizable Credit Limit: Deposit determines the credit line, allowing controlled spending.
- Visa Acceptance: Widely accepted for purchases and online transactions.
- Negative points
- Annual Fee: Charges a yearly fee, unlike some competitor secured cards.
- No Rewards Program: Does not offer cashback or points on purchases.
- No Automatic Upgrade: Requires manual application for an unsecured card.