Applied Bank® Secured Visa® Gold Credit Card
Sponsored Card
- Minimum Credit Required:
Bad - Network: VISA
- Online Response:No
- Secured Credit Card:Min Deposit of $200
- This card does not have a grace period, which means that interest will begin getting assessed as soon as you make a purchase.
- Guaranteed Approval Regardless of Your Past Credit History. No Credit Checks.
- Monthly Credit Bureau Reporting.
- 9.99% Low Fixed APR - Your Rate Won't Change Even if You Are Late.
- Choose Your Credit Limit - From $200 to $5,000.
| Annnual Fee $50 |
Monthly Fee None |
One-time Fees None |
| Purchase Rate 9.99% |
Grace Period 0 days |
| Cash Advance Rate 9.99% |
Cash Advance Fee 5% (min $5) |
Max Late Fee  Up to $35 |
Max Overlimit Fee None |
Max Penalty APR None |
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Before applying for a credit card we recommend that you review and verify the credit card terms and conditions on the credit card company's web site. Please let us know if you find any differences related to the Applied Bank® Secured Visa® Gold Credit Card shown on this page.
The card information shown on this page was last updated: May 23rd, 2012 at 12:33 EDT
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Took my money and than told me I was not yet approved. Their argument that I had to verify the bank account was BS as they already had withdrawn my money. It is just another way of slowing down the consumers ability to access their funds while Applied has full use of your money.
Should you apply for the Applied Bank Secured Credit Card? That is indeed the question. But how do you answer it? When I look at a new credit card offer I like to work backwards from my needs. Given your obvious interest in secured cards, it’s likely that you need a card that A) you can qualify for b) that helps you build, rebuild or maintain your credit standing and C) that minimizes the cost of doing so. You’re certainly on the right track because secured credit cards offer the closest you’ll find to guarantee approval and they report to the major credit bureaus, which means you can improve your credit standing by adding positive information to your credit reports on a monthly basis via either on time bill payment or simply locking your card away unused. Whether or not the Applied Bank Secured Card is the right choice for the job is another story entirely. Pros - The Applied Bank Secured Visa Gold Credit Card offers pretty much assured approval, but all secured cards do so. - It also requires a $200 minimum deposit, the lowest you’ll find, but still not a differentiating factor between this and other cards. - 9.99% fixed APR: This is pretty low, but you should always pay your secured card bills in full because it’s a good habit to get into for later credit card use. Cons - $50 annual fee: This is the biggest downside to the Applied Bank Secured Visa, as it’s a rather steep fixed cost for a card that naturally protects the issuer with a refundable security deposit. Ultimately, the one con outweighs the three pros and the Applied Bank Secured Gold Visa Card isn’t the best choice for secured card users. The Orchard Bank Secured Card does not charge any membership fees in the first year ($35 after that), and one year of proper secured card use is enough to build the credit standing necessary to qualify for an unsecured card. So to return to your original question, no you should not apply for the Applied Bank Secured Card. What does everyone else think?
I read somewhere that some banks flag the card as secured and therefore the credit bureaus give the card a lower rating. Is this true and how can I find out which ones does this. I am looking strongly at Orchard Bank Master Card.
Phyllis Sanders - We do not know of any secured credit card that does tha. You should be in good shape with the Orchard Bank Secured Card as it is our editor's pick for best secured credit card - http://www.cardhub.com/d/orchard-bank-secured-mastercard-13c/
Phyllis Sanders I haven't heard of this either, do you remember where you read it?
Margie Cole I really wouldn’t worry about that because Id bet its not the case. The thing Id be more concerned about is the Applied Bank Secured Visa Gold Credit Card’s lack of a grace period for new purchases. What this means is that anytime you make a purchase with the Applied Bank Secured Card, you start getting assessed interest right away, even if you pay your balance in full every month. Most credit cards if you pay your bill in full, you get 20-30 days after your statement is ready to pay before interest starts up. In other words, making purchases with the Applied Bank Secured Visa would entail wasting money, so its not a good idea. Is the Applied Bank Card not useful as a result? I mean it still helps you build credit but so do all other secured cards. And they don’t charge $50 annual fees or try to gauge you with interest. So I’d recommend staying away from the Applied Bank Visa Secured Card and instead jumping on the Orchard Bank Secured MasterCard which could be on its last legs after the Capital One purchase of HSBC.
Joe Weider Joe Weider That's rididulous! How's a credit card company gonna punish someone even when they do everything they're supposed to? I mean one would think that Applied Bank would want to reinforce good habits in its secured credit card customers, but i guess that wouldnt enable that bank to make as much money would it? Interest is a big money source and Applied Bank is basically sayin, we're coming for our interest no matter what you do about it. Terribble. Joe Weirder was right though, people with limited or damaged credit do have other options and the Orchard Bank Secured Credit is one of the best, since its free for a lot of us!
Credit card companies sure do love using the word “gold” in the names of their products. Unfortunately, the Applied Bank Secured Visa Gold Credit Card isn’t like a “pot of gold” or a “gold mine” or anything like that. Rather, when you compared to other secured credit cards, using the Applied Bank Secured Visa Gold Card is like giving up gold. In other words, it costs a lot more. The main thing to look out for when evaluating a secured credit card is fixed costs. The reason why is that you can build credit whether you actually make purchases with your credit card or not. You can either make purchases and pay for them on time or you can just lock your card away in good standing. Either way, positive information will be relayed to your major credit reports on a monthly basis, and having a card with low or no fixed costs lets you preserve the choice of using it or not. With that being said, the Applied Bank Secured Visa charges a $50 annual fee, making it more expensive than most of its competition. It doesn’t really matter what the card’s rates are because you should always pay your bills in full when building or rebuilding credit, primarily so you can keep costs down but also so you can get in good habits. Other secured cards have lower APRs than the Applied Bank Secured Visas anyway. Ok, so the Applied Bank Secured Visa Gold Credit Card obviously isn’t up to snuff and you clearly need alternatives. Without a doubt, the best card to go for is the Orchard Bank Secured MasterCard, since it has no fixed costs in the first year ($35 annual fee beginning in the second year). It’s the most cost-effective credit building tool, which is what you’re looking for from a secured credit card.