Use this credit card for your regular purchases, and earn many benefits.
If you’re looking to build or rebuild your credit, the Applied Bank Secured Visa Gold could be a good option. It’s easy to apply for, comes with a low interest rate, and is available to almost everyone.
Want to know if it’s the right card for you? Keep reading to find out how it works, its benefits, and if it’s a good fit for your financial goals!
Applied Bank Secured Visa Gold
Earn rewards with every purchase Earn points quicklyHow does the Applied Bank Secured Visa Gold work?
The Applied Bank Secured Visa Gold works like a regular credit card, but requires a deposit as your credit limit. For example, if you deposit $500, that’s your spending limit. This deposit is held by the bank as backup if you don’t make payments.
It’s a great option for those new to credit or rebuilding their credit score. As long as you make payments on time, you can improve your credit.
You can use the card anywhere Visa is accepted, but your credit limit is tied to your deposit.
The process is simple: apply, make your deposit, and get the card. Use it wisely, and you’ll start building your credit.
Main benefits of the Applied Bank Secured Visa Gold
One of the best things about this card is its low, fixed APR of 9.99%. This is a huge plus because most secured cards have much higher rates.
If you end up carrying a balance, this low rate will save you money in interest compared to other cards that charge higher rates. The fact that it’s a fixed APR means it won’t change over time, so your payments will be predictable.
Another big benefit is that there are no credit score requirements to apply. Whether you’re starting from scratch or recovering from bad credit, this card is accessible to just about anyone.
Most other credit cards have minimum score requirements, but this one doesn’t, which makes it easier for people to get approved.
Plus, it’s a Visa card, so you can use it at millions of locations worldwide. Whether you’re shopping online or traveling, this card works just like any other Visa card, making it super convenient.
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Cons of the Applied Bank Secured Visa Gold
While the Applied Bank Secured Visa Gold has some great perks, there are a few downsides to keep in mind. The first is the annual fee of $48.
This isn’t super high compared to other cards, but it’s still something you’ll need to pay every year. If you’re looking for a card with no annual fee, this may not be the best choice.
Another downside is that this card doesn’t offer rewards. Many credit cards offer things like cash back or points for purchases, but this one doesn’t. So, if you’re someone who wants to earn rewards for your spending, you might want to look for a different card.
Lastly, since this is a secured card, your credit limit is tied to the deposit you make. If you want a higher limit, you’ll need to deposit more money. This can be limiting if you don’t have a lot of cash to put down upfront.
APR and Fees
The APR for the Applied Bank Secured Visa Gold is 9.99%, which is lower than many other secured cards.
This is a good deal if you plan on carrying a balance because it means you won’t be paying as much in interest. But remember, this is a fixed APR, so it won’t change, which helps keep things predictable.
In terms of fees, the card comes with an annual fee of $48. This is something you’ll pay once a year just for having the card. While not the lowest, it’s reasonable compared to other secured cards that may charge higher annual fees.
There are also a few other fees to watch out for. For example, if you make a late payment, you could face a fee up to $38. There’s also a returned payment fee of $38 if your payment bounces.
How to apply for the Applied Bank Secured Visa Gold
Applying for the Applied Bank Secured Visa Gold is easy. All you need to do is visit the Applied Bank website, fill out the application, and provide some basic information like your name, address, and Social Security number.
You’ll also need to make a deposit to set your credit limit. The minimum deposit is usually around $200, but you can choose to deposit more if you want a higher limit.
Once you’ve submitted your application, the bank will review it, and if you’re approved, you’ll be asked to make your deposit.
After that, your card will be mailed to you. It usually takes a few days to get your card, and once you have it, you can start using it right away.
It’s important to note that this card is available nationwide, so you can apply no matter where you live in the U.S.!
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