More about the Applied Bank® Secured Visa® Gold Preferred® Credit Card
- Better than Prepaid…Go with a Secured Card! Load One Time – Keep On Using
- Absolutely No Credit Check or Minimum Credit Score Required
- Automatic Reporting to All Three National Credit Bureaus
- 9.99% Low Fixed APR – Your Rate Won’t Go Up Even if You Are Late
- Activate Today with a $200 Minimum Deposit – Maximum $1,000. Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
Reviewing The Applied Bank Secured Visa Gold Preferred Credit Card
When people are struggling to build or re-establish their credit, one of the best financial tools is a secured card. But only if that secured card reports your activity to the three major credit bureaus. Consumers will be happy to know that the Applied Bank Secured Visa Gold Preferred Credit Card does this. So positive use of this secured card will help build your credit, which will help your financial position in the long run.
Main Benefits Of The Applied Bank Secured Visa Gold Preferred Credit Card
When applying for the Applied Bank Secured Visa Gold Preferred Credit Card, the issuer will not even check your credit history. And you don’t need any minimum credit score. This certainly helps those consumers who may need to establish credit or dig out of a hole such as a bankruptcy. As long as you can put up a security deposit, you should be able to qualify for this card.
The amount of credit you will initially be granted will depend solely upon your security deposit. There is a minimum deposit of $200 and a maximum of $1,000. So if you put up a $400 security deposit, $400 will be your credit limit. Once your account is established, cardholders have the ability to increase their credit limit up to $5,000 simply by adding deposits at any time.
Activity on your account will be reported each month to all three major credit bureaus, so this will help consumers trying to establish or re-establish credit.
The card is accepted at almost every merchant in the United States since it is backed by Visa.
The Applied Bank Secured Visa Gold Preferred Credit Card has one of the more attractive APRs on the market: 9.99%. In addition, this is a fixed rate.
Main Drawbacks Of The Applied Bank Secured Visa Gold Preferred Credit Card
This card has two main drawbacks: an annual fee and lack of a grace period.
There are a handful of secured cards on the market that have no annual fee. So a $48 annual fee for this card is something to consider.
In addition, most credit card issuers offer a grace period for their cardholders. A grace period on a credit card is the amount of time you are allowed to pay your credit card bill without having to pay interest. Most cards do offer a grace period of at least 21 days. But this card does not. The lack of a grace period means consumers will begin to accrue interest on the same day that you make a purchase. And even though the APR is a low 9.99%, this lack of a grace period is certainly a major factor for consumers to weigh.
Who The Applied Bank Secured Visa Gold Preferred Credit Card Is Right For
If you have damaged credit or no credit at all, obtaining a secured card that reports to all three major credit bureaus is a good way to begin changing your financial profile. Your money struggles of the past will certainly not stop you from getting approved for an Applied Bank Secured Visa Gold Preferred Credit Card. Since the card reports to the major credit bureaus, your wise use of the card will help improve your credit status. And the fixed interest rate is a very attractive 9.99%. But you will pay an annual fee for the card, and you’ll begin accruing interest charges the day you make any purchase since there is no grace period. If you do make purchases on the card, pay off the balance as soon as possible to avoid the interest charges.