Applied Bank® Secured Visa® Credit Card Review

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Our Detailed Review of This Card

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The Applied Bank® Secured Visa® Credit Card is a secured credit card, a good choice for individuals who have no or limited credit history, or have past or current credit issues. It automatically reports to all 3 credit bureaus which, with responsible card use, may help improve or build your credit history. Plus, the ongoing APR is a remarkably low 9.99% and it won’t go up, even if you’re late on your payment. There is a $48 annual fee, but the low ongoing APR and the fact it reports to all 3 bureaus might make this card worth it for you.

Secured Credit Card

  • Guaranteed by your funds, which act as a “security deposit” in case you default on the loan extended by the credit card company.
  • Security deposit will be refunded in full if your account is up-to-date and paid on time when you close out your card.
  • Looks and works like any other credit card, so it won’t be apparent to others that this is a secured card.
  • No credit check required, you just fund the card by depositing money into a FDIC-insured account.

Helps Credit History

  • Helps boost your credit history by reporting to all 3 credit bureaus every month so you can establish or rebuild your credit.
  • Looks like any other credit card on the credit reports – there is no indication that you have a secured card.
  • If you make your payments on time, you can help improve your credit score with good payment behavior.

Fees and APR

  • $48 annual fee.
  • Purchase APR: 9.99% APR. No grace period is provided.
  • Balance Transfer APR: Balance transfers not permitted.
  • Minimum deposit required is $200 and the maximum deposit is $5,000.
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Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.