Save money and be informed. CreditDonkey is a credit card comparison and financial education website. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you apply or shop through links in our content. Advertiser Disclosure†

Updated January 10, 2013

Applied Bank Secured Card Review: Worth $50 Annual Fee?

This article has references or links to products from our partners. We may receive compensation if you apply or shop through links in our content. You support CreditDonkey by using our links (read more).


If you can’t get a regular, unsecured credit card because of your credit score, the Applied Bank Secured Visa Gold Card can help you get back on track. This card is designed for people that have no credit history or a bad credit score. It is easy to qualify for, and it builds your credit like a normal credit card does.

5/7/2013 Update: We're sorry, Applied Bank® Secured Visa® Gold Credit Card is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Overall Score

2.7

Interest Rates

3.0

Fees

2.0

Benefits

3.0
5-point scale (the higher, the better)

Pros and Cons

  • Not a prepaid card
  • Credit line
  • Low fixed APR
  • $50 annual fee
  • No grace period on purchases

Bottom Line

Fair secured credit card for those with limited credit. Expensive as there is no grace period on purchases

Secured Card

The Applied Bank Secured Gold Card is a secured credit card. This means you need to put money on the card before it will work. Your deposit equals your total credit line. You can make a minimum deposit of $200 and a maximum deposit of $5,000.

Builds Credit

Even though the Applied Bank Secured Gold Card needs a deposit, it is a credit card, not a prepaid card. Prepaid cards do not improve your credit score; secured cards, on the other hand, can improve your credit score with responsible usage.

With this secured credit card, you get a credit line that is reported to the major credit bureaus. Your payment history for this card will show up on your credit report.

Remember, when you make purchases on your Secured Gold Card, it doesn’t spend down your deposit. Instead, you pay off your purchases each month like a regular credit card. Your deposit is used as collateral in case you cancel your card or don’t have the money to pay off your balance.

Fees

To use this card, you need to pay a few fees. It costs $50 a year to keep your Applied Bank Secured Card active. If you want to add other cards to your account, it costs another $30 per card. There are no fees for adding money to your account, so it is free to increase your credit limit.

If you keep a balance on your card, Applied Bank charges you an interest of 9.99% on your purchases. This is a relatively low rate, but keep in mind, there is no grace period for purchases. When you purchase something with the card, interest starts racking up immediately.

If you have good credit, you might want to consider an unsecured rewards credit card instead. Also, if you see your credit score improve while using the Applied Bank Secured Card, you should consider switching to a less expensive or more generous credit card.

Pros

  • Real credit card, not a prepaid debit card
  • Credit line that reports to the major credit bureaus
  • Low annual APR of 9.99%

Con

  • $50 annual fee
  • No grace period on purchases

Bottom Line

If you want to start building a credit history but can’t qualify for a regular unsecured credit card, the Applied Bank Secured Visa Gold Card is a fair place to start. With no grace period on purchases, it is an expensive card to use.

5/7/2013 Update: We're sorry, Applied Bank® Secured Visa® Gold Credit Card is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Share this on Facebook or Twitter

Follow @CreditDonkey or write to David R at davidr@creditdonkey.com

Disclaimer: This content was first published on December 28, 2012. This content may have been updated on January 10, 2013. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the issuer's website for updated information.

More Articles in Reviews

What do you think about Applied Bank Secured Card Review: Worth $50 Annual Fee?

Name (required)
Email (required; won't be published)
Website (optional)

or you can also trackback from your blog.
July
23
2014

Best Place to Buy Tires Online

It’s that time again. No, it’s not time to go to the dentist, but it is time for new tires. We are talking not just about new tires, but good tires. Good tires that will ensure your dream car has that added touch, or your in-between junker makes ...
More Articles in Reviews






About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.