Credit card
Applied Bank® Gold Preferred® Secured Visa® Credit Card Review
Introducing the Applied Bank® Gold Preferred® Secured Visa® Credit Card, a powerful tool designed to help individuals build or rebuild their credit.
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Applied Bank® Gold Preferred® Secured Visa® Credit Card: A Path to Building Credit
Welcome to our comprehensive review of the Applied Bank® Gold Preferred® Secured Visa® Credit Card.
This card was designed with the goal of providing credit-building opportunities for individuals with limited credit histories or past challenges.
| CARD’S FEATURES SUMMED UP: |
| Credit Score required: Doesn’t have strict requirements regarding credit scores, but requires a deposit to activate the card and determine the credit limit. |
| Card’s APR: 9.99% APR |
| Fees: $48 annual fee |
| Rewards: Allows clients to rebuild their credit history, but doesn’t offer typical credit card rewards such as miles and cashback. |
In this article, we aim to empower you to make a conscious decision on whether this credit card is a good option for your finances or not.
Keep reading to learn about the potential solutions the Applied Bank® Gold Preferred® Secured Visa® Credit Card offers, as well as its advantages and disadvantages.
Applied Bank® Gold Preferred® Secured Visa® Credit Card: what’s about this card?
The convenience of applying for the Applied Bank® Gold Preferred® Secured Visa® card lies in the fact that you can complete the process entirely online within just a few simple steps.
On top of that, this credit card serves as a valuable tool for credit building, particularly for individuals with limited credit options.
While the card incurs an annual fee, its competitive fixed APR and guaranteed approval make it a viable option for those seeking to establish or rebuild credit.
However, if your application is accepted, you must fund your security deposit. You can learn how to apply for this credit card in this post.
Additionally, this card requires a deposit of $200 to $1,000 to activate the card, with the deposited amount minus the $48 annual fee determining the initial credit limit.
The ups and downs: Applied Bank® Gold Preferred® Secured Visa® Credit Card pros and cons
Like any credit card, this offering comes with its own set of advantages and disadvantages.
So, understanding these pros and cons is crucial for making an informed decision.
Delve into the key benefits and drawbacks of the Applied Bank® Gold Preferred® Secured Visa® card to help you weigh your options effectively.
Ups:
- ⬆️ Credit Building Opportunity: The card is an effective tool for building or rebuilding credit, making it ideal for individuals with a limited credit history or past credit challenges.
- ⬆️ Flexible Credit Limit: Allows for a credit limit ranging from $200 to $5,000, providing flexibility to users based on their financial situation and security deposit.
- ⬆️ Low Fixed APR: Offers a competitive fixed annual percentage rate (APR) of 9.99%, providing stability and predictability in interest charges.
- ⬆️ Guaranteed Approval: Approval is assured for all applicants, regardless of their credit history, making it accessible to a wide range of individuals.
- ⬆️ Automatic Reporting to Credit Bureaus: Reports to all three national credit bureaus, helping users establish a positive credit history when used responsibly.
Downs:
- ⬇️ Annual Fee: There is an annual fee of $48, which may be a drawback for individuals seeking a card with no annual fee.
- ⬇️ Limited Rewards and Benefits: It lacks a rewards program and significant benefits typically offered by other credit cards, potentially making it less appealing for users seeking rewards or perks.
- ⬇️ Fee Transparency: Some fees may not be clearly disclosed upfront, leading to uncertainty regarding the additional costs associated with the card.
- ⬇️ Security Deposit Requirement: Requires a security deposit ranging from $200 to $1,000 to activate the card, which may be a barrier for individuals with limited funds.
- ⬇️ No Introductory Offers: It does not feature introductory offers such as 0% APR periods or bonus rewards, which may be a drawback for users seeking immediate benefits.
Are you eligible? Requirements to apply for the Applied Bank® Gold Preferred® Secured Visa® Credit Card
Obtaining your own Applied Bank® Gold Preferred® Secured Visa® Credit Card is not difficult, but you do need to meet a few requirements.
Although this credit card aims to provide credit-building opportunities for those with limited or past credit challenges, it still demands a few guarantees, as outlined below:
- Minimum Age: Applicants must be at least 18 years old to apply for the card.
- Security Deposit: A security deposit, typically ranging from $200 to $1,000, is required to activate the card. This deposit serves as collateral and determines the initial credit limit.
- Valid Identification: Applicants need to provide valid identification, such as a driver’s license, passport, or state ID, to verify their identity.
- Proof of Income: While not always required, some applicants may need to provide proof of income to demonstrate their ability to manage credit responsibly.
- U.S. Residency: The card is typically available to U.S. residents only.
- Credit Check: While the card does not require a minimum credit score or credit check for approval, applicants should be aware that their credit history may still be considered during the application process.
- Ability to Fund Deposit: Applicants should have the financial means to fund the security deposit required to activate the card.
The final step: Learn how to apply for the Applied Bank® Gold Preferred® Secured Visa® Credit Card!
To begin with, visit the Applied Bank website and gather all the information you need to confidently apply for this credit card.
Thoroughly review the features, benefits, fees, and terms associated with the Applied Bank® Gold Preferred® Secured Visa® Credit Card.
Before proceeding with the application, ensure that you meet the basic eligibility requirements. Then, locate the “Apply Now” or “Get Started” button on the website.
You will then need to fill out the application form, select your security deposit amount, and await approval upon submitting your application.
However, be aware that if your application is approved, you’ll need to fund your security deposit to activate your Applied Bank® Gold Preferred® Secured Visa® Credit Card.
But what about other options? Check the Destiny Mastercard review
Are you searching for a credit card option that doesn’t require a security deposit yet offers a $700 limit? Look no further than the Destiny Mastercard®.
Below, delve into a comparative review between the Applied Bank® Gold Preferred® Secured Visa® Credit Card and the Destiny Mastercard.
| APPLIED BANK® GOLD PREFERRED® SECURED VISA® CREDIT CARD | DESTINY MASTERCARD |
| It doesn’t offer traditional rewards such as cash back, points, or miles, but it helps individuals build or rebuild their credit history. | 300-669 score required |
| 9.99% APR | 24.99% APR |
| $48 annual fee | $75 annual fee |
| Doesn’t offer traditional rewards such as cash back, points, or miles. But it helps individuals build or rebuild their credit history. | 1.5% cashback rewards for all of your eligible purchases. |
Keep reading to understand the Destiny Mastercard® and determine if it’s the right choice for you.
Destiny Mastercard® review: build credit!
If you wish to build credit while preserving your self-assurance, the Destiny Mastercard® is the product that will serve you best in this endeavor.
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