Applied Bank Secured Visa Gold – How to apply

Security and responsibility are essential in today’s financial landscape.

In an ever-evolving financial landscape, security and responsibility are more than just desires – they are essential needs. 

The Applied Bank Secured Visa is an innovative solution for those seeking not only the convenience of a credit card, but also an effective way to build and improve their credit history. 

With a solid commitment to consumer protection, this card guarantees a safe and affordable user experience. In this article, we’ll explore the features and benefits that make the Applied Bank Secured Visa a smart choice for those who want to navigate the world of credit with confidence and security.

How does the Applied Bank Secured Visa work?

The Applied Bank® Secured Visa® Preferred® credit card is a secured credit card designed to help people with bad credit or no credit history establish a credit record. 

To obtain this card, you must make a security deposit, which serves as collateral for the issuer. Your card’s credit limit usually corresponds to the amount of the deposit. 

For example, if you make a deposit of $500, your credit limit will be $500. 

A positive aspect of this card is that there is no credit check when you apply, making approval easier. 

It also reports your credit activity to the three main credit bureaus, which can help build your credit history over time.

Main benefits of Applied Bank Secured Visa Gold

The Secured Visa® Gold Preferred® Credit Card offers a number of significant benefits, especially for those looking to rebuild or establish their credit. 

One of the main attractions of this card is the absence of a credit check during the application process. 

Thus, there is no requirement for a minimum credit score, which makes the card accessible to people with limited or bad credit. 

Those interested only need to provide basic information, such as name and address, making the approval process much simpler and faster.

Another important benefit is the card’s ability to help build credit history. 

Applied Bank Secured reports your credit activity to the three main bureaus – Equifax, Experian and TransUnion. 

This is crucial, as every payment you make on the card is recorded, contributing to the improvement of your credit score over time. 

In addition, the card offers a fixed interest rate of 9.99%, which is considered competitive for secured cards. 

Although there is an annual fee of $48, the benefit of establishing a solid credit history and the possibility of having access to a credit limit, which ranges from $200 to $1,000, outweigh this cost. 

And with built-in chip technology, the card also guarantees security for all transactions.

Cons of Applied Bank Secured Visa

One of the main concerns is the requirement for a security deposit. 

Although this deposit acts as your line of credit and is refundable, it represents an initial cost that can be a stumbling block for some. 

The minimum deposit is $200, but it can go up to $1,000, which can be a significant amount, especially for those who are already facing financial difficulties.

Another negative point is the absence of a grace period on purchases. 

Unlike many credit cards, which offer an interest-free period of at least 21 days, Applied Bank Secured Gold starts charging interest immediately after purchases are made. 

Finally, it’s important to note that while the card can help build credit, it doesn’t offer the possibility of transitioning to an unsecured card. 

This means that, over time, you won’t have the opportunity to upgrade to a credit product that can offer additional rewards or benefits.

APR and Fees

The card has a fixed APR of 9.99%, which is considered relatively low for secured cards. 

This fixed rate means that, regardless of your financial circumstances, it won’t increase, even if you delay a payment. 

However, one of the main disadvantages is the annual fee of $48. 

In comparison, many credit building cards offer lower annual fees of around $3, which makes the card a less attractive option in terms of cost. 

In addition, there are no sign-up bonuses or rewards associated with the card, which means that each year you’ll pay $48 without receiving any additional benefits in return.

The security deposit, which ranges from $200 to $1,000, also represents a significant initial cost. 

How to apply for the Applied Bank Secured Visa Gold

To sign up for Secured Visa® Gold Preferred® credit card, follow these steps:

1.Visit the Applied Bank website and go to the specific page for the credit card.

2. Fill out the application form with your personal information, such as name, address, income and contact information. As there is no credit check, the process is simpler.

3. Make the security deposit

4. After sending the registration form and deposit, you will receive a confirmation by e-mail or post.

5. Once your application has been approved and your deposit processed, your card will be sent to you.