Apply for the Applied Bank Secured Visa Card

The Applied Bank Secured Visa Card is an excellent choice for those looking to build or improve their credit in a safe and controlled way.

This secured credit card offers a practical and efficient way to manage your finances, providing a hassle-free experience and the opportunity to improve your credit history over time.

With accessible requirements and the advantage of being accepted at millions of establishments, the Applied Bank Secured Visa Card is a great option for those starting their financial journey or needing a card to improve their credit score.

Is This Card the Best Option for You?

The Applied Bank Secured Visa Card can be an excellent choice if:

  1. You want to build or restore your credit: This card is ideal for those starting to build credit or restore damaged credit, as it reports your credit information to the major credit bureaus.
  2. You’re looking for an affordable way to manage your credit: The Applied Bank Secured Visa Card offers an adjustable credit limit based on your security deposit, giving you greater control over spending and reducing financial risks.
  3. You’re looking for a widely accepted card: With the Visa network, the Applied Bank Secured Visa Card is accepted at millions of establishments around the world, providing flexibility for both domestic and international purchases.
  4. You want a simple application process: Applying for the Applied Bank Secured Visa Card is straightforward and quick, with guaranteed approval as long as the applicant meets the required criteria.

Negative Aspects to Consider

While the Applied Bank Secured Visa Card offers several benefits, there are some points to consider:

  1. Annual fees: The Applied Bank Secured Visa Card charges an annual fee, which may be higher than some other secured credit cards, and should be considered when evaluating its financial viability.
  2. Security deposit: To obtain the card, you must make a security deposit, which may be a disadvantage if you don’t have the available resources.
  3. Relatively high-interest rates: The Applied Bank Secured Visa Card has interest rates (APR) that may be higher than other credit cards with better conditions for consumers with good credit.

Requirements to Apply for the Card

To apply for the Applied Bank Secured Visa Card, you must meet the following requirements:

  1. Minimum age of 18: Applicants must be 18 years or older to apply for the card.
  2. Security deposit: You’ll need to make an initial security deposit, ranging from $200 to $1,000. This amount will become your credit limit.
  3. U.S. residency: The card is available to U.S. residents, and the application process must be done online.
  4. Proof of identity and address: Applicants must provide identity and address information as part of the verification process.
Applied Bank Secured Visa Card
Applied Bank Secured Visa Card

Associated Costs of the Card

While the Applied Bank Secured Visa Card offers a range of benefits, it also comes with some fees to consider:

  1. Annual fee: The Applied Bank Secured Visa Card charges an annual fee of $48, which may be higher than other secured credit cards.
  2. Interest rates (APR): The APR for purchases can be 24.99%, which is relatively high and may result in higher costs if you don’t pay off the balance in full each month.
  3. Late payment fee: Although the card doesn’t charge foreign transaction fees, a late payment fee may apply if you don’t make a payment by the due date.
  4. Cash advance fee: The Applied Bank Secured Visa Card charges a cash advance fee of $5 or 3%, whichever is higher.
  5. Returned payment fee: If a payment is returned due to insufficient funds, a returned payment fee of $35 may apply.

Benefits and Rewards of the Applied Bank Secured Visa Card

Although the Applied Bank Secured Visa Card doesn’t offer traditional rewards programs like cashback or points, it offers several advantages, especially for those looking to build or improve their credit:

  1. Guaranteed approval: If you meet the deposit and age requirements, approval for the Applied Bank Secured Visa Card is guaranteed. This is ideal for those who have trouble getting approved for other credit cards.
  2. Reporting to major credit bureaus: The Applied Bank Secured Visa Card reports your credit behavior to the three major credit bureaus in the U.S. (Equifax, TransUnion, and Experian), helping you build or improve your credit history.
  3. Wide acceptance: As a Visa-branded card, it is accepted at millions of points of sale worldwide, both online and in physical stores.
  4. Credit control with security deposit: The card offers full control over your credit limit, as it is based on the security deposit. This helps avoid the risk of accumulating unwanted debt.
  5. Security and protection: As part of the Visa Zero Liability Policy, the Applied Bank Secured Visa Card offers fraud protection, ensuring you won’t be held responsible for unauthorized purchases.

Frequently Asked Questions about the Card

Apply for the Applied Bank Secured Visa Card
Apply for the Applied Bank Secured Visa Card

Does the Applied Bank Secured Visa Card charge an annual fee?

Yes, the Applied Bank Secured Visa Card charges an annual fee of $48.

What is a security deposit and how much is required?

The security deposit is an amount you need to pay to secure your credit limit. The deposit can range from $200 to $1,000.

Does the card offer rewards like cashback or points?

No, the Applied Bank Secured Visa Card does not offer cashback or points on purchases, but it provides an excellent opportunity to build credit.

Does the card charge foreign transaction fees?

No, the Applied Bank Secured Visa Card does not charge foreign transaction fees, making it a good option for international purchases.

How does credit building work with the Applied Bank Secured Visa Card?

The card reports your payment information to the major credit bureaus, helping you build or improve your credit over time, as long as you make timely payments.

Contacting Applied Bank

If you need assistance or have questions about the Applied Bank Secured Visa Card, you can contact Applied Bank through the following channels:

  • Phone: Call the customer service number available on the official Applied Bank website.
  • Website: Visit the official Applied Bank website for more information about the card by clicking here.
  • App: Manage your card and track your finances through the Applied Bank app, available for both iOS and Android.

Conclusion

The Applied Bank Secured Visa Card is an excellent option for those looking to build or improve their credit, with wide acceptance and full control over the credit limit.

While it has an annual fee and relatively high interest rates, it is a solid choice for those just starting in the credit card market or needing an alternative to improve their credit score.

With credit reporting to the major agencies and fraud protection offered by Visa, the Applied Bank Secured Visa Card is a great option for those wanting to manage their finances and establish a good credit history.

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