How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a decent option for people with no credit or bad credit who may not qualify for secured cards from major issuers, but it does assess an annual fee.
A secured card requires that you submit a security deposit, which will serve as your credit line as opposed to an unsecured card where the lender gives you a credit line based on your credit profile. Secured cards are designed to help people build or rebuild a poor credit profile. Once the secured card is closed, the security deposit is refunded, minus any fees or balance owed.
The good news is that this card doesn’t require a credit score and won’t perform a credit check when you apply, so people who lack a credit history or have a low score may be approved.
The bad news is that the Applied Bank® Secured Visa® Gold Preferred® Credit Card does not come with a grace period, which means you are charged interest immediately after your purchases. Most other credit cards allow a grace period of several weeks before interest is charged on any unpaid balance.
Intro Purchase APR
N/A
Regular Purchase APR
9.99% (Fixed)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$48
Cash Advance Fee
Either $5 or 5% of the amount of each cash advance, whichever is greater
Foreign Transaction Fee
3% of each transaction in U.S. dollars
Balance Transfer Fee
N/A
Reports to all three credit bureaus
When trying to build or rebuild a credit history and score, it’s important to find a credit card that reports the card and payment history to the all three credit bureaus instead of just one or two. The Applied Bank® Secured Visa® Gold Preferred® Credit Card reports to them all: Equifax, Experian and TransUnion.
Low fixed APR
The Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a very reasonable 9.99% (fixed) APR.
No penalty APR
If you happen to miss a payment, your APR won’t be hiked up. However, you will be assessed a late payment fee of up to $38 each time your payment is not paid on time.
Annual fee
There is a $48 annual fee, which will be subtracted from your security deposit, thereby reducing your credit limit until paid. That means if you open your account with a $200 credit line, your initial available credit will be $152.
No grace period
Another setback for this card is a lack of a grace period — you will be charged interest from the transaction date of your purchases. Most credit cards give you at least a 21-day grace period where you won’t be charged interest until your statement due date.
Foreign transaction fee
If traveling abroad, beware that the Applied Bank® Secured Visa® Gold Preferred® Credit Card will assess a fee of 3% of each transaction in U.S. dollars on any purchases made with the card.
No rewards
While earning rewards on a credit card when you’re trying to build or rebuild your credit shouldn’t be a priority, know that there are some secured cards that do offer a rewards program for a $0 annual fee, such as the Discover it® Secured Credit Card.
The Applied Bank® Secured Visa® Gold Preferred® Credit Card and the Discover it® Secured Credit Card are very different secured cards that target different types of people.
While both cards may approve people who are new to credit, if you have a limited / poor credit score, you may have a better chance with the Applied Bank® Secured Visa® Gold Preferred® Credit Card since it doesn’t perform a credit check.
Looking at the features of each card, the Discover it® Secured Credit Card has a wide range of benefits that include a $0 annual fee, a rewards program, access to your free credit score, a grace period and more.
Meanwhile, the Applied Bank® Secured Visa® Gold Preferred® Credit Card lacks added benefits, has a $48 annual fee and no grace period.
If you want a well-rounded secured card, the Discover it® Secured Credit Card is a great option, but if you’ve had trouble getting approved for cards from major issuers, the Applied Bank® Secured Visa® Gold Preferred® Credit Card may be an OK choice with better approval odds.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Annual Fee | Regular APR | Balance Transfer Fee | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|---|---|
|
Applied Bank® Secured Visa® Gold Preferred® Credit Card*
|
N/A | Non-rewards card | $48 | 9.99% (Fixed) | N/A | Limited / Poor | ||
|
Discover it® Secured Credit Card*
|
Discover will match all the cash back you’ve earned at the end of your first year. | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | $0 | 27.74% Variable APR | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | Limited / Poor | ||
Horizon Gold Card*
|
N/A | N/A | See Terms* | N/A | N/A | Poor | ||
OpenSky® Secured Visa® Credit Card
 Apply Now
on Capital Bank, N.A.'s secure site |
N/A | Earn up to 10% cash back* on everyday purchases | $35 | 25.14% (variable) | N/A | Poor |
Apply Now
on Capital Bank, N.A.'s secure site |
The Applied Bank® Secured Visa® Gold Preferred® Credit Card can be a decent choice for a secured card if you don’t have credit or have bad credit — just be aware of the cost of the annual fee, how that fee limits your available credit and the lack of a grace period.
The information related to the Applied Bank® Secured Visa® Gold Preferred® Credit Card, Discover it® Secured Credit Card and Horizon Gold Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
