First Credit

Applied Bank Secured Visa Credit Card Review

If you are looking at secured credit cards then it is likely that you have been turned down many times elsewhere, those who are looking for a secured card are usually doing so for one of two reasons. Typically a secured credit card is needed by those who have a poor credit record and have been in some sort of debt in the past, a secured card could be your first step back into a good credit score. Another reason to apply for a secured card is because you may have no history or credit record and wish to build your reputation for future borrowing. By paying a deposit to an account the lender is protected as you can only spend what you have put in, allowing you to rebuild your credit worthiness.

The Applied Bank Secured Visa Credit Card could be the card for you if you are someone with circumstances like those above. Here we will take a look at some of the pros and cons of this card, and weigh up whether it can help you to improve your credit, or if you should steer clear.

Pros

Low interest rates- 12.99% APR on purchases and cash advances makes the Applied Bank Secured Visa have one of the lowest interest rates in the sector. What’s more the interest rate is static even if you are late on a payments (Although a typical late fee does apply).

No application or set up fee- This is a pro, meaning that you have no initial outlay other than the deposit you make, however you are hit hard by fees elsewhere.

No credit check required- This is a vital part of the application process because those who need a secured credit card are likely to have a poor credit score, and multiple failed checks against the name can have an adverse effect.

Cons

Multiple and high fees- The Applied Bank Secured Visa is laden with fees, and it is perhaps the biggest problem with this card. The fee for the first year of use is a moderate (if slightly high) $50, but after the initial twelve months you will be hit with a whopping monthly fee of $9.95, or very nearly $120 a year. The high rates continue if you wish to raise your credit limit as Applied Bank charge $100 for this privilege.

Small credit limits- Considering the credit limits range from just $200-500 then the $100 charge to raise the limit is bordering on the extortionate. The small credit fees are just about the smallest of all the secured credit cards.

Yes you will likely be able to get the Applied Bank Secured Visa Credit Card with little problem, despite your credit score, and the low interest certainly appeals. However the huge cost of maintaining this card is surely enough to put most people off, with the secured credit card market becoming more and more populated there are certainly better options out there. While it will help you to improve your credit worthiness, be sure to weigh up if the high fees are worth it. See also, Applied Bank Platinum Zero Secured Visa Card and other Secured Credit Cards.