How to Apply to Applied Bank Secured Visa Credit Card

The Applied Bank Secured Visa Credit Card offers a straightforward way for individuals to manage their credit. This real Visa credit card automatically reports to all three national credit bureaus, supporting users in building or improving their credit history. It features a low fixed interest rate of 9.99% APR without any application fee or penalty rate. Users can start with a refundable security deposit between $200 and $1,000, which can be increased up to $5,000. The card also provides convenient online and mobile banking options, and incorporates chip technology for enhanced transaction security. Approval for the card does not require a credit check or a minimum credit score, making it accessible to a wide range of applicants.

Benefits of the Applied Bank Secured Visa Credit Card

The Applied Bank Secured Visa Card is tailored for individuals seeking to build or improve their credit. Below is a detailed look at its main benefits:

Reports to the Three Major Credit Bureaus

This card automatically reports to all three national credit bureaus: Equifax, Experian, and TransUnion. This feature is crucial for anyone looking to build or rebuild their credit history, as consistent reporting can positively impact a user’s credit score over time.

No Credit Check or Minimum Credit Score Required

One of the key benefits of the Applied Bank Secured Visa Card is that it requires no credit check or minimum credit score for approval. This makes it accessible to a wide range of applicants, including those with poor or limited credit history.

Low Fixed APR

The card offers a low fixed Annual Percentage Rate (APR) of 9.99% for purchases and cash advances. This rate is notably lower than many other credit cards, especially those designed for individuals with poor or rebuilding credit, making it a cost-effective option for cardholders.

No Penalty APR

If a payment is missed, the card does not impose a penalty APR, which is a higher interest rate that some cards apply after a late payment. This feature can help cardholders avoid escalating costs due to occasional payment delays.

Flexible Credit Limit with Security Deposit

Users can start with a refundable security deposit between $200 and $1,000, which serves as their credit limit. This deposit can be increased up to $5,000 over time, offering flexibility and the ability to increase the credit limit as needed.

Online and Mobile Banking

The card offers convenient online and mobile banking options, allowing cardholders to manage their accounts easily from anywhere. This feature is particularly useful for keeping track of spending, making payments, and monitoring account activity.

Prerequisites to Obtain the Applied Bank Secured Visa Credit Card

To apply for the Applied Bank Secured Visa Credit Card, applicants must meet certain criteria:

1. Age Requirement: Applicants must be at least 18 years old.
2. Social Security Number: A valid Social Security number is required.
3. Security Deposit: A refundable security deposit between $200 and $1,000 is needed to activate the card. This deposit defines the credit limit, with the option to increase it up to $5,000 by adding additional funds over time.

CLICK HERE TO ACCESS THE OFFICAL APPLIED BANK WEBSITE

About Applied Bank

Applied Bank, a Delaware State Chartered Bank, has been in operation since 1996. It specializes in providing secured and unsecured Visa and MasterCard Credit Cards, especially to individuals with limited or no credit history. The bank focuses on offering competitive financial products and services, exceeding consumer needs and expectations. Its commitment to customers is central to its business ethos. Applied Bank also emphasizes community involvement, participating in local campaigns like the Delaware Financial Literacy Program, Junior Achievement, United Way, The Ministry of Caring, Interfaith Community Housing of Delaware, and Opportunity Center Incorporated. The bank has undergone name changes and relocations of its headquarters, including its current location in Wilmington in 2015.

Who is the Applied Bank Secured Visa Credit Card for?

The Applied Bank Secured Visa Card is primarily targeted towards individuals who are looking to build or rebuild their credit history. This includes those with limited credit history, poor credit, or no credit at all.

The card’s features such as no credit check or minimum credit score requirement for approval, reporting to all three national credit bureaus, and a low fixed APR make it suitable for consumers who may face difficulties in obtaining other types of credit cards. It is particularly beneficial for those who are seeking a straightforward and accessible financial tool to improve their credit score over time.

Step by Step to Apply for the Applied Bank Secured Visa Credit Card

To apply for the Applied Bank Secured Visa Card, follow these steps:

1. Visit the Official Website: Go to Applied Bank’s official website.
2. Select the Credit Card: Navigate to the credit card section and select the Gold Preferred Secured Visa Credit Card.
3. Complete the Application Form: Fill in the application form with your personal and financial details, including your name, address, social security number, and income information.
4. Submit the Security Deposit: You will need to provide a refundable security deposit, which can range from $200 to $1,000. This amount will set your credit limit.
5. Review and Submit: Review all the information for accuracy and submit your application.
6. Wait for Approval: The bank will review your application. Approval can be relatively quick since there’s no credit check involved.

APPLY TO APPLIED BANK SECURED VISA CREDIT CARD HERE

Positives and Negatives of the Applied Bank Secured Visa Credit Card

Positives:

Credit Building: Reports to all three major credit bureaus (Equifax, Experian, TransUnion), aiding in building or improving credit history.

Accessible to Many Applicants: No credit check or minimum credit score required, making it ideal for those with poor, limited, or no credit history.

Low Fixed APR: Offers a low fixed APR of 9.99% on purchases and cash advances, which is comparatively lower than many other credit cards.

Flexible Credit Limits: Initial credit limit set by the refundable security deposit (between $200 and $1,000) with the option to increase it up to $5,000 by adding funds.

Online and Mobile Banking: Provides convenient account management through online and mobile banking options.

Negatives:

Annual Fee: Charges an annual fee of $48, which can be a drawback for those looking to minimize card costs.

No Grace Period: Interest is charged from the transaction date on purchases and cash advances, as there is no grace period.

No Rewards Program: Does not offer any rewards, cash back, or points, which are common perks in other credit cards.

Additional Fees: Charges for foreign transactions, cash advances, and potential late or returned payment fees.

Limited to Credit Building: Primarily focused on credit building and not suitable for those seeking additional credit card benefits like rewards or travel perks.

How to Activate the Applied Bank Secured Visa Credit Card?

To activate your Applied Bank Secured Visa Card upon receiving it, you should contact the Applied Bank customer service at 1-800-947-1090. During the call, you’ll need to provide your card details to complete the activation process. Currently, there is no option to activate the card online.

Fees and Tariffs

The main costs associated with the Applied Bank Secured Visa Card include:

• Annual Fee: $48
• APR for Purchases and Cash Advances: 9.99% fixed
• Cash Advance Fee: $5 or 5% of the amount of each cash advance, whichever is greater
• Foreign Transaction Fee: 3% of each transaction in U.S. dollars
• Late Payment Fee: Up to $38
• Returned Payment Fee: Up to $38

Customer Service

Here are the official channels for assistance with the Applied Bank Secured Visa Card:

• Customer Service Phone Number: 1-800-947-1090 (Credit Cards)
• Official Website: Applied Bank
• Online Account Services: Credit Card Online Account Services
• Banking Customer Service: 1-888-839-7952
• Bank Fax: 302-456-1013
• Automated Account Inquiries: 1-800-616-4605

If you prefer mobile banking, you can download the Applied Bank mobile app for easier account management:

• For Android: Applied Bank App on Google Play
• For iOS: Applied Bank App on Apple Store