Applied Bank Secured Visa Gold Preferred card review

In a nutshell

The card_name is designed for people new to credit or with a negative credit history looking to build a good or better credit score.

• Credit-building secured cards are best for people with credit_score_needed credit history.
• Credit limits range from $200 to $5000.
• If you can’t get approved for a traditional credit card, you’re guaranteed to be approved for the card_name with a credit limit equal to a security deposit.

Applied Bank Secured Visa® Gold Preferred® Card

Applied Bank Secured Visa® Gold Preferred® Card

Credit score

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Annual fees

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Here’s a look at how the card_name works to help you decide if it could make sense for your unique financial situation.

Pros and cons

There’s no perfect credit card for everyone. If you’re unsure whether the card_name suits your needs, consider these pros and cons.

Who is the card best for?

The card_name is best for someone with a series of negative marks on their credit report looking to rebuild. When you keep your balance low and always pay on time, the card_name, like other credit cards, can help you build a positive credit history and a good or better credit score.

It’s better than many other secured cards due to its reasonable interest rate. However, it’s best to pay off your account in full regardless to avoid interest charges. If you always pay off your balance in full, you’ll only ever pay the annual_fees annual fee.

Many competing cards have higher annual fees and monthly service fees. Paying an annual fee for a secured card isn’t ideal, and several alternatives don’t charge recurring fees. However, if you carry a balance from month to month, the lower interest rate could be beneficial.

Perks and benefits

The main perk of this card is that any applicant is guaranteed to be approved. No matter your credit history, you can get a credit line equal to your security deposit. Credit limits range from $200 to $1,000.

If you can afford a deposit for a higher limit, it should provide more benefits for your credit score. Keeping your balance low in relation to your limit accounts for just under a third of your credit score. Contrary to a popular myth, you don’t have to carry a balance or even use the card every month to build credit.

Rewards and bonuses

This card doesn’t come with any rewards or bonuses. Some secured cards feature cash back rewards or travel rewards, which can be valuable if you use the card frequently for purchases you would already make. But if you carry a balance and pay interest, your costs will likely be higher than any rewards you earn.

Check out the card_name alternatives below for more information on secured cards with rewards.

How to get the most out of the card

The best way to use the card_name is to build credit for a year or two. If you can build up a high enough credit score to qualify for an unsecured card with no annual fee, it’s more favorable for your finances.

If you’re not confident with credit cards, consider using the card for a small purchase every month or two and using automatic payments to pay off the card. Doing so minimizes your risks while taking full advantage of credit-building features.

When you reach a point where you can get a card with more favorable terms, you can close this one and get your deposit back.

Card alternatives

If you qualify for a card with no annual fees or want a card with rewards, consider these alternatives.

Chime® Credit Builder Secured Visa® Credit Card

Chime Credit Builder Visa® Credit Card

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Chime Credit Builder Visa® Credit Card

Credit score

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Annual fees

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While a Chime checking account is required, the card_name has no annual fees or interest charges. Chime is a neobank, which means they don’t have physical bank branches, so if you’re very comfortable transacting online, this could be a good option.

U.S. Bank Cash+ Secured Visa Card

U.S. Bank Cash+® Secured Visa® Card

U.S. Bank Cash+® Secured Visa® Card

Credit score

Bad/Poor

Annual fees

$0

This credit card has no annual fee and features up to 5% cash back rewards on eligible purchases. You’ll earn 1% back for purchases outside of bonus categories. A notable feature of this card is that if you make on-time payments and develop a solid credit history, you can upgrade to the unsecured version of the card.

Blue Cash Everyday Card from American Express

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

Credit score

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Annual fees

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(Rates & Fees)

If you have a good enough credit history, the card_name is a good choice for cash back with no annual fee. It features 3% cash back on popular categories and you can bonus_miles_full.

The AP Buyline roundup: A reasonable choice to build credit

If you have fair or better credit, you may do better elsewhere, but the card_name is a reasonable choice for some people looking to build credit. While there’s an annual_fees annual fee, the relatively low interest rate could make the card a good option if you plan on carrying a balance. However, to build credit and save money, paying off the card in full every month by the due date is the best strategy.

Because every applicant is approved, you may want the card for a year or two while building credit. Once you qualify for a better card with no annual fee, rewards or a better benefits package, you may want to close this one to save on the annual fee and reclaim your security deposit.

For rates and fees of the card_name Card, please visit URL.