Today, i will be talking about the applied bank secured credit card now. This is a credit card for people that have less than perfect credit people that are looking to rebuild their credit if right now, you’re in the market. Looking for a good secured credit card, this one might be right for you, but i have done a lot of different videos on secured credit cards and, if you’re looking to compare the different types and you’re looking to find the best card for you check out the Playlist i have in the link in the description below showing you all the different videos i’ve done, but today i will be talking about the applied bank secured visa card.
With this secured card, the annual fee isn’t so bad at all. It is 48. Every year you decide to keep this account open, which is lower than some other secured credit cards. That could be seventy five dollars or more so you are going to be asked to make a two hundred dollar security deposit and you do pay a forty, eight dollar annual fee every year. But the really good thing that i can also say about this card is: there is no monthly maintenance fees, so this makes this an affordable option for people that have less than perfect credit. If you have damaged credit, this is considered a low fee option. This is a card designed to be more forgiving. There are secured credit cards out there that are um better in some respects, but they are harder to get like the discover it’s secured card and even the capital one secured card you can get denied for this card.
So the applied bank secured visa card is a credit card, a secured card. That’S going to be a little easier to get as long as you fill out. The application form correctly and you have some sort of income coming in. You will most likely get approved for this secured credit card offer and that’s why i’m talking about it today, because when you’re rebuilding credit and you need to start somewhere, it’s good to find a card. That’S going to be right in your situation. If i were to steer you off into one of the more difficult to get secured credit cards, you will not only not get approved for that credit card offer potentially, but you’ll also receive a hard credit inquiry and with the applied bank secured visa card, you do Not so that is a nice benefit if you already have a low credit score, your credit score is not going to drop any further by applying and getting approved for this credit card. So this is a big plus right away like this video. If i’ve helped, you share this video if it could help someone else, don’t forget to subscribe.
If you want to see my upcoming videos hit that bell notification and you will be notified, one thing that makes the applied bank secured credit card very unique is that it has a low interest rate for a secured credit card. It has a 9.99 fixed rate of interest which is really low for a secured card or a credit card that rebuilds credit. I’Ve reviewed many cards for rebuilding credit and i don’t think another card has an interest rate as low as 9.99 percent. So this is another good option, but there is something you need to be aware of. The interest rate is low, but it is a card that immediately starts charging you interest. One thing i don’t like about this secured card is that there is no grace period, even though there is a 9.99 fixed interest rate. They do charge you interest from day one if having a grace period is important to you check out my playlist of the other secured credit cards. Most of these secured credit cards do have grace periods so from day one.
You will be charged interest, there’s no grace period for this card. Now there are ways that you can tackle this, which i talked about in another video in a credit, one video which they do the same thing and i have told people and i advise people that they should be able to – and i know you can do this With credit one and what you can do with this secured card from applied bank is, you can make a payment in advance, so you’ll have an account credit on your account and then that interest, you won’t see – maybe they’ll charge you for the first day. But your credit will immediately cover the balance that you charged. So this is one way that you can avoid paying interest on this card. You do have online and mobile banking access, so you can either monitor your account from a computer or from your smartphone, and that way you can make sure that you are on time with all your payments and you can monitor exactly how much you’re spending with this Account so remember, the applied bank secured visa card is a real credit card. This secured card will report to all three credit bureaus.
So if you don’t have a credit card right now, the applied bank preferred gold secured visa credit card is accepted everywhere. Visa is accepted, so you can use it at the grocery store at the gas station anywhere, and this can help make your life a lot simpler. A lot easier. The really good thing about the applied bank secured visa card is they do not charge an application fee. So you can apply at no cost. You can make an initial deposit of two hundred to one thousand dollars later.
You can add additional money if you want to now from what i’ve been hearing is that they will, if you want to add funds again, there is a 100 fee, i’m not exactly sure, but that’s what i’ve been told, but in this case with pretty much all The secured credit cards i talk about, i really only recommend putting the minimum down anyways. I would suggest to 200 and just start building your credit from that or if you do want something a little higher. I wouldn’t go higher than 1000 and just keep it at that you’re, using this credit card to help build your credit and as long as you are making charges and payments and and as long as you’re making charges and payments on time, that’s going to help increase Your credit score: you can build up your credit and get higher credit limits from other credit cards later, so i would just recommend staying at 200 and going no more than 1000, because if you want to add money later, you may be charged a fee for that. They do have something called the optional applied advantage program where this program will give you discounts on different items, but i believe that there is a charge for that. If you become a card member, you can look into it and whether you would find value in something like that.
The applied bank secured visa card is a secured card, so you will get your security deposit back, but in order to do that, you need to cancel your card. This secured card does not graduate. It does not turn to unsecured and then refund your security deposit. In order to get your security deposit back, you need to cancel your account now applied bank has another credit card offer that i’m not talking too much about today, but basically it’s a unsecured version of the applied bank secured card. There is an unsecured applied bank credit card and i don’t recommend that one, because it is very similar to other unsecured credit cards for bad credit, where you’re paying a lot of fees in order to get it now, it’s not as bad as some other ones.
I’ve talked about in the past, but there are going to be fees that are going to add up, and these are fees that you’re not going to get back, and when i did a simple calculation, a look over. You actually end up having the applied bank secured card being more affordable because you do get your security deposit back versus the applied bank unsecured card, where you’re paying fees that are never refunded to you. So if you’re interested in the unsecured card sure take a look at it, but as far as i can see, the applied bank secured card version is a better option when you’re rebuilding your credit. Okay. So now you know a lot about the applied bank secured credit card and whether it’s going to be right for you or not, if you’re still not sure, check out these videos over here.