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