Applied Bank® was founded in 1996, and since that time the bank has been working to provide consumers with limited and no credit history. As the main priority of their service, Applied Bank® points out personal approach to each customer and flexibility of the services. One of the most popular products of Applied Bank® is Secured Visa which is just the right card for those who are going to establish their credit or rebuild a damaged credit score.

Speaking about secured credit cards, they should be admitted as a wide-spread way to build credit score. The idea of secured plastics is simple. To be eligible for the card, you don´t need to display a certain credit score or income - there are no requirements for this. To be approved for a credit limit, you are to make a security deposit which serves as a guarantee that you will pay off the balance. The amount of your deposit determines your credit limit.

The Applied Bank® Secured Visa® Credit Card, issued by Applied Bank, is designed for those with limited or poor credit history. The major benefit of this card is the fixed APR of 9.99% for purchases and cash advances, which is reasonably low for a secured card. There is a $200 minimum deposit required, a $5,000 maximum, and an annual fee of $50. Unlike most secured credit cards, this card provides additional services and benefits including online account access and various fraud protection services.

It is important to note that a major drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card. A downside is that this card does not pay interest to the deposit amount, which sets it apart from other secured cards that do. Those who can afford the $200 minimum deposit and do not mind accumulating finance charges once a transaction is posted, will benefit most from the very low rate that the Applied Bank® Secured Visa® Credit Card has to offer.

A secured credit card has an interest rate and fees, just like an unsecured plastic. Some people underestimate secured plastics, thinking they should pay money to get a credit card. In fact, the security deposit can be taken by the bank only in case you fail to pay off your debt. As you see, Applied Bank® Secured Visa is a convenient card for people who want to rebuild their credit without paying excessive charges. Make an application to enjoy all the conveniences of a secured card!