Mr Credit CardReview Summary: Applied Bank Has No Credit Checks
The Applied Bank Secured Credit Card does not check your credit when you apply for this card. Hence you are guaranteed to be approved. Though there is no credit check, they do report to the three major credit bureaus. It also has a very low regular fixed APR at 9.99% which remains the same even if you have a late payment. This card is ideal for rebuilders who have been denied other cards and does not want to incur another hard inquiry. Applied Bank also does not require a checking account to fund your security deposit so those without a bank account can apply.
Card Details
| Annual Fee | $48 |
| Regular APR | 9.99% Fixed |
| Foreign Transaction Fee | 3% |
| Credit Limit Increase Fee | None |
| Late Payment | Up to $38 |
Annual Fee - The annual fee is $48 is normal for most secured credit cards.
Regular APR - The regular APR is a fixed rate at 9.99% which is a very low rate for any credit card.
Credit Limit - You can initially deposit anywhere from $200 to $1,000 when you apply for the card. Once you are approved and have used the card, you can add additional deposits up to $5,000 in total. That means that you can create up to $5,000 in credit limits for this card.
Does Not Need Bank Account to Fund Deposit - Applied bank does not require a checking account to fund your security deposit. In fact, in their application form, they assume you will fund it via debit card or prepaid card.
Comparison with other similar credit cards
| Card | Annual Fee | APR | Credit Limit | Credit Checks |
|---|---|---|---|---|
| Applied Bank | $48 | 9.99% Fixed | $200-$5,000 | No Credit Checks |
| OpenSky | $35 | 17.39% | $200-$3,000 | No Credit Checks |
| First Progress Platinum Prestige | $49 | 9.99% | 200-$2,000 | No Credit Check |
| Self Secured | $25 | 15.94% | Min $100 | No Credit Check |
As one of the key features of this card is the fact that Applied Bank does not check your credit when you apply and guarantees your approval, we'll compare it to other similar cards.
As you can see from the table above, there are few cards like that. The first one is the very popular Opensky Secured Visa Credit Card. It has a slightly lower annual fee ($35 vs $48). However, Opensky has a higher APR compared to Applied Bank.
Another card that does not perform any credit checks are the secured credit cards from First Progress. There are three versions of the card. One version, the First Progress Secured Platinum Prestige has similar annual fee ($49) and also the same APR (9.99%) as Applied Bank. However, there is one aspect which First Progress Secured Platinum Prestige has and it is that they have a 25 day grace period. However, you can only deposit up to $2,000 with First Progress whereas with Applied Bank, you can deposit up to $5,000.
Another secured card worth mentioning and comparing with Applied Bank is Self Secured Visa. You first start off with a Self Credit Builder account and once you have enough deposit in your credit builder account, you will be issued a Self Secured Visa credit card. There are no credit checks like Applied Bank but the big advantage Self has is that you can "save up" for your security deposit while building your credit.
Pros: What We Like
- No Credit Checks - Guaranteed Approval - The best feature of this card is that you will definitely be approved for this card regardless of your credit score because they do not check your credit score
- Very Low APR - The 9.99% fixed APR for regular purchase is very low and also very rare for a secured credit card or rebuilder cards.
- Decent Credit Limit - Applied Bank allows you to deposit up to $5,000 as a security deposit and hence get up to $5,000 in credit limits. This is higher than quite a few secured credit cards from mainstream issuers.
- Does Not Need Checking Account to Fund Security Deposit - Applied Bank only requires a debit card or prepaid card to fund your security deposit and does not require a checking account.
Cons: What We Do Not Like
- No Grace Period - Applied Bank does not give you any grace period. So once you charge an expense to the card, interest starts to accrue. This is in contrast to most credit cards that have 25 day grace period. However, this is offset by the low interest rate.
Applied Bank Secured - Guaranteed Approval - Low Rate
The Applied Bank Secured Visa Gold Preferred is a unique credit card in a couple of ways. Firstly, there is no credit checks so you will definitely be approved as long as you fill in the application form correctly with no errors. That means that those of you with really bad credit and cannot afford another hard inquiry will find this card very appealing.
The other highlight of this card is that the regular fixed APR is very low at 9.99%. At AskMrCreditCard.com, we do not recommend carrying a balance (especially when you are rebuilding). But if you do have to occasionally have to carry a balance, 9.99% is a very low rate regardless of your credit type.
Another interesting feature of this card is that you do not need a checking account to fund your security deposit. All you need is either a debit or credit card.
The only downside to this card is that there is no grace period so you will be charged interest immediately when you make a purchase on the card. But that is offset by the fact that your regular APR is really low. Some of you might also baulk at the fact that there is an annual fee (since many secured credit cards do not charge any annual fee). However, bear in mind that the Applied Bank Secured Visa Gold Preferred credit card does not perform any credit checks and your approval is guaranteed. Furthermore, many secured credit cards with no annual fee from mainstream issuers often reject applicants with bad credit score even though you have to put up with a security deposit collateral.
To sum up, if you have really bad and damaged credit (say 400 to low 500 score) and have been denied every rebuilder card that you have applied for, then I would suggest that you seriously consider the Applied Bank Unsecured Visa Gold Preferred as you will definitely be approved. This is also an ideal card for those of you who do not have a checking account due to CHEX problems. All you need is a debit or prepaid card.
How to Apply?
On the second page, you have to fill out your date of birth, social security number, monthly income and expenses, your deposit amount, your debit, prepaid or credit card number (which you will use to fund your deposit).
Below is a screenshot of the application page.
