Full Review

The Applied Bank Credit Card has no minimum credit score. Applied Bank does not even check applicants' credit history. But it does report account information to the major credit bureaus each month, allowing responsible cardholders to improve their credit standing. As a result, the Applied Bank Card is a good option for rebuilding bad credit, offering high approval odds no matter how damaged your credit may be.

The Applied Bank Gold Card is not the best secured credit card overall, however. The Applied Bank Card has a $48 annual fee, whereas the top cards charge $0 per year. The Applied Bank Card does not offer rewards, either, unlike some of the very best credit cards for people with bad credit. And a feature that may seem like one of the Applied Bank Card's biggest benefits – its low APR – isn't really all that helpful. Your spending limit equals the amount of your refundable security deposit. So, you have to ask yourself: Do you want to pay even a relatively small amount of interest to a credit card company for borrowing your own money?

Below, you can learn more about what the Applied Bank Secured Card does and does not bring to table, as well as who should and should not apply.

Highlights

Pricey for a secured card. Only four of the secured cards in WalletHub’s database have higher annual fees than the $48 assessed by the Applied Bank Secured Credit Card. In fact, that fee is more than two times the average for all credit cards.

No credit check. The fact that a credit check doesn't stand between you and approval for the Applied Bank Secured Credit Card is great news for anyone with severely damaged credit. After all, certain red flags on your credit report – a recent bankruptcy or open tax lien, for example – can prevent you from getting approved for most other secured cards. This also allows you to avoid a hard credit inquiry, which could temporarily damage your credit even more.

As a result, the Applied Bank Secured Card represents a rare ticket to credit improvement, provided that you pay your monthly bills on time. It's not the only secured card with no credit check, though.

Low APR. The Applied Bank Secured Credit Card’s regular APR is lower than even the 13.03% average among credit cards for people with excellent credit, according to WalletHub’s latest Credit Card Landscape Report. But you still shouldn't use it.

No grace period. For one thing, the lack of a grace period means interest will begin to accrue the same day you make purchases, rather than up to 24 days after your monthly statement becomes available. Furthermore, carrying a balance on a secured card is like charging yourself for a loan, seeing as your spending limit will equal the amount of your refundable security deposit.

Flexible security deposit. The Applied Bank Card requires a refundable security deposit of $200 to $1,000 to start with. The amount of your deposit becomes your spending limit. You can add to your deposit over time, up to a total of $5,000, for more spending power. Applied Bank will return your deposit when you bring your balance to zero and close your account.

Far from the worst way to rebuild your credit. Some credit cards for people with bad credit are much more expensive than the Applied Bank Secured Visa; others are harder to get. But the opposite also is true, at least as it pertains to cost. So if inexpensive credit improvement is your top priority, you should confirm that your credit history disqualifies you for a secured card with no annual fee, before ponying up to get the Applied Bank Secured Card.