Applied Bank Gold Preferred Secured Visa Credit Card Review 2024 – Forbes Advisor – Technologist

Applied Bank® Gold Preferred® Secured Visa® Credit Card* vs. Varo Believe Card*

If your goal is a credit builder card to keep you on track and ensure you don’t pay high APRs, the Varo Believe Card* is a good option. The Varo Believe is a secured credit card that also reports to all three credit bureaus. This card does not offer an APR. There’s no annual fee or credit check on this card.

Your Varo Believe Card* credit limit is secured by the amount of your deposit in your Varo bank account, up to $2,500 per day for purchases. Unlike traditional secured cards, you can use the balance in your Varo bank account to pay your bill. In fact, you can turn on SafePay, and your bill will automatically be paid from your bank account, ensuring you never miss a payment. You can also increase your credit limit throughout the month by depositing additional funds into your bank account.

To apply for the Varo Believe Card*, you must have an open Varo bank or savings account in good standing that has received more than $200 in incoming deposits within the last 31 days.

Applied Bank® Gold Preferred® Secured Visa® Credit Card* vs. GO2bank Secured Visa® Credit Card*

Another secured credit card with no annual fee or credit check is the GO2bank Secured Visa® Credit Card*. Similar to the Varo Believe Card*, the GO2bank Secured Visa requires you to open a GO2bank account. Unlike Varo, though, the deposit amount required can be lower, starting at only $100, but this deposit must be a qualifying direct deposit. If you open your account online and maintain a direct deposit, that account has no monthly fee and earns a significant annual percent yield (APY) on savings.

When you activate your card, you’re required to transfer at least $100 from your GO2bank account to use as your security deposit. Like many secured cards, including the Applied Bank® Gold Preferred® Secured Visa® Credit Card*, this security deposit will be held until your account is closed in good standing.

Applied Bank® Gold Preferred® Secured Visa® Credit Card* vs. Capital One Platinum Secured Credit Card

The Capital One Platinum Secured Credit Card is also designed for those rebuilding credit. While you’ll face a credit check on your card application, you can see if you’re preapproved before applying. This secured card has a $0 annual fee (rates & fees) and could award you a minimum $200 credit limit with a security deposit of $49, $99 or $200, depending on your creditworthiness.

In addition to a possible lower security deposit, Capital One allows you to graduate to an unsecured card. This option allows you to maintain your credit history and have your deposit refunded while moving to a more traditional credit card. Be aware this card comes with a high 29.99% variable APR on purchases and balance transfers. Best practice when rebuilding credit is to charge small amounts and pay your bill in full. If that’s your plan, the interest rate won’t affect you.