"Great Card!!!"

Applied Bank® Secured Visa® Gold Card Review
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Written by: casey on 2010-02-10

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casey's review: Callout Comment I can not say nothing but good things about this card. I have had it a few months now, and have had no problems. I love that it has no monthly fees. There is an annual fee of $50, that is all. It has an APR of 9.99% which I absoulute love! The best thing I like is how easy it is to increase my credit line. I use moneygram at Wal-Mart, and I get the increase the next day. There have not been any holds on my payments so far. You can manage your account on line. There is a charge to pay online however...$6.95. They report to 2 bureaus, TransUnion and Experian, it does NOT report as a secured card at all. They only thing that is not good is there is NO grace period on the account, but the APR is so low... Each statement it has only been like a dollar or two... So I can live with it. Customer service has been nice also the few times I have called. I like the fact that it is a local number to call. I live in Pennsylvania, and their customer service is a 484 area code... Perfect for me!! You can build your credit line up to $5000 if you want to... I am going to stop at $2000, almost there... I want to see if in time they will increase the credit line without an additional deposit, as it states in my cardholder agreement, but it does say there may a fee for this... So we will see... One more GREAT thing, it was guarenteed approval, There was NO credit check or an inquiry placed on my file. PERFECT!!!

I was skeptical with going with them because I have seen some negative reviews about them, but experience has been VERY GOOD. So good in fact, I also opened a MasterCard with them... The exact same terms, no problems with that one either. I have read they don't offer these cards anymore... What a shame, but I sure LOVe mine!! I definitely recommend them to anyone looking to rebuild. Thank you.


Comment 1 by colonative
Re: Great Card!!! User Icon on 2010-02-10

Remarks Hi Casey, glad you are happy with your cards. It is always nice to hear someone that isn't bashing a bank for their fees. There is a reason that these cards exist and it is usually because the applicant has some past credit issues. And they don't exacty hide the fees either, the applicant knew about them when they signed up... Getting off my soap box...

As far as no grace period... That may be changing after 2/22 with the CARD Act but don't quote me on that.

Even though you are the rare exception as a fan of Applied Bank (formerly Cross Country Bank), they simply will not grow with you. When you start nearing the low 600's credit score, I would seriously consider a secured credit card from one of the prime banks ( BofA, US Bank, Wells Fargo or Citibank) as well as some credit unions. And also take a look at Capital One, Orchard Bank and Hooters.

Good luck!
Comment 2 by colonative
Re: Great Card!!! User Icon on 2010-02-10

Remarks Errr, just read your review of Capital One from 2007... So maybe you won't go with them...
Comment 3 by casey
Re: Colonative User Icon on 2010-02-10

Remarks Thanks for your kind words. I actually do already have Capital One, Orchard, and Hooters. I feel I pretty much have all the cards for rebuilding that are out there... Except First Premier, but I will NEVER go down that road... I went with Applied Bank because I wanted to establish some new tradelines. Creditors aren't banging on my door anymore to give me new accounts since the credit crunch, so this was a way to get them on my own. Plus there was NO credit check, so I had nothing to lose and everything to gain.

It does appear that they will give periodic reviews for unsecured credit line increases. They could fees for that, and I found this out from their website by clicking on special offers, so the card could grow somewhat... My scores are around 650 across the board, but the prime ones won't touch me yet due to my bankruputcy from 2004. So for now, I am happy with them, and when the bankruptcy comes off in 2014, I will certainly try the prime banks as you suggested. Thank you, and I always enjoy reading your comments and reviews...
Comment 4 by wanderer
Re: Great Card!!! User Icon on 2010-02-11

Remarks Casey - you may want to consider a secured card with one of the big boys. I am eight years out from a BK and am still treated as dirt. Don't wait if you can get a foot in the door. Frankly, I didn't realize that Ch 7 would haunt me for at least 10 years... And I now find the banks keep their own records beyond the ten years!
Comment 5 by colonative
Re: ColoNative User Icon on 2010-02-11

Remarks Glad to hear it Casey! Sounds like you have a plan and you are doing well with it. Enjoy!
Comment 6 by casey
Re: Wanderer User Icon on 2010-02-12

Remarks Hello, and thanks for your comments. I always enjoy reading your thoughts as well... I have certainly considered the big boys already, especially BOA, They will not approve someone with a bankruptcy, I already inquired about that twice. Neither will Citibank... Their secured card is for BUILDING... Not rebuilding... So that is out(and they won't except a bankruptcy) US bank will not approve a bankruptcy either... Already checked. It looks like Wells Fargo will, as long as it is over a year old... Which mine certainly is... Almost 6 years now, so I may go with them, once the merger with Wachovia around here in Pennsylvania in finally complete... That way I can go to my local branch and add to the security deposit to increase the credit line, that feature is VERY important to me... That is why I like my Applied Cards so much... Anytime I want... It is so simple, and posts next day. I love it. I am building my credit lines to a point where it is useable for daily purchases... Not a fan of toy limits... I mean that is what we have HSBC for...(LOL). Some of the prime banks don't even let you add to the deposit, like Citibank, and I think BOA also, but not sure on that one, one rep told me yes, and another said no. So I am totally happy which the Applied Bank cards. I think they are great... Very easy to maintain. Trust me everyone... They have gotten much better from their Cross Country Bank days, and that they got rid of ridiculous fee-laden cards. Thank you...
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