The Applied Bank® Secured Visa® Credit Card, issued by Applied Bank, is designed for those with limited or poor credit history who want the convenience of a credit card.

The major benefit of this card is the fixed APR of 12.99% for purchases and cash advances, which is reasonably low for a secured card. There is a $200 minimum deposit required and a $500 maximum.

Unlike most secured credit cards, this card provides additional services and benefits, including online account access and various fraud protection services. The Applied Bank® Secured Visa® credit card also offers worldwide acceptance at millions of locations, as well as monthly credit bureau reporting.

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.