Secured Gold Credit Card for Beginners

If you're new to credit cards, a secured gold credit card can be a great option to start building your credit history.

Secured gold credit cards require a security deposit, which becomes your credit limit.

A security deposit can be as low as $200, making it accessible to people with limited or no credit history.

To qualify for a secured gold credit card, you typically need to have a checking account and a stable income.

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A secured gold credit card functions much like a traditional credit card, but with one key difference: it requires a fixed deposit. This deposit serves as collateral for the card issuer and typically determines your credit limit.

Secured gold credit cards are an accessible option for individuals with no credit history or those rebuilding from past financial challenges. They offer a way to establish or rebuild credit while also enjoying the benefits of gold-backed credit.

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The deposit you provide for a secured gold credit card typically determines your credit limit, and it's usually set at a lower amount than the deposit itself. For example, if you provide a ₹50,000 fixed deposit, your credit limit will usually be set at ₹45,000.

Secured gold credit cards reduce the lender's risk, making them a viable option for those who may not qualify for traditional credit cards. This is especially helpful for individuals who are rebuilding their credit or have no credit history.

The Applied Bank Secured Visa Gold Preferred Credit Card has several benefits that make it a great option for those with poor or limited credit.

No credit check is required to get approved for this card, which means you won't have to worry about a hard credit pull affecting your credit score.

A low fixed APR of 9.99% is one of the lowest you can find, especially for a card with no credit check. This can save you a lot in interest if you can't pay your balance in full.

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The card doesn't have a penalty APR, so even if you miss a payment or make a payment far past your due date, your APR won't increase.

You'll still be assessed a late payment fee of up to $38 each time your payment isn't paid on time.

The card reports to all three major credit bureaus - Equifax, Experian, and TransUnion - which can help you build or rebuild credit.

To ensure you're working towards building a good credit score, it's essential to make payments on time.

The downsides of the secured gold credit card are something to consider before applying. One major drawback is that you'll need a checking account to get approved.

The Oakstone Gold card comes with a $39 annual fee, which may not be ideal for those on a tight budget. However, it's worth noting that this fee is still relatively reasonable compared to some other secured credit cards.

If you're an iPhone user, you might be disappointed to know that the Oakstone mobile app is only available on Android devices at the moment.

You can use your Applied Bank Secured Gold Card as soon as you receive it in the mail, which should arrive 7-10 business days after approval.

To get started, you'll need to open an Applied Bank deposit account during your application process. This is a requirement for the Applied Bank Secured Gold Card.

After that, you can fund your security deposit with a credit, debit, or pre-paid card, which is convenient and doesn't require a separate bank account.

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To get a secured gold credit card, you'll need to apply for one through a bank or credit union that offers such a card.

First, check your credit score to see if you're eligible for a secured gold credit card. A good credit score is typically above 700.

You can apply for a secured gold credit card online, by phone, or in-person at a bank or credit union branch.

The application process usually takes a few minutes to complete and requires you to provide personal and financial information.

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Secured gold credit cards typically have a security deposit that's used as collateral for the credit limit. This deposit is usually refundable when you close the account or upgrade to an unsecured credit card.

The credit limit on a secured gold credit card is usually equal to the amount of the security deposit. For example, if you deposit $500, your credit limit will be $500.

Requesting a credit limit increase is a straightforward process with Applied Bank Secured Gold Card. You can get a credit limit increase by calling 800-616-4605.

To increase your credit limit, you'll need to provide more money, which is the nature of a secured card. The bank will provide the details on how much more money you need to deposit.

The bank also charges a $100 fee each time your credit limit is increased, so be prepared for that extra expense.

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You don't need a bank account to apply for the Applied Bank Secured Gold Card. You can fund your security deposit with a credit, debit, or pre-paid card.

However, you will need to open an Applied Bank deposit account during the application process.

This is a requirement, not an option, so make sure to have this taken care of before applying.

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You can use your Applied Bank Secured Gold Card as soon as you receive it in the mail. Unfortunately, Applied Bank does not offer an option to use the card right after approval, or before it arrives in the mail.

Expedited shipping is not available from Applied Bank. This means you'll have to wait for standard shipping to arrive at your doorstep.

Your new Applied Bank Secured Gold Card should be delivered to you at the address on file in 7-10 business days after approval.

So you've got a secured gold credit card and you're wondering when it's time to upgrade to an unsecured one. A secured credit card is not a permanent solution, it's a stepping stone to better credit.

You'll know you're ready to transition when your credit score has improved significantly. Check your credit report regularly to monitor your progress.

Consistency is key, so make sure you've been paying your secured card balance on time every month. This shows lenders you're responsible with credit.

Your issuer may offer an upgrade option, so be on the lookout for that. This is usually a clear indication that you're eligible for a higher limit and more benefits.

Here are the key signs that it's time to transition to an unsecured gold credit card:

When you do transition, you'll typically receive your security deposit back, making the process seamless.

Renting a car with a secured card can be a bit tricky, but it's doable with the right preparation.

You can rent a car with a secured credit card, but you need to have enough available credit to accommodate the hold that the rental agency will put on your card.

To ensure a smooth rental process, make sure you understand the terms and conditions of your secured card, including any credit limits and available credit.

Having a co-signer can help increase your available credit, making it easier to rent a car with your secured card.

The Applied Bank Secured Visa Gold Preferred Credit Card is designed for people with bad credit, so if you have a credit score below 640, you're likely to get approved.

Secured cards like this one are easier to get than unsecured cards because they require a deposit to open the account, which serves as collateral to secure the account.

The amount of your deposit will be your credit limit, in most cases, making it a more accessible option for those with poor credit history.

Approval for this card is likely, but it's not a guarantee, so it's essential to check your credit score and history before applying.

If you're looking for alternatives to the Applied Bank Secured Gold Card, there are a few options worth considering.

The Capital One Quicksilver Secured Cash Rewards Credit Card is a great choice, with a WalletHub rating of 4.7 and a rewards rate of 1.5 - 5% Cash Back. It has no annual fee and a regular APR of 29.74% (Variable).

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The OpenSky Secured Visa Credit Card is another option, with a WalletHub rating of 2.3 and an annual fee of $35. It offers 10% cash back rewards and a regular APR of 24.89% (Variable).

The Discover it Secured Credit Card is a popular choice, with a WalletHub rating of 4.2 and a rewards rate of 1% - 2% cash back. It has no annual fee and a regular APR of 27.24% Variable.

Here's a comparison of these cards:

These cards offer different rewards and benefits, so it's worth doing your research to find the one that best fits your needs.

Reviews are crucial in helping you make an informed decision about the Applied Bank Secured Gold Card.

Opinions and ratings for this card are provided by the review platform, not the issuer.

You can share your insights and review for the Applied Bank Secured Visa Gold Preferred Credit Card, and there are already 1,810 reviews from others.

Reviews are a great way to get a feel for the card's pros and cons, and can help you decide if it's the right fit for you.

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Overspending is a common pitfall with secured credit cards. Treating your secured gold credit card like free money can lead to high balances and missed payments.

Missing even one payment can harm your credit score and result in fees. It's essential to make timely payments to avoid this.

High annual fees or hidden charges can add up over time if you're not careful. Watch out for cards with these types of fees.

Keeping the account open for a longer period improves the "length of credit history" factor in your credit score. Closing the card too soon can actually harm your credit score.

Here are some common pitfalls to watch out for with your secured gold credit card: