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Applied Bank Credit Card

Applied Bank Credit Card

Looking for an Applied Bank credit card review? Applied Bank offers both a Mastercard and Visa credit card in their line of products targeted at customers with poor or nonexistent credit. Both credit cards are secured cards meaning you have to make a deposit to open the card and you will essentially be borrowing against your own money. The only reason to apply for a secured credit card is to work on reestablishing and repairing your credit record. The secured collateral paid by you removes any risk for the credit card company. A secured credit card can be helpful in getting your credit score back on track.

Features

Credit Card Review

Credit Card Review

You are required to make a minimum deposit of $200 to open a Secured Visa Gold account. A $500 minimum balance is required to open a Secured Platinum Zero Card account. Applied Banks charges a low interest rate of 9.99% on both purchases and cash advances. If you decide to apply for this card be sure to read all the fine print contained in the credit card agreement. Applied Bank has as part of the agreement restrictions on any possible lawsuits and court action. On the down side, there is no grace period for either purchase or cash advances with the Applied Bank cards. While that’s the norm for cash advances, many other cards offer a grace period for purchases. That allows customers to make purchases without being charged interest presuming the entire card balance is paid in full each month. The absence of this benefit means that interest charges begin to accumulate as soon as a charge is made.

Quite a few fees

There is an annual fee of $50.00 when you open a Secured Visa Gold card account. There is no annual fee with the Secured Platinum Zero account. There are however quite a few other fees with both cards particularly if you are late in making your payments. If you request a copy of a statement or check there is a $10.00 processing fee. Any late payment will result in a $35.00 late fee. Applied Bank also charges $35.00 in fees for any over limit charge made on your account. The same applies for any returned payment paid either by check or electronic payment. And if your account is terminated and you wish to reapply to have your account reinstated there is a $50.00 fee attached to the process. Adding another user to the account or getting a replacement card costs $30.00 each. You are allowed to call for account information twice during each billing period for free. After that the bank charges you .50 each time you call the card’s 800 number for account information. This fee is referred to as excessive pinpoint transaction. According to the credit card agreement there could also be additional “miscellaneous fees”. A cash advance costs either $5.00 or 5% of the advance transaction. There is even a $100 fee for any product upgrade or increase in your credit limit.

Reports to all three credit bureaus

Working on repairing your credit history or establishing a credit history requires that your payment information is sent to all three major credit bureaus. Applied Bank reports all transactions to the major credit bureaus. It is important to note that Applied Bank is a member in good standing of the Better Business Bureau (BBB) and is listed as one of the top ten banks in the United States by Weiss Ratings.

Recommendations

If you decide to choose an Applied Bank card or any secured credit card it is important to use it wisely. Set your goal to improve your credit rating and use the card to make purchases that you are going to pay off in full immediately. Since there is no grace period with these cards it will be important to make your payments as soon as the charge is made. Don’t wait for the credit card statement to arrive. The credit reporting agencies will get reports that show you are making timely payments and you won’t be charged high interest rates.

See also, Bad Credit Credit Cards, Business Credit Cards for new business and the Applied Bank Visa Business Card, a business credit card for people with bad Credit.

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Platinum Zero Secured Visa From Applied Bank
  • Overall Rating

    Five Stars

  • Benefit Rating

    Five Stars

Apply Now
  • Choose Your Credit Limit – Simply open an FDIC Insured Deposit Account in your name at Applied Bank
  • Your deposit will secure your new Visa Credit Card with a credit limit equal to the amount of your deposit – from $500 up to a maximum of $5,000
  • Zero – 0% Fixed APR on Purchases – No Intro Rates
  • Zero – 0% Rate Won’t Change – Even If You’re Late
  • Zero Application Fees
  • Zero Worries – Free Personal ID Theft Protection
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A 0.00% $9.95 Monthly Fee N/A Bad, Poor, No Credit
Applied Bank Visa Business Card
  • Overall Rating

    Five Stars

  • Benefit Rating

    Five Stars

Apply Now
  • Bad Credit? No Problem! Easy Approval
  • Complete Your Application in Just 60 Seconds!
  • Turn Your Hobby or Interest into a Business
  • Separate Your Business Expenses for Tax Purposes
  • Perfect for Sole Proprietors and Entrepreneurs
  • No Security Deposit Required!
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A 23.99% See Terms N/A Bad, Poor, No Credit
Applied Bank Secured Visa Gold Credit Card
  • Overall Rating

    Five Stars

  • Benefit Rating

    Five Stars

Apply Now
  • Better Than Prepaid…Go with a Secured Card
  • Get a Credit Line That is Reported To Major Credit Bureaus
  • Load One Time – Keep On Using…No Need For Any Additional Deposits
  • Activate Today with a $200 Minimum Deposit – Maximum $5,000
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A 9.99 Fixed $50 Yes* Bad, Poor, No Credit

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