Applied Bank^® Unsecured Classic Visa^® Card Review

In this Applied Bank^® Unsecured Classic Visa^® Card review, we’ll cover the card’s credit score requirements, fees, compare its pros and cons, and more. 

This Article Contains: 

(Click on a link to jump to the specific section) 

• Who is the Applied Bank^® Unsecured Classic Visa^® Card for?
• Applied Bank^® Unsecured Classic Visa^® Card Credit Score Requirements
• Applied Bank^® Unsecured Classic Visa^® Card Fees
• Applied Bank^® Unsecured Classic Visa^® Card APR
• Pros and Cons of the Applied Bank^® Unsecured Classic Visa^® Card
• Alternatives to the Applied Bank^® Unsecured Classic Visa^® Card
  
  

Who is the Applied Bank^® Unsecured Classic Visa^® Card for?

If you have bad credit, or are a first-time bank account holder, the Applied Bank^® Unsecured Classic Visa^® Card could be a good option for building up your credit.

There’s no minimum credit requirement, and the card issuer reports your credit card account information to the three major credit bureaus (TransUnion, Equifax, and Experian) every month. 

This makes it an ideal card for people with bad credit scores or young adults just starting their personal finance journey. With on time payments and low credit utilization, you should be able to build your creditworthiness consistently. 

Applied Bank Unsecured Visa credit score requirements

Since the primary purpose of this card is to help people build credit, the card issuer doesn’t mandate a minimum credit score, so customers with poor credit or no credit don’t have to worry.

However, there are a few basic requirements you need to meet before qualifying for this offer. 

You will need to be over 18, have a Social Security Number or Individual Taxpayer Identification Number, and have proof of a source of income.  

Applied Bank^® Unsecured Classic Visa^® Card Fees

The issuer (Applied Bank) charges users an $89 processing fee. The card also comes with a first-year annual fee of $75. The annual fee drops to $45 in the second year but is then accompanied by an additional monthly fee of $6.25 (adds up to $75.5 annually). 

Credit cardholders should also note the additional costs they might have to bear apart from the first-year membership fee and processing fee.

These can include:

• Additional cardmember fee: $30
• Replacement card fee: $30
• Stop payment fee: $30
• Late payment fee: $38
• Optional payments fees: $12.95 each
• Reinstatement fee: $50
• Automated account information fee: 50 cents for every inquiry
  
  

Applied Bank^® Unsecured Classic Visa^® Card APR

The card has an APR of 29.99% (fixed) and an initial credit limit of $300. However, there’s an option to increase your credit line by paying an extra $100. Note that this APR applies to a cash advance too (where you use the credit card to withdraw cash).

This interest rate is higher than most other new credit card offerings. For those with poor credit, most credit building cards have a variable APR of around 23%. 

Now, let’s weigh the pros and cons of Applied Bank unsecured credit cards:

Pros and Cons of the Applied Bank^® Unsecured Classic Visa^® Card

Let’s take a look at some of the pros and cons of the Applied Bank credit card: 

Pros

Here are some of the advantages: 

• Quick and easy application process - With some eligible applicants approved in minutes, this card is ideal for anyone looking to make emergency purchases that you can’t afford in cash. 
  
  
• No security deposit - Unlike many other credit building cards, this card isn’t a secured card, meaning there’s no security deposit required. 
  
  
• No minimum credit score required - This card has no minimum credit requirement. This way, customers don’t have to worry about their credit history or the lack thereof.
  
  
• Reports to three major credit bureaus - The credit card company reports your account information to each major credit bureau: Experian, Equifax, and TransUnion. With on-time payments and responsible credit usage, you can effectively rebuild your credit line. 

Cons

Below are a few downsides to the Applied Bank credit card: 

• Abundance of fees - The list of fees is exceedingly long for this offer. Cardholders need to pay upwards of $100 each year just to own this card.
  
  
• No welcome bonus - Since the Applied Bank Unsecured Classic Visa Card mainly serves as a tool for customers to build their creditworthiness, it does not offer any welcome bonus or cash rewards for eligible purchases.
  
  
  
• No balance transfers -  Applied bank unsecured credit cards don’t let you perform a balance transfer. A balance transfer is a process where you transfer your balance from one card to another.
  
  Now that we’ve looked at the advantages and disadvantages of Applied Bank^® Unsecured Classic Visa^® Card, let’s look at some alternatives:

Alternatives to the Applied Bank^® Unsecured Classic Visa^® Card

Here are a few similar cards you could consider using: 

• Petal^® 2 “Cash Back, No Fees” Visa^® Credit Card
• Surge Mastercard^®
• Aspire^® Cash Back Reward Card

Final thoughts 

The Applied Bank Unsecured Card is far from ideal for those with a less than perfect credit history or those with no credit at all. The application process is quick and easy but the list of fees such as the one-time processing fee and a recurring monthly fee may be a dealbreaker for many. 

You can apply for this card online here.