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A $300 Unsecured Credit Line which can be used at Grocery Stores, Gas Stations, Discount Stores, ATM's and Online!
A REAL Visa® Credit Card with Automatic Reporting to all Three National Credit Bureaus
No Penalty Rate. Your Rate Won't Go Up Even If You are Late
Access Additional Credit With On-Time Payments and Responsible Usage
A True Unsecured EMV enabled (chip) Visa Credit card
Does not require perfect credit for approval
Fixed APR and Manageable Monthly Payments
September 13, 2021
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.
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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.
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.
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:
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:
Let’s take a look at some of the pros and cons of the Applied Bank credit card:
Here are some of the advantages:
Below are a few downsides to the Applied Bank credit card:
Here are a few similar cards you could consider using:
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.