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The Applied Bank® Unsecured Classic Visa® Card is designed for consumers with poor/limited credit looking to build or rebuild their credit score.
The silver lining on this card is that it is an unsecured card, meaning that you won’t have to submit a security deposit, which is typical of many credit-building cards, and it reports account activity to all three credit bureaus.
Otherwise, the Applied Bank® Unsecured Classic Visa® Card charges a very high interest rate, numerous fees and has no rewards program or benefits. But if you’re very careful with it by avoiding as many fees as possible, keeping your balance very low and paying the entire balance off every month on time to avoid interest charges, then it can help you boost your credit score.
Intro Purchase APR
N/A
Regular Purchase APR
*See Terms
Intro BT APR
N/A
Regular BT APR
*See Terms
Annual Fee
*See Terms
Cash Advance Fee
*See Terms
Foreign Transaction Fee
*See Terms
Balance Transfer Fee
*See Terms
No security deposit required
While the Applied Bank® Unsecured Classic Visa® Card is geared toward consumers with poor/limited credit, it is an unsecured card — meaning no security is required.
Reports to all three credit bureaus
When looking for a card to build or rebuild your credit score, it helps if the issuer reports the account and payment activity to the big three credit bureaus: Equifax, Experian and TransUnion.
Quick approval response
Those who are eligible for the Applied Bank® Unsecured Classic Visa® Card can get approved in 60 seconds or less.
No penalty APR
If you more than 60 days late with a payment, most card issuers will hike up your APR — known as a penalty rate. That’s not the case with the Applied Bank® Unsecured Classic Visa® Card, although its regular APR is already at or near the penalty rate other card issuers charge. Know that if you do pay late, you will still be assessed at late fee of almost $40 and that late payment will be reported to the credit bureaus.
Fees
Like many cards aimed at consumers with poor/limited credit, this card charges a bevy of fees, ranging from a one-time processing fee of $89, an annual fee of $75 the first year, $45 after that *See Terms, plus a monthly maintenance fee of $6.25 a month after the first year, in addition to:
Sky-high APR
While the APR on the Applied Bank® Unsecured Classic Visa® Card is fixed, it is nearly 30%. This is a card you don’t want to revolve a balance on as the interest rate will add substantially to what you owe.
No benefits or rewards
The Applied Bank® Unsecured Classic Visa® Card does not advertise any benefits, such a cellphone insurance, extended warranty or purchase protection. Neither does it offer any kind of rewards program, such as cash back on your purchases.
If you’re specifically looking for an unsecured credit card to rebuild your credit (as opposed to a secured card that requires a security deposit), that earns a little cash back, the Credit One Bank® Platinum Visa® for Rebuilding Credit might be a good alternative.
It’s touted as a card for people with fair/poor credit where you can earn 1% cash back on eligible purchases and mobile phone service, internet, cable and satellite tv services. terms apply..
Know that it does come with an annual fee of $75/$99, but at least you’ll be earning a little cash back. Plus, the APR is much more reasonable at 28.24% variable compared to the APR on the Applied Bank® Unsecured Classic Visa® Card.
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| Applied Bank® Unsecured Classic Visa® Card | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Credit One Bank® Platinum Visa® for Rebuilding Credit |
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Apply Now on Applied Bank's secure site
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Apply Now on Discover's secure site
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Apply Now on OpenSky's secure site
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Apply Now on Credit One Bank's secure site
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| Welcome Offer | |||
| N/A | Discover will match all the cash back you’ve earned at the end of your first year. | N/A | Earn $200 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. You will receive the $200 back in the form of a statement credit |
| Rewards Rate | |||
| Non-rewards card | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | None | 1% Cash Back on eligible purchases and mobile phone service, internet, cable and satellite TV services. Terms Apply. |
| Annual Fee | |||
| *See Terms | $0 | $35 | $75/$99 |
| Regular APR | |||
| *See Terms | 27.24% Variable APR | 21.64% (variable) | 28.24% Variable |
| Recommended Credit | |||
| Poor/Limited | Poor/Limited | Poor/Limited | Fair/Poor |
| Card Details | |||
| Applied Bank® Unsecured Classic Visa® Card |
Discover it® Secured Credit Card |
OpenSky® Secured Visa® Credit Card | Credit One Bank® Platinum Visa® for Rebuilding Credit |
If the Applied Bank® Unsecured Classic Visa® Card sounds appealing to you, know that you shouldn’t carry a balance on it at all costs to avoid hefty interest charges and be sure to navigate around racking up excessive fees. Once your credit score rises to a more acceptable level, then we suggest finding a less expensive card to carry in your wallet as soon as possible.
If you can come up with a security deposit of $200, we recommend a good secured card to build your credit with instead that doesn’t charge an annual fee (such as the Discover it® Secured Credit Card).
While you’ll have to put down a deposit, it’s refundable once you graduate to an unsecured card or if you close the card. Whereas if you pay an annual fee for a card like the Applied Bank® Unsecured Classic Visa® Card, you won’t get that money back.
