The Applied Bank® Unsecured Classic Visa® Card is designed for consumers with limited/bad/poor 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
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Intro BT APR
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Annual Fee
*See Terms
Regular Purchase APR
*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 limited/bad/poor 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 limited/bad/poor 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® Unsecured Visa® with Cash Back Rewards might be a good alternative.
It’s touted as a card for people with bad/poor credit where you can earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite tv services. terms apply.
Know that it does come with an annual fee of $0-$99, but at least you’ll be earning a little cash back. Plus, the APR is much more reasonable at 17.99% to 23.99% variable compared to the APR on the Applied Bank® Unsecured Classic Visa® Card.
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.
