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How Does LendingTree Get Paid?

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Applied Bank® Unsecured Classic Visa® Card Review

Applied Bank<sup>®</sup> Unsecured Classic Visa<sup>®</sup> Card

Applied Bank® Unsecured Classic Visa® Card Review

Build Credit
Reports to All Three Major Credit Bureaus
Increase Your Credit Line
Access Additional Credit with On-Time Payments and Responsible Usage
Easy Application
Fast and Easy Application and Approval Process! Click “Apply Now” to apply online
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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

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.

Applied Bank® Unsecured Classic Visa® Card overview

    • Get Pre-Qualified in Less Than a Minute
    • 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
  • Credit needed:
    540 599
    Poor/Limited
  • No advertised benefits

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

Pros and cons of the Applied Bank® Unsecured Classic Visa® Card

Pros

  • Fast application response
  • Available to those with poor/limited credit
  • Reports to all three credit bureaus
  • No security deposit required
  • No penalty APR

Cons

  • High APR
  • Numerous fees
  • No rewards program
  • No advertised benefits

What we like about the Applied Bank® Unsecured Classic Visa® Card

  • 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.

What to watch out for with the Applied Bank® Unsecured Classic Visa® Card

  • 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:

    • $30 for an additional card
    • $30 for a replacement card
    • $0.50 for each automated account inquiry
    • $100 credit limit increase fee

  • 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.

Alternate credit-building card

Compare it to the Credit One Bank® Platinum Visa® for Rebuilding Credit

| Disclosures
Credit One Bank® Platinum Visa® for Rebuilding Credit
Credit One Bank® Platinum Visa® for Rebuilding Credit
on Credit One Bank's secure site
N/A
25.49% Variable
$75/$99
1% Cash Back on eligible purchases and mobile phone service, internet, cable
  • See if you Pre-Qualify without harming your credit score
  • Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Automatic reviews for credit line increase opportunities
  • Looking to rebuild credit? We report to the major credit bureaus monthly
  • This unsecured card requires no deposit and can help build your credit
  • Choose your monthly payment due date for added convenience, terms apply
  • Never miss an account update with customizable text and email alerts
  • Manage your account on-the-go with the Credit One Bank mobile app
  • Show off your personality by selecting from a variety of card designs, a fee may apply
540 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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 25.49% variable compared to the APR on the Applied Bank® Unsecured Classic Visa® Card.

Compare the Applied Bank® Unsecured Classic Visa® Card to similar cards

Applied Bank® Unsecured Classic Visa® Card
Comparison of four different credit cards
Applied Bank<sup>®</sup> Unsecured Classic Visa<sup>®</sup> Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Credit One Bank<sup>®</sup> Platinum Visa<sup>®</sup> for Rebuilding Credit
Applied Bank® Unsecured Classic Visa® Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Now
on Applied Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on Credit One Bank's secure site
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 25.24% Variable APR 18.89% (variable) 25.49% 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

Is the Applied Bank® Unsecured Classic Visa® Card right for you?

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.

Apply Now
on Applied Bank's secure site