Applied Bank® Unsecured Classic Visa® Card

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

Applied Bank® Unsecured Classic Visa® Card

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
Edited by
Tracy Brackman
Reviewed by
Julie Sherrier
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 this card best for?

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.

Card overview

    • Reports to All Three Major Credit Bureaus
    • Access Additional Credit with On-Time Payments and Responsible Usage
    • Fixed APR and Manageable Monthly Payments
    • A true Unsecured EMV enabled (chip) Visa Credit card that does not require perfect credit for approval.
  • Credit needed:
    300 599
    Limited/Bad/Poor
  • No advertised benefits

Intro Purchase APR

N/A

Intro BT APR

N/A

Annual Fee

*See Terms

Regular Purchase APR

*See Terms

Cash Advance Fee

*See Terms

Foreign Transaction Fee

*See Terms

Balance Transfer Fee

*See Terms

Pros and cons

Pros

  • Fast application response
  • Available to those with limited/bad/poor 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

  • 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.

What to watch out for

  • 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:

    • $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® Unsecured Visa® with Cash Back Rewards

Disclosures |
Credit One Bank® Unsecured Platinum Visa® with Cash Back Rewards
Credit One Bank® Unsecured Visa® with Cash Back Rewards
on Credit One Bank's secure site
N/A*
17.99% to 23.99% Variable
$0-$99
Earn 1% cash back rewards on eligible gas, grocery purchases and mobile
  • Seeing if you Pre-Qualify is fast, easy, and secure
  • Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone, internet, cable and satellite TV services. Terms apply.
  • Rewards post automatically to your account each month
  • Automatic reviews for credit line increase opportunities
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Pick a card that fits your style. Multiple card designs are available, a fee may apply
  • Enjoy exclusive offers available to Credit One Bank card members through Visa® Discounts.
  • Your card includes travel accident and auto rental collision insurance from Visa®
520 599

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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.

Is this 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