If you’re finding it hard to qualify for a credit card due to poor or no credit, a secured card can help you rectify that. Getting approved for a secured card is very easy but comes with a lot of conditions to set you back on track. Applied Bank Secured Visa Card can help you build your credit but may not be the best choice when you consider the numerous fees.
First, there is the required security deposit, which can range from $200 to $500. While the annual percentage rate is relatively low at 12.99 percent on purchases and cash advances, the card carries several fees, as outlined below;
Applied Bank Secured Visa Card Pricing
- Annual Fee $50 first year only, then $9.95 per month ($119.40 annually)
- Credit Limit Increase Fee $100
- Upgrade Fee $100
- Late Payment Fee $32 to $35
- Returned Payment Fee $30
- Dishonored Check Fee $30
Pros and Cons of the Applied Bank Secured Credit Card
- Firstly, the low-interest rate
- Secondly, no account set-up fee
- No credit check required
- No penalty interest rate.
- First, High fees
- Secondly, Very low credit limits
- No grace period
- No interest paid on deposit
- Then, No rewards.
Applied Bank Secured Visa Review
While it’s probably easy to get approved for the Applied Bank Secured Visa card (since there’s no credit check) it’s very costly to maintain. Actually, the longer you have it, the more expensive it will become.
There’s no application or set-up fee, but there is a $50 annual fee the first year. Not outrageous, but not inexpensive either. But after the first year: The annual fee is dropped, replaced by a monthly fee of $9.95 – or almost $120 a year!
The bank also charges $100 each time your credit limit is increased or your account is upgraded. And this doesn’t come often. Credit limits, which are based on the size of the security deposit you put up, are outrageously small – just $200 to $500, easily the smallest we’ve seen. The bank doesn’t pay interest on your deposit either.
The only positive attribute is the low-interest rate, which doesn’t go up even if you’re late (although a late fee will apply). But even that is somewhat mitigated by the lack of a grace period; most other cards give you at least 25 days to pay your bill. There are other secured cards on the market with lower rates. Check out the card website.