If you’re looking for an unsecured credit card with a low credit limit, the Applied Bank Unsecured Classic Visa Credit Card may be a good option. But watch out for its high-interest rates and fees!
In this applied bank unsecured classic visa Credit card review, we’ll closely examine the card’s features, benefits, and drawbacks to help you decide if it’s the right credit card.
This credit card is for people with poor credit who don’t want to put down a deposit for a secured credit card.
This credit card is for people with poor credit who don’t want to put down a deposit for a secured credit card.
This card has numerous fees, including an annual fee, monthly maintenance fee and late payment fee. The APR on this card is also high, making it expensive to carry a balance from month to month. There is no grace period on this card, so interest will accrue as soon as you purchase.
Despite these drawbacks, the Applied Bank Unsecured Classic Visa Card does offer some benefits. First, it doesn’t require a deposit, which can be helpful if you don’t have the cash on hand to put down for a secured card.
Additionally, this card offers automatic reporting to all three national credit bureaus, which can help you rebuild your credit over time.
Finally, the card has no penalty rate, so your interest rate won’t increase even if you make a late payment.
If you’re looking for a simple unsecured credit card with no deposit required, the Applied Bank Unsecured Classic Visa Card may be a good option.
However, consider the fees and rates associated with this card before applying.
- The Applied Bank® Unsecured Classic Visa® Card is a great credit card for people with bad credit, fair credit, or no credit history.
- The card features a fixed rate APR and the perks and protections of a full-fledged Visa credit card.
- You can get pre-qualified for the card in less than a minute and will receive a $300 unsecured line of credit if approved.
- As a real Visa®credit card, the Applied Bank® Unsecured Classic Visa® Card reports your activity to all three major credit bureaus(Transunion,experian and equifax) – so using them responsibly can help you build yours over time.
- There’s no penalty rate if you make a late payment – so you avoid those pesky fees that can add up quickly.
- The regular purchase APR of 34.99% is important to keep balances low and make on-time payments to avoid interest charges.
- The card offers cash back and a Rewards Program with no annual fee.*
- For those who travel frequently, there is a foreign transaction fee of 3% of the transaction amount in U.S. dollars.
Now that we’ve examined the main features of the Applied Bank Unsecured Classic Visa Card let’s take a closer look at the benefits and drawbacks of this credit card.
“Should you apply for a Applied Bank Unsecured Classic Visa Credit Card ?”
The Applied Bank Unsecured Classic Visa Card might be a good option for you if: You have bad credit or no credit and want to build your credit history. However, this is not the only reason to get the card. Here are some other reasons:
#1. You are looking for an unsecured credit card with no deposit required.
One of the biggest benefits of the Applied Bank Unsecured Classic Visa Card is that you don’t need to put down a security deposit. That means you can start using your credit card immediately without worrying about coming up with the funds for a deposit.
#2. The $300 initial credit limit is a good starting point for you.
The $300 initial credit limit may be a good starting point if you have bad credit or no credit. That’s because it’s high enough to give you some breathing room but low enough that you won’t get in over your head.
However, the credit limit may not be enough for some people. You may look for a different credit card if you need a higher credit limit.
#3. You have Bad or No Credit.
If you’re looking for a credit card to help you build your credit history, the Applied Bank Unsecured Classic Visa Card could be a good option. This card reports to all three major credit bureaus, so using it responsibly could help you improve your credit score over time.
#4. Fast and easy application and approval process
One of the best things about the Applied Bank Unsecured Classic Visa Card is that it has a fast and easy application and approval process when you apply online.
However, you can not use your credit card right away. You will need to wait for your card to arrive in the mail before you can start using it.
#5. You’re looking for a real Visa credit card with protections.
The Applied Bank Unsecured Classic Visa Card is a real Visa credit card, which means it comes with all of the protections and perks that come with Visa cards. For example, you’ll get Zero Fraud Liability if you’re a fraud victim.
#6. Reporting to the Major Credit Bureaus
The Applied Bank Unsecured Classic Visa card can help improve your credit score for people with bad credit or no credit history. The card reports to the three major credit bureaus every month, so as long as you make your payments on time and keep your credit usage low, you will see a steady increase in your credit score.
#7. Credit Limit Increases
Using your credit card responsibly may be eligible for a credit limit increase after 12 months. This is a great way to gradually improve your credit score and access more funds when needed.
However, there are fees associated with a credit limit increase. If you’re not careful, these fees can add up quickly and negate the benefits of the credit limit increase.
Why should you not get the Applied Bank Unsecured Classic Visa Credit Card?
There are a few reasons why the Applied bank® unsecured classic visa® card might not be your best choice. Here are a few things to consider:
#1. The high-interest rate
The biggest downside of the Applied Bank Unsecured Classic Visa Card is the high-interest rate. If you carry a balance on your card, you will accrue interest at 34.99% APR.
That’s one of the highest market rates, so paying off your balance in full each month is important to avoid paying interest.
For example, if you carry a balance of $1,000 on your card with a 34.99% APR, you will accrue $35 in interest charges each month.
#2. Very High Annual fees
The Applied bank® unsecured classic visa® card is not a good choice for many consumers because of its high annual fee. The annual fee for the first year is $75.00, and after that, it is $48.00. That means you would pay $123.00 in yearly fees over two years alone!
And that doesn’t even include any other fees you might be charged, such as late or foreign transaction fees.
#3. Set-Up and Maintenance Fees
There are also set-up and maintenance fees associated with the Applied bank® unsecured classic visa® card. The set-up fee or processing fee is $89.00, and the maintenance fee is $6.25 per month. So, you would pay $287 in costs over two years just to keep your account open!
The maintenance fees start from the second year, so if you cancel your card before, you will only be responsible for the set-up fee.
#4. Credit Limit Increase Fee
After an account has been open for at least one year, a fee of 20% of any increase in credit limit may be charged as a Credit Limit Increase Fee. This can add to a significant expense over time, particularly for those who regularly request credit limit increases.
$5. Foreign Transaction Fee
In addition, the card also charges a Foreign Transaction Fee of 3% on all purchases made outside of the United States. This can save international travellers a significant amount of money over time. As a result, consumers should consider these fees carefully before applying for the Applied bank® unsecured classic visa® card.
You may refer to other terms & conditions of the card in the link.
Who is this card ideal for?
This card is ideal for people with bad credit and looking for a way to improve their credit score. With no other options, this is the last resort card. There are many fees and no grace period on interest charges.
A deposit is required for a secured card, but some good ones with rewards can help build credit without tons of fees. This card is not for people looking to build their credit score.
There are better options out there that don’t have all the high fees and interest charges. If you want to build your credit, this card is not for you. Look elsewhere.
The alternative of Applied Bank Unsecured Classic Visa Card?
There are many other options for people with bad credit. A few cards don’t require a deposit and have lower interest rates. Here are some other options:
#1. Indigo Platinum Mastercard
When it comes to choosing a credit card, there are a lot of factors to consider. Annual fees, rewards programs, and sign-up bonuses can all play a role in your decision. But another important factor to consider is benefits.
Some cards offer valuable benefits that can save money and protect your identity. So, let’s take a closer look at the benefits of the Applied Bank Unsecured Classic Visa Card and the Indigo Platinum Mastercard.
The Applied Bank Unsecured Classic Visa Card offers ID Navigator, a service that helps you monitor your credit report and alerts you to any suspicious activity. This can give you peace of mind knowing that your identity is protected. The Indigo Platinum Mastercard also offers an ID theft protection service. Both cards offer similar benefits in this area.
Regarding annual fees, the Applied Bank Unsecured Classic Visa Card has a first-year fee of $75 and a $45 fee after that. The Indigo Platinum Mastercard has a chance at a $0 annual fee, but some will pay as high as $99 depending on which version of the card you qualify for.
So, the Applied Bank Unsecured Classic Visa Card is the better option if you’re looking for a card with a lower annual fee.
Regarding interest rates, the Applied Bank Unsecured Classic Visa Card has a variable APR of 24.99%. The Indigo Platinum Mastercard has a variable APR of 23.90%. So, if you’re looking for a card with a lower interest rate, the Indigo Platinum Mastercard is the better option.
#2. Milestone Gold Mastercard
The Applied Bank Unsecured Classic Visa Card and the Milestone Gold Mastercard are good options for people with fair to poor credit. Both cards have annual fees, but the Milestone Gold Mastercard has a lower annual fee than the Applied Bank Unsecured Classic Visa Card. Neither card offers a rewards program or sign-up bonus.
However, both cards offer identity monitoring and data breach protection benefits. The Applied Bank Unsecured Classic Visa Card is a good option for people who want a card with no annual fee after the first year.
The Milestone Gold Mastercard is a good option for people who want a card with a lower annual fee.
What Is the Credit Score Needed for the Applied Bank Unsecured Classic Visa Card?
The credit score needed for the Applied Bank Unsecured Classic Visa Card is 600. This card is for people with bad credit who want to improve their credit score. There are many fees and no grace period on interest charges. Therefore, this card is not for people looking to build their credit score.
Is it possible to increase your credit limit with the Applied Bank Unsecured Classic Visa Card?
You can increase your credit limit with the Applied Bank Unsecured Classic Visa Card. However, there is no set amount that you will be increased by. The credit limit increase will depend on your creditworthiness.
You can apply for a credit limit increase after you’ve had the card for at least 12 months. You can log in to your online account or call customer service to request a credit limit increase. If you’re approved for a credit limit increase, it will typically take 7-10 days to reflect the increased limit on your account.
Bottomline: Is the Applied Bank Unsecured Classic Visa Card a good choice for people with bad credit?
Applied Bank Unsecured Classic Visa Credit Card Reviews - May 2023
The Applied Bank Unsecured Classic Visa Card is a good option for those with bad credit scores who cannot get approved for other credit cards. It’s important to remember that if you have poor or no credit, the card issuer will be taking on more risk by lending to you. Therefore, the card has lower credit limits and may come with higher interest rates than a traditional unsecured credit card. If you can manage your spending and pay your bill in full every month, this card can help improve your credit score.
Remember that there is an annual fee of $48 after the first year, so make sure you upgrade to a better card before that waiver runs out!
Comment below about your experience with this card.
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
- Fintech2023.05.22Limited-Time Offer: AmEx Green Card’s Enhanced 60K Points Welcome Bonus and In-Depth Analysis
- Capital One Bank2023.05.21What are the Capital One transfer partner?
- Credit Card News2023.05.203 Hilton Amex Cards Add Free Night To Welcome Bonus: Enhance Your Summer Travel Plans
- Answers2023.05.19Can I add another user to my Green Dot card?