Who is the Applied Bank® Unsecured Classic Visa® Card for?
If you have a bad credit score or you are new to owning a bank account, the Applied Bank® Unsecured Classic Visa® Card could be a good option for you to build up your credit. It does not have a minimum credit requirement, and it reports account information to the three major credit bureaus (TransUnion, Equifax, and Experian) on a monthly basis. With on-time payments and low credit utilization, you should be able to build your creditworthiness consistently.
In addition, this card has a relatively quick and easy application and approval process. With some eligible applicants getting approved in less than 60 seconds, the quick turnaround time makes this card ideal for emergency purchases that cannot be paid in cash.
The Applied Bank® Unsecured Classic Visa® Card is a relatively expensive card to get comparing to other credit cards that serve similar purposes, however. It charges $89 for the initial account opening fee as well as a $6.25 monthly fee after the first year. It has a high APR of 29.99% and a $300 credit limit, with an option to increase the limit by paying $100 extra.
One thing that applicants should note is that this card does not have a grace period, meaning interest will accrue immediately upon purchases, rather than only when you carry a balance from month to month. Users should try to pay off any purchases as fast as possible.
Welcome Bonus and Rewards Rate
Since the Applied Bank® Unsecured Classic Visa® Card mainly serves as a tool for customers to build their creditworthiness, it does not offer any welcome bonus or bonus reward that most credit cards offer.
Benefits and Credits
The main feature of this card is that it does not have a minimum credit requirement, meaning customers do not have to worry about their credit history or the lack thereof. This makes it ideal for people who have bad credit scores or students who are just starting out in their personal finance journey. The application process is straightforward, and the turnaround time for its approval process is extremely short. Coupling with the $0 security deposit requirement, this card can serve as a useful tool to pay for emergency purchases.
This card has a high APR of 29.99%, which is higher than what most other new credit card offers. However, this is not unusual as the card mainly targets customers with poor credit history and it is highly unlikely for someone to qualify for a low APR without a good credit score.
One big thing that should be taken into consideration is that this card does not have a grace period. Users start paying interest from the moment the purchase is made instead of monthly accrual. Users should try to pay off any purchases as soon as possible to minimize interest payments instead of waiting until the end of the month.
Common amongst unsecured credit cards, the Applied Bank® Unsecured Classic Visa® Card charges users a pre-account opening fee of $89. It has a somewhat high annual fee of $45 ($75 for the first year) as well as an additional $6.25 monthly fee after the first year. Users should also note that this card charges $30 for additional user annual fee and up to $38 for both late fee and return payment fee.
The Applied Bank® Unsecured Classic Visa® Card is not suitable for someone with an established credit history looking for a reward program. It mainly serves as a tool for customers to build their creditworthiness or increase short-term purchasing capability. So If you are someone who has never had a credit card before/does not have a great credit history, the Applied Bank® Unsecured Classic Visa® Card could be a good option for you to consider.