Review for Applied Bank® Secured Visa® Credit Card
The Applied Bank® Secured Visa® Credit Card, issued by Applied Bank®, is designed for those with limited or poor credit history.
The major benefit of this card is the fixed APR of 9.99% for purchases and cash advances, which is reasonably low for a secured card. There is a $200 minimum deposit required, a $5,000 maximum, and an annual fee of $50.
Unlike most secured credit cards, this card provides additional services and benefits including online account access and various fraud protection services.
It is important to note that a major drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card. A downside is that this card does not pay interest to the deposit amount, which sets it apart from other secured cards that do.
Those who can afford the $200 minimum deposit and do not mind accumulating finance charges once a transaction is posted, will benefit most from the very low rate that the Applied Bank® Secured Visa® Credit Card has to offer.
Updated: December-23-09
Most Attractive Feature(s): No application fee; very low annual fee.
Least Attractive Feature(s): Issuer does not pay interest on the amount deposited.
Note: The review of this card was updated on December-23-09. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
