The Applied Bank Credit Card was last reviewed on
28th December 2009
Summary - The Platinum Zero(TM) Secured Visa® Credit Card from Applied Bank® is a secured credit card that is designed for those with a poor history. Let's find out more about this card.
Fees - There is a monthly maintenance fee of $9.95, which works out to $119.40 a year. The APR is 0%, and (Applied Bank® claims that your rate will not be increased even if you are late on your payment). But there is n grace period so if you have not paid up immediately, you will be charged the cash advance rate which is 9.90% (pretty reasonable). The average daily balance (including new purchases) is used to compute your monthly balances. However, the Applied Bank® secured credit card has no grace period for the repayment of balances for purchases. Hence, you will be charged interest the moment you pay for something with the card.
Credit Limits - Your credit limits will be determined by how much you deposit with Applied Bank. The minimum deposit is $500 and the maximum allowed is $5,000.
Credit Bureau Reporting - The Applied Bank® reports to credit bureaus.
Verdict - The Platinum Zero(TM) Secured Visa® Credit Card from Applied Bank® is a reasonable secured credit card for those with poor or no credit history. Furthermore, Applied Bank® does not apply any credit checks or income verification. The only snag to this card is that there is no grace period for your purchases. With just a $119.40 annual fee (sum of all monthly maintenance fee), I'll take this card over any other fee laden sub-prime credit cards.
Positives
Reasonable annual fee and ratesCredit Bureau Reporting
| Credit Limits |
100% of bank deposit, $500-$5,000 |
| Credit Agency Reporting |
Reports to credit bureaus |
| Monthly Maintenance Fees |
$9.95 |
| Purchase APR |
0% |
| Cash Advance APR |
9.99% |
| Min Finance Charge |
$0.50 |
| Grace Period |
0 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Cash Advance fee |
Greater of $5.00 or 5% of cash advances |
| Over-the-credit-limit fee |
$32
$35 - if your credit limit is greater than $1,000 |
| Late Payment fee |
$32
$35 - if your credit limit is greater than $1,000 |
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