Besides choosing the right type of credit card you need, such as a no annual fee credit card, low-interest card, secured credit card, or other, you need to choose the right bank or credit union that will provide you with the said card.
There are many banks and credit unions that you can go to and apply for a new credit card, and one of them is Applied Bank.
Applied Bank credit cards can be a good choice for anyone wanting to build up their credit score or simply ensure better financial stability. So, let’s see what the Bank has to offer and help you discern whether this bank is the right choice for you.
What is Applied Bank?
Applied Bank is a renowned financial institution established in 1996, with its headquarters located in Wilmington, Delaware. They provide full-service banking for individuals and businesses alike, and their financial products and services include:
- Term loans
- Lines of credit
- Merchant processing
- Permanent construction financing
- SBA 7(a) and 504 Loan Programs
Applied Bank cards belong to the VISA and Mastercard credit card networks, so their cards do come with certain secondary benefits offered by these networks. If you decide to apply for one of their credit cards, you will be able to use them wherever Visa and Mastercard are accepted.
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Visa is accepted in over 170 countries worldwide, and MasterCard in around 210 countries, so an Applied Bank credit card can be a good choice if you plan on using your credit card while traveling.
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What Cards Applied Bank Offer?
If you decide to apply for an Applied Bank card offers, you can choose from a few different types. They offer secured and unsecured credit cards, low-interest credit cards, and guaranteed approval card offers.
They have very few requirements for their applicants, there is no minimum credit score requirement, there’s no credit check so your application won’t damage your credit score, and they don’t even require you to be employed.
If you apply for their Applied Bank® Secured Visa® Gold Preferred® Credit Card, you can easily activate it with a minimum deposit of $200, or a maximum deposit of $1000. Since the limit is rather low, you can easily avoid overspending and paying high-interest rates.
Does Applied Bank Offers Cards for Poor Credit
The Bank offers credit cards that are specifically designed for those with poor credit. Their Applied Bank® Secured Visa® Gold Preferred® Credit Card is an ideal beginner credit card that can help you build up your credit score. It can also be useful for small business owners and individuals with poor credit.
Applied Bank automatically reports your behavior to the three national credit bureaus, so as long as you’re a responsible cardholder and pay off your debts on time, you’ll be able to improve your credit score quickly.
The Bank’s secured card comes with a fixed 9.99% APR, after your introductory period is over you will pay $48 for the annual fee, and the late payment fees can go up to $38.
The Pros and Cons of Applied Bank Cards
Like any other card, the Applied Bank cards come with both pros and cons. One of the major advantages of having an Applied Bank credit card is that you can get it regardless of your credit score. Essentially, you just have to be 18 or older to get this credit card. You don’t need to be employed (although this is still desirable), you don’t need to go through a full credit check, their requirements are as low as they can be.
The downside of low requirements – high fees. After 1 year of using the card, you will have to pay both the card maintenance fees and the annual fees. They typically don’t have a grace period, so you should do all you can to pay off your debts on time.
Applied Bank Credit Cards Frequently Asked Questions
Yes, you can get an Applied Bank credit card with poor credit. Applied Bank has very low requirements for its credit card applicants, and there is no minimum credit score requirement. The Applied Bank® Secured Visa® Gold Preferred® Credit Card, for example, is an excellent choice for poor credit as secured credit card. They don’t do a full credit check, and through the online application, you can find out very quickly whether you’ve been accepted for a credit card or denied.
You will need to make a minimum deposit of $200, or a maximum deposit of $1000, and by adding additional deposits, you can easily increase your credit card limit to $5000. Once you’ve paid off your credit card debts, you can get your deposit back.
Related Reading: 13 Reasons to Get a Secured Credit Card
Applied Bank offers credit cards such as secured and unsecured ones, low-interest credit cards, and guaranteed approval credit cards. Their most popular card is the Applied Bank Secured Visa Gold Preferred Credit Card. This card is a good choice for those with poor credit who would like to build up their credit score.
If you have a good or excellent credit score, you might want to consider getting a credit card from other issuers who can offer you a wider variety of cards. Applied Bank doesn’t offer cards such as no foreign transaction fee credit card or no annual fee credit card.
Unfortunately, the Applied Bank® Secured Visa® Gold Preferred® Credit Card doesn’t offer any rewards. This card is designed simply to offer you more financial stability and to help you build up your credit score. Most of the credit cards for poor credit either don’t offer any rewards, or they don’t offer very valuable rewards. You could get some of the secondary benefits of the Visa credit card network, however.
If you have a good or excellent credit score, you might want to consider applying for a credit card with another issuer. With a better credit score, you could be eligible for favorable cashback rewards on gas, groceries, travels, and more.
Applied Bank credit cards come with many rates and fees, just like any other credit card. Some of these rates are very favorable for the cardholders, while others can be disconcerting. The Applied Bank® Secured Visa® Gold Preferred® Credit Card, for example, has a remarkedly low fixed-rate APR of 9.99%. This APR won’t go up even if you’re late on making your credit card payments.
There is also a 9.99% purchase APR, and you will have a 3% foreign transaction fee, and a $48 annual fee. Returned payment fees and late payment fees can go up to $38. Unfortunately, Applied Bank credit cards don’t allow balance transfers, and there is no grace period for making your payments.
Applied Bank works with both Visa and Mastercard credit card networks, although their best offers come from the Visa network. Cardholders can get many benefits from using a credit card within the Visa network. Primarily, this is the most popular credit card network around the globe with millions of users. Visa credit cards are accepted in over 170 countries around the world, so you will be able to use your Applied Bank credit card wherever you travel.
You do need to be careful when using this card on your travels, however. With a 3% foreign transaction fee, you could end up spending much more than you’d hoped during your travels abroad.
Yes, you can easily apply for your Applied Bank credit card online. As a matter of fact, this is much easier and much more convenient than applying for it in person. With their instant decision credit cards, you will be notified within just a few minutes of the status of your application. You will need to provide some personal information, your name, address, current bank account, employment status, social security number, and more, so be sure to have all the information at hand when making an online application.
Although online applications are secure, you should still be careful. Don’t use a public network or a computer that’s shared with other people.
You can cancel your Applied Bank Secured Visa credit card with relative ease. The process is not as easy as calling a landline or selecting an option on the GUI interface. You will have to write a letter to the bank and wait for their response.
After you cancel your subscription to the Applied Bank Secured card (Review), you’re going to get your initial credit deposit back. The whole process can take up to 30 business days, so make sure to give the process some time. While this might sound overly long, the process’s length is justified, as it’s put in place for security reasons.
Yes, Applied Bank reports to all three national credit bureaus. Your credit card activity will be reported to Equifax, Experian, and Transunion. This happens automatically, and your behavior will be reported every month. It’s important to remember this since it will have a huge influence on your credit score.
If you always carry a balance and are frequently late on your credit card payments, your credit score will easily go down, and it will be difficult to bring it back up again. Make sure to pay your credit card debts off in time to avoid this, and to avoid paying the high interest rates and late payment fees.
Applied Bank credit cards are typically aimed toward those with poor credit scores. This is why most of these cards have very low and very few requirements for the applicants. This is also why Applied Bank has automatic credit reports that are sent to all three of the national credit bureaus, Equifax, Experian, and Transunion.
If you want to improve your credit card score, you will need to be a responsible cardholder. You need to pay off all of your credit card debts on time and be very careful with how you use your card. Your credit utilization ratio is also a very important factor that influences your credit card score.
It’s typically advised to keep your credit utilization to 30% of your credit card limit. Since secured Applied Bank credit cards have low limits, it’s important that you’re very careful with how you spend your money.