Besides choosing the right type of credit card you need, such as a no annual fee offers, low-interest card, secured 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.
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.
Keep in mind that if you use your Applied Bank credit card abroad, you will be charged a foreign transaction fee and a currency conversion fee. If you need your credit card for traveling, your best option would be to apply for a no foreign transaction fee credit card.
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 cards, and guaranteed 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.
e.g. If you apply for their Secured Visa Gold 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 Unsecured Visa 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 3 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.
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Applied Bank credit cards are good for those who would like to improve their credit score, but the high fees can be discouraging. While you can easily improve your score with their cards, once your score has been improved, you might want to find another card with lower fees.
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.