Applied Bank® Unsecured Classic Visa® Card

The Applied Bank® Unsecured Classic Visa® Card is a costly unsecured credit card for people with bad credit. Although the Applied Bank Unsecured Visa does not require users to place a refundable security deposit, it does charge several non-refundable fees, starting with a one-time fee of $89 before account opening and a first-year membership fee of $75. From the second year onward, the annual fee is just $45, but it’s joined by a monthly fee of $6.25. 

The best thing about the Applied Bank Unsecured Visa is that it reports account information to the three major credit bureaus on a monthly basis. Coupling that with on-time payments and low credit utilization is the recipe for credit improvement. There are far cheaper ways to build credit, though.

The Applied Bank Unsecured Card also makes it possible to finance emergency purchases that you cannot afford in cash. However, the card does not provide a very big credit line, and any balance that you carry from month to month accrues interest at a high rate: 29.99%.

With that, you should be ready to make an informed decision about applying for the Applied Bank Unsecured Credit Card. But in case you’re still not sure, we’ll summarize the main factors to consider below.

Applied Bank Unsecured Visa Review Highlights

• Initial Fee: $89

Unsecured credit cards for people with bad credit are the only type of credit card that charges this pre-account opening fee. They do it to get around restrictions on first-year fee amounts.

• Annual Fees: $75 the first year and $45 per year after that

The average annual fee on a credit card is $19.49. But even some credit cards for people with poor credit have $0 annual fees. 

• Monthly Fees: $0 1st year, $6.25 after

Most credit cards do not charge monthly fees. In fact, there are cards for people of all credit levels with $0 monthly fees and $0 annual fees.

• Credit Limit: $300

The Applied Bank Unsecured Visa has a credit limit of $300 to start. That does not mean you have the full $300 available to spend immediately, however, as the card’s first annual fee is charged when you open the account. 

• Interest Rate: 29.99%

The average APR among new credit card offers is currently 17.98%. You are unlikely to qualify for a truly low APR unless you have good or excellent credit, however.

• Grace Period: 0 days

The Applied Bank Unsecured Card does not have a grace period. That means any purchase you make with the card starts accruing interest immediately, like a cash advance, rather than only when you carry a balance from month to month. That might be reason enough not to apply for this card to begin with, but if you do, make sure to pay off any purchases you make as quickly as possible. 

• Rewards: None

The Applied Bank Unsecured Visa does not offer rewards. Its main benefits are credit-building and financing capabilities.

• Requirements: 18+ years old with an SSN or ITIN

The Applied Bank Unsecured Credit Card does not have a minimum credit score requirement. Applicants with limited or no credit history can get approved, as can people with bad credit.