Monday, June 5, 2023

What Is Applied Bank Credit Card

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Applied Bank Credit Card Offers

Applied Bank Unsecured Credit Card Review

Applied Bank® compares favorably with other premier U.S. commercial banks and card companies by delivering personalized service and high-quality financial products to help you manage your finances better. Applied Bank® offers agreeable terms and conditions for those with no or limited credit. This issuer also provides credit bureau reporting and a payment protection program to help build your score at minimum risk and hassle to you. Also, when you apply online for Applied secured cards, you select a preferred spending limit to establish a security deposit. This minimizes the risk of possible defaults for the issuer because each time you miss a payment, the amount due is withdrawn from your deposit. This procedure prevents you from developing an unmanageable debt; from paying over-the-limit fees; from paying very high default interest charges and from other penalties that might cost you money or diminish the good score that you are trying to establish.When comparing Applied with other issuers, be sure to focus on key comparison points such as: APRs, benefits, annual fees and other charges.

Applied Bank Secured Visa Gold Preferred Card Rates And Fees

Applied Bank Secured Visa Gold Preferred charges more fees than most other secured credit card issuers. The APR rates are fixed and lower than most secured cards, but that may not count for much considering the lack of grace period and higher fees.

Cardholder must pay a $48 yearly fee, and the first Applied Bank Secured Visa Gold Preferred annual fee is charged when the account is opened, which reduces initial credit limit.


Rates And Fees For Td Cash Secured Credit Card

Rates and fees for TD Cash Secured Credit Card

Rates and fees
Annual Percentage Rate for Purchases 22.99% variable APR
$5 or 3% of transfer whichever amount is greater
Minimum Interest Charge
$10 or 5% of advance whichever amount is greater
Annual Fee
3% of each transaction in U.S. dollars
Late Payment
Up to $40

Need more information?

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Better Than A Prepaid Card

Those with;bad credit; or no credit often choose a;prepaid debit card;rather than get a credit card. Why? Because getting a credit card with no credit history can be challenging.;;

However,;Applied;Bank makes it easy to build your credit;with no credit check;and;no minimum credit score requirement. Simply apply for the;Applied Bank®Secured Visa®and submit a deposit of between $200 and $1,000; thats it!;

With secured cards, like the;Applied Bank®Secured Visa®, you load once and keep on using your;card. Unlike prepaid cards,;where you must keep reloading every time you exhaust your funds, with a secured card, your credit limit refreshes when you pay your balance in full each month.;Even better, you build credit with on-time payments something prepaid cards cant provide.;

Is There A Fee For Closing My Account

Applied Bank Secured Credit Card Reviews

Outside of the fees associated with your remaining balance, there is no fee for closing your account.;

You will also receive your security deposit back that you used to open your account.

I would recommend keeping the card active as long as you can, there really isnt a reason to cancel the card any time soon.

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Applied Bank Unsecured Classic Visa Card

Advertiser Disclosure

Credit Card Insider is an independent, advertising supported website. Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Editors Best Card Picks. Credit Card Insider has not reviewed all available credit card offers in the marketplace. Content is not provided or commissioned by any credit card issuers. Reasonable efforts are made to maintain accurate information, though all credit card information is presented without warranty. When you click on any Apply Now button, the most up-to-date terms and conditions, rates, and fee information will be presented by the issuer. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Credit Card Insider and CardRatings may receive a commission from card issuers. A list of these issuers can be found on our Editorial Guidelines.

The Applied Bank Unsecured Classic Visa is an option if you have poor credit, and if you can deal with the small credit line of $300. This card doesnt offer any rewards or popular benefits, and youll be responsible for a number of fees.

How To Apply For An Applied Bank Secured Visa Gold Preferred Card

Applied Bank Secured Visa Gold Preferred eligibility requirements are relaxed, even by secured credit card standards. To get approved, applicants only need to be at least 18 years old and have enough money to fund the initial deposit.

  • Fill out the application: Its easy to fill out an online application for an Applied Bank Gold Preferred Secured Visa credit card. Approvals are guaranteed theres no credit check or minimum credit score requirement but Applied Bank will need to verify your residence, identity and income.
  • Fund the deposit: Applied Bank Secured Visa Gold Preferred credit limits are equal to your security deposit. You can deposit as little as $200 or as much as $1,000 to open the account. Deposit funds will be drawn from the account provided on the application.
  • Get the card in the mail: You should get your Applied Bank Secured Visa Gold Preferred card in the mail in 710 days business days. Your credit line will be available as soon as you activate the card.
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    Applied Bank Unsecured Credit Card Video Tutorial

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    How And When Is Credit Card Interest Charged

    (2020) Applied Bank Credit Cards Review // Credit Cards for bad credit

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    Most people aim to keep their credit card cost at $0, especially rewards credit card users who work to optimize their credit card perks. Getting a credit card with no annual fee is a start at minimizing credit card costs. However, if you carry a balance, you could still incur a cost in the form of interest. Knowing how and when credit card interest is charged is the best way to avoid paying interest and keep your credit card free.

    Your credit card issuer will charge interest whenever you carry a balance beyond the;grace period. Credit card interest isn’t a one-time thing either. Each month you carry a balance over from the previous month, youll have a finance charge added to your balance.

    You won’t be charged interest if a 0% promotional rate applies to your balance.

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    How To Apply For The Applied Bank Unsecured Classic Visa Card

    The application process is simple. Heres how it works:

  • Fill out the application form.
  • Review the application form and submit.
  • What credit score do I need?

    You can apply for the card with poor credit of 300 or with no credit history.

    How much will I pay for the Applied Bank® Unsecured Classic Visa® Card annually?

    Youll pay $164 in your first year and then $120 every year after that. This doesnt include the additional fees that you may or may not incur.

    Should You Apply For The Applied Bank Unsecured Classic Visa Card

    The Applied Bank Unsecured Classic Visa Card is a financial product that is ideal for those who have no credit or;bad credit scores;and cannot get approved for other credit cards. The card is a decent option if you are looking to improve your credit score and plan to pay your bill in full every month. This process is made even easier online bill pay and account access.

    If you are looking to repair your credit and need added securities in place, then this cards lower credit limits can help you avoid falling into unmanageable debt. The card also waives the first year of maintenance fees, which can save you some money, especially if you want to upgrade a better credit card in the short term.

    Ultimately, the Applied Bank Card is a decent option for those who go into the application processes aware of the fees that come with the account. If you are dedicated to building a strong credit history and are willing to take the steps needed to reach your financial goals, the Applied Bank Unsecured Card is worth considering.

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    Advantages Of Hdfc Credit Cards

    1) Security:

    Utilizing a credit card is just difficult yet in addition a lot more secure than dealing with an exchange. The doors used to pay are Visa or Mastercard, secure. This action is a secret word ensured once more.

    2) Refunds:

    Clients can likewise get a discount when they use it to purchase food, take care of bills, and so on The sum is credited straightforwardly to your bank account.

    3) Salary focuses:

    In accordance with the discount, you get reward focuses for each buy you make. The HDFC credit card offers 2-5 focuses for each buy that can cost Rs. 150. From that point forward, you can utilize these prize focuses to make a buy.

    4) Grace Period:

    On the off chance that you run out of cash, you might have the option to defer the installment until your installment is expected. By and large, a limit of 50 days is permitted as a beauty period by banks.

    Catalog / Merchandise Account Through Fingerhut

    Applied Bank Visa Business Credit Card

    Another great alternative are Catalog/ Merchandise Accounts.

    While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

    These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

    One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.;

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    Make On Time Payments

    Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

    Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

    No matter what, avoid late payments.

    Build Your Credit And Earn 1% Cash Back On All Eligible Purchases1

    • Make purchases like with any credit card
    • Build your credit by making on-time payments
    • Earn 1% Cash Back on all eligible purchases1
    • Your linked savings account works as a security deposit2

    Read terms and conditions for important information about APRs, fees, eligible purchases, balance transfers and program details.

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    Paying Your Security Deposit

    Your security deposit is what will determine your initial credit limit and you can use a credit, debit, or prepaid credit card to fund your deposit.

    Applied Bank® accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..

    When you submit your application, you are giving Applied Bank® the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.

    They dont store your debit card information on file.

    The Pros And Cons Of Applied Bank Cards

    Applied Bank Secured Credit Card Review – Applied Bank Secured Visa Card

    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 dont need to be employed , you dont 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 dont have a grace period, so you should do all you can to pay off your debts on time.

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    Applied Bank Secured Visa Gold Preferred Credit Card Benefits

    In addition to building credit with responsible use, Applied Bank Secured Visa Gold Preferred cardholders enjoy benefits like fixed APR , mobile access and more.

    • Fixed APR: Unlike most secured credit cards, Applied Bank Secured Visa Gold Preferred cardholders pay a fixed-interest rate, which means your APR wont suddenly increase.
    • Global acceptance: Applied Bank Secured Visa Gold Preferred credit cards can be used everywhere Visa is accepted.
    • Mobile access: With online and mobile banking, you can pay your credit card bill, check your balance and monitor credit activity online or through Applied Banks mobile app.
    • Smart chip technology: Applied Bank Secured Visa Gold Preferred credit cards come with smart chip technology for enhanced security and protection.

    Foreign Currency Conversion Charges

    Financial institutions calculate foreign currency charges in different ways. Some transactions are converted directly into Canadian dollars. Others may be first converted to U.S. dollars and then to Canadian dollars. The foreign currency conversion charge is applied after the purchase is converted to Canadian dollars.

    Example: Foreign currency conversion charge calculation

    Suppose you made a 1,000 purchase with your credit card. The exchange rate is 1.42 to convert euros directly to Canadian dollars. Your credit card agreement shows a conversion charge of 2.5%.

    After your financial institution converts your 1,000 purchase to Canadian dollars, it will cost $1,420. The 2.5% foreign currency conversion charge is applied to the $1,420 for a fee of $35.50. The total amount of your purchase is $1,455.50 in Canadian dollars.

    Read the terms of your credit card agreement for the total foreign currency conversion charge. Ask your financial institution about anything you dont understand.

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    Requesting A Credit Limit Increase

    You can request a credit limit increase at any time by contacting their Customer Service Department.

    If you get approved, youll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.

    Increasing your own credit limit is one of the best things you can do because it decreases your credit utilization and increases your available credit.

    Example: Interest Rate Increase

    Security Bank Secured Credit Card

    Say you have a promotional interest rate of 4% for the first 6 months that you have a credit card, which will increase to a standard rate of 19% after the first 6 months. But because you miss your minimum monthly payments during the first 6 months, your interest rate increases to 24%. This would seem like a 20% increase over the promotional interest rate.

    Check with your credit card issuer about how much your interest rate will increase if you miss your required monthly minimum payments. This information is usually provided in your credit agreement or information box included in the credit card application.

    Federally regulated financial institutions such as banks must notify you before an interest rate increase takes effect.

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    Reasons To Explore Other Options

    While this card can be the right choice for users who cant qualify for an unsecured option, it still comes with a few downsides:

    High Annual Fee for a Secured Card

    Not only does this card have high annual membership costs for a secured card, but also it comes with a long list of additional fees. However, this Applied Bank card for bad credit is significantly more affordable than some unsecured cards offered to poor-credit applicants, even though it doesnt have an introductory fee.

    No Grace Period

    A grace period on a credit card is the period that starts at the end of a billing cycle and ends on the date your payment is due. Essentially, its the time span during which you can pay your monthly credit card bill without having to face interest. The lack of a grace period on this Applied Bank credit card means that the interest on your credit card balance will start to accrue the same day you make a purchase.

    No Rewards

    Considering that the Secured Visa® Gold Preferred® was designed for consumers who need to establish or rebuild their credit, it comes as no surprise that it doesnt offer a rewards program. This card also lacks a sign-up bonus, an intro APR offer, and similar perks reserved for cards aimed at good-credit consumers, but it will help you qualify for cards that do have those by rebuilding your credit.

    Further Reading

    Reasons To Choose This Credit Card

    No Credit Check

    Suppose your credit is severely damaged due to an open tax lien or a recent bankruptcy. In that case, you wont have to worry about getting rejected: This bank doesnt make prospective cardmembers undergo hard credit checks.

    Automatic reporting to the three national credit bureaus is one of the most valuable features to look for in a credit-building credit card. Youll be happy to hear that this Applied Bank Visa card ticks this essential box, thus allowing responsible cardholders to improve their credit standing.

    Low Fixed APR

    The Secured Visa® Gold Preferred® comes with a 9.99% fixed APR. Not only is such a low annual percentage rate hard to find on credit-building secured cards, but its also rarely offered even to excellent-credit consumers.

    Online and Mobile Banking

    Having an Applied Bank credit-card account means you can access it anywhere as long as you have an internet connection and a viable device on hand. AppliedBank.coms banking applications let you check your balance, pay your credit card bill, monitor your credit availability, and more.

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