Basics on Applied Bank Secured Visa Card Card
Applied Bank Secured Visa Card are intended for people who refuse to apply for a credit card or whose credit has been replaced. As a result, people with bad credit (below 620) can qualify. However, this does not mean this card is free. First, you need a security deposit that ranges between $ 200 to $ 500. While the annual percentage rate for purchases and advances is relatively low at 12.99%, this card charges various fees, these includes:
Annual Fee of $50 in the first year, then $9.95 monthly (that’s $119.40 annually)
Credit Limit Increase Fee of $100
Late Payments Fee of $32 to $35
Returned Payments Fee to $30
Dishonored Check Fee to $30
Strengths and Weaknesses
Low interest rates
There are no fees for account set-up
Credit checks are not needed
There is no penalty interest rate
The credit limit is very low
There is no interest paid on deposit
No grace period
There is no reward
This secured credit card expresses the phrase “you get what you pay for” on its head. In this case, you pay a lot, but you don’t get a lot of money in return.
Approval for an Applied Bank Secured Visa Card is likely to be easy (because there is no credit check done), but you have to pay urge fee. In fact, the longer you have it, the more expensive it will be.
There are no registration fees or arrangements, but there is an annual fee of $ 50 for the first year. This is no scandal, but not cheap either. But be careful after the first year: Annual fees will be reduced and replaced with a monthly fee of $ 9.95 – or close to $ 120 a year!
The bank also charges $ 100 every time your credit limit increases or your account is updated.
Not much is gotten from this. The credit limit based on the deposit you make is very small – only $ 200 to $ 500, which is the lowest amount we’ve ever seen. The bank also does not pay interest on deposit made too.
The only positive feature is the low interest rate, which does not increase even if there is a delay. With most other cards, you have at least 25 days to pay your bills. There are other secured cards with lower rate on the market.
You should avoid this card, unless you need a credit card and this is the only one you are qualified to get.