It is a secured credit card, a great choice for individuals who have no or limited credit history or have past or current credit issues. Your funds, which act as a security deposit guarantees your secured credit card. This security deposit is refundable, at the time of closing of your account if your account is up-to-date and paid on time. It is a unique secured card from Applied Bank that does not charges any interest on purchases. Instead of charging interest, it has a monthly maintenance fee. Not all cardholders will appreciate this feature, but if managing high interest rates has been a problem for a person than this card may prove a better choice. This card is designed for those who have bad credit and who know they will carry a balance and cannot make payments on time. Minimum credit limit for this card is $500 and the maximum credit limit can be up to $5,000. You will have to put a deposit equal to the credit limit you choose. However, you can call and ask for an increase in your credit limit. In this card, you do not earn any interest on your security deposit. Your deposit account is insured by FDIC. If your card issuer, Applied Bank, fails or declares bankruptcy, you can still get your money back. It looks and works like any other credit card, so no one will get to know that you are using a secured card. It helps you to boost your credit score by reporting your payment history to Experian and TransUnion credit bureaus on a monthly basis. It does not report to Equifax. This is the best thing about this card, you will have 0% fixed interest rate for purchases and even if you are late with your payments, the rate will not change. Just to make you feel more secure, this secured credit card offers you personal ID theft protection.
Rate and Fees: –
- Cash Advance Rate (APR): – 9.99% variable
- Standard Balance Transfer Rate (APR): – N/A
- Grace Period: – N/A
- Foreign Transaction Fee: – 1% per transaction
- Minimum Interest Charge: – $0
- Standard Rate: – N/A
- Annual Fee: – $0 (there is a monthly maintenance fee of $9.95)
- Balance Transfer Fee: – N/A
- Cash Advance Fee: – $5 or 5% per transaction (whichever is higher)
- Late Payment Fee: – Up to $35
- Set Up Fee: – $0
- Returned Payment Fee: – Up to $35
Contact Information: –
You can get help and support from applied bank by online help login on their official website.