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Applied Bank® Unsecured Classic Visa® Card review
An expensive unsecured card for building credit.
- Get this card if you want to build credit and you can’t get a better card.
- Pick something else if you want a secured card with no annual fee.
- Apply with a poor credit score of 300 or with no credit history.
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$75
Annual fee
for the first year ($45 thereafter)
29.99%
Purchase APR (fixed)
300
Recommended credit score
Details
| Annual fee | $75 intro annual fee for the first year ($45 thereafter) |
|---|---|
| Annual fee conditions | One-time $89 processing fee, $75 first-year annual fee ($45 starting the second year), $6.25 monthly processing fee starting the second year ($75 annually). See provider site for details. |
| Purchase APR | 29.99% fixed |
| Balance transfer APR | N/A |
| Minimum Credit Score | 300 |
| Issuer | Visa |
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a cryptocurrency and investments writer who has written over 700 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange and stock market trading.
Expert review
As the name suggests, the Applied Bank® Unsecured Classic Visa® Card is an unsecured card designed to help you build credit. However, it comes with many fees, which makes this card an expensive credit-building option.
For example, for the first year you’ll pay a one-time $89 processing fee and first year annual fee of $75. From the second year, you pay a $45 annual fee and a $6.25 monthly maintenance fee. Unfortunately, this is common with unsecured cards for building credit.
If you can shell out a $300 right away, a secured card for building credit may be a better option. Plus, you’ll avoid paying all the fees. The $300 is a secured deposit that will act as your credit limit. The cool thing about secured cards is that you get your deposit back if you decide to close your account or the bank upgrades your account to an unsecured one.
How to apply for the Applied Bank® Unsecured Classic Visa® Card
The application process is simple. Here’s how it works:
- Go to the provider's site and select Apply now.
- 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?
You’ll pay $164 in your first year and then $120 every year after that. This doesn’t include the additional fees that you may or may not incur.
Applied Bank® Unsecured Classic Visa® Card drawbacks
- Annual fee. For the first year, you pay a $75 fee and $45 fee every year after that.
- Processing fee. You have to pay a one-time $89 fee to open your account.
- Monthly maintenance fee. You won’t pay a monthly maintenance fee for your first year. But after that, you’ll pay $6.25 every month, which is $75 annually.
- Other fees. You’ll also pay:
| Additional card fee | $30 |
| Replacement card fee | $30 |
| Copying charges | $10 per copy |
| Fees for optional payments | $12.95 for each payment |
| Stop payment fee | $30 |
| Automated account information fee | $0.50 for each separate account inquiry made through Applied Bank’s automated account information system |
| Credit limit increase fee | $100 unless you and Applied Bank otherwise agree |
| Reinstatement fee | $50 |
Applied Bank® Unsecured Classic Visa® Card benefits
- Build credit. The Applied Bank® Unsecured Classic Visa® Card reports to all three major credit bureaus — TransUnion, Experian and Equifax. With responsible card use, you can quickly build your credit. Note that you can get this benefit with most other unsecured cards that don’t come with as many fees.
- Possibly pre-qualify. Applied Bank recently added the ability to pre-qualify for the card. You can check on your pre-qualification status without affecting your credit score.
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Bottom line
The Applied Bank® Unsecured Classic Visa® Card is an unsecured card for building credit. But it costs at least $164 for your first year and then $120 every year after. If this sounds too expensive for you, consider a secured card with no annual fee. You still need to make a secured deposit, but you can get it back once you close your account or upgrade to an unsecured card.