Is the Applied Bank Visa Business worth it? | June 2018

Review: Applied Bank Visa Business – June 2018

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Apply even with bad credit — but look out for high fees, no interest grace period and no rewards.

  • Get this card if… you have bad credit and are willing to pay high fees.
  • Pick something else if…you don’t want high fees or you’re looking for a powerful business card.
  • All credit scores welcome to apply.
Product NameApplied Bank® VISA® Business
APR for Purchases ( Purchase Rate )23.99% variable
Annual fee
Cash Advance Rate23.99% variable
Card TypeVisa
Returned Payment Fee$38
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$0.50
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual fee
Returned Payment Fee$38
Over The Credit Line Fee$38
Late Payment Fee$38
Cash Advance Fee$10.00 or 5% of each Cash Advance which includes, but is not limited to, ATM and convenience check usage
Additional Cardholder Fee$30

The basics

For a business card, the Applied Bank Visa Business is a tough sell. It doesn’t offer any business rewards. Rather, its biggest benefit is that it’s open to consumers with bad credit.

Unfortunately, glaring downsides include a one-time $125 fee for merely opening an account. You’ll also pay a monthly maintenance fee of $9.95, which comes out to $119.40 a year. Add in fees for online bill payments and other nickel-and-dime charges, and the Applied Bank Visa Business could cost more than you anticipate.

Finally, the card lacks an interest grace period, meaning you’ll start accruing interest as soon as you make any purchase. This is a significant weakness, as most cards offer grace periods of 21 and 25 days.

Bottom line: If you’re trying to build credit, consider a secured credit card. And if you need a card for your company, consider the many business credit cards that offer far more features.

The perks

  • You’re eligible if you have bad credit.Most business cards require at least good credit. However, you can apply for the Applied Bank Visa Business even with a less-than-stellar credit score.

You’ll also like …

  • Payment history reporting to major credit bureaus. If you need help building or rebuilding your credit, the Applied Bank Visa Business card could ultimately help increase your overall creditworthiness.

What to watch out for

  • No balance transfers. You can’t move debt to your Applied Bank Visa Business card.
  • No grace period on interest. You’ll accrue interest as soon as you make a purchase. This is a significant weakness, as most credit cards offer grace periods.
  • Penalty APR for late payments. If you make a late payment, you’re subject to an APR as high as 29.99%.
  • Account origination fee. You’ll pay a one-time $125 to open your account.
  • Monthly maintenance fee. At $9.95 a month, you’re looking at $119.40 annual maintenance.
  • Payment fees. Mailed payments are free, but online payments costs $6.95 each, credit or debit card payments cost a steep $10.95 each and ACH payments costs $6.95 each.
  • Other random fees. Watch out for fees for account dormancy ($10 monthly), expedited payments ($2 per transaction), stopped payments ($2 per transaction) and more.

What should I know before I apply?

To apply for the Applied Bank Visa Business, you must be at least 18 years old.

Always consider your options and your financial situation before you apply for a credit card.

Information you’ll need

  • Your business name and details
  • Your full name and contact information
  • Your residential status and address
  • Your annual income and source of income
  • Your Social Security number and date of birth

What credit score do I need?

You’re welcome to apply for the Applied Bank Visa Business with any credit score — even if you have bad credit.

How to apply for the Applied Bank Visa Business

To apply for the Applied Bank Visa Business, go to Applied Bank’s site. Complete the form with information like your business name, annual income and Social Security number and submit your application.

Applied Bank Visa Business

How long will it take to be approved?

You’ll know whether you’re approved about 60 seconds after you apply.

I got the card. Now what?

  • Make timely payments. Consider paying your card bill well before your statement due date to avoid a steep penalty APR and high late fees. Factor in a potential wait before your payment posts.
  • Avoid interest. The Applied Bank Visa Business doesn’t come with a grace period on interest. To avoid racking up unnecessary interest, consider paying off your purchases as soon as you make them.
  • Avoid fees. Late and returned payments come with hefty $38 fees. Cash advances also come with fees. Read your cardholder agreement to understand the various other fees you may encounter.
  • Customer service. If you have questions, contact Applied Bank’s Customer Service Department at 1-800-947-1090.

Bottom line

The Applied Bank Visa Business brings few notable features. It’s open to consumers with poor credit, but it’s incredibly expensive. It also doesn’t offer significant perks or rewards for business expenses.

If you’re looking for a card to build or rebuild your creditworthiness, you can find stronger secured cards offering low APR, minimal fees and budget-friendly deposits.

Frequently asked questions

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