Applied Bank Visa Business review | finder.com

Applied Bank® VISA® Business review

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Updated December 15th, 2018
Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
17.99% to 22.99% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
15.24% to 21.24% variable
0% for the first 12 months (then 15.24% to 21.24% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
None (Charge Card)
$0
The first corporate card for startups. No personal liability or security deposit needed, meaning your personal credit score won't be affected.
17.74% to 25.74% variable
$0 annual fee for the first year ($99 thereafter)
70,000 AAdvantage® miles after making $4,000 in purchases in first 4 months of account opening
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 on purchases for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months.

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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 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.
  • 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.

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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4 Responses

  1. Default Gravatar
    ToniaJuly 21, 2018

    How much do they approve for business credit card

    • Default Gravatar
      joelmarceloJuly 21, 2018

      HI Tonia,

      Thanks for leaving a question on finder.

      The initial credit limit is $500. An average is hard to determine but a secured card doesn’t have to cost much if you pick the best for your needs. Learn more about secured cards with low or no deposits by clicking HERE.

      Cheers,
      Joel

  2. Default Gravatar
    KendraJuly 12, 2018

    How long will it take to receive my card if I got an email 2 days ago that is was being mailed to me? Is there an option of fast delivery?

    • Default Gravatar
      joelmarceloJuly 13, 2018

      Hi Kendra,

      Thanks for leaving a question on finder.

      If approved, it will take approximately 10 days from the day you applied to received your credit card in the mail. If it took longer than usual, you will have to contact their customer service on what could be causing the delay.

      Cheers,
      Joel

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