Applied Bank Visa Business review | finder.com

Applied Bank® VISA® Business review

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Another card for your business

SimplyCash® Plus Business Credit Card from American Express

  • Special offer: save on interest with a 0% intro APR on purchases for 15 months; after that your APR will be a variable rate, currently 14.49% - 21.49%
  • No annual fee
  • Reinvest in your business with automatic cash back in the form of a monthly statement credit. Plus take control by choosing the 3% category that best fits your business
  • Earn 5% cash back on the first $50,000 spent at wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores.
  • Earn 3% cash back on the first $50,000 spent in the category of your choice from a list of eight and 1% cash back on other purchases
  • With Expanded Buying Power you can spend beyond your credit limit* to make bigger purchases for your business plus earn cash back on those purchases too
  • *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors
  • Terms apply
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Compare other business credit cards

Updated April 22nd, 2019
Name Product Rewards Purchase APR Annual Fee
5% back at US office supply stores and on US wireless telephone services on up to $50,000 annually (then 1%). 3% on a chosen category on up to $50,000 annually, then 1% after and on everything else
14.49%, 19.49% or 21.49% variable
$0
Save on interest with a 0% intro APR on purchases for 15 months. After that your APR will be 14.49%, 19.49% or 21.49% variable.
2x points on everyday business purchases on up to $50,000 annually, then 1x points
15.49%, 18.49% or 21.49% variable
$0
Earn 2x Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions.
3x on travel, shipping, Internet, cable, phone and online ads up to $150,000 combined annually; then 1x after and on all other purchases
18.24% to 23.24% 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®
5% on office supplies, Internet, cable and phone up to $25,000 combined annually; 2% on gas and dining up to $25,000 combined annually; 1% on all other purchases
15.49% to 21.49% variable
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
1.5% cash back on all purchases
15.49% to 21.49% variable
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
12x points at Hilton hotels, 6x points on select business and travel purchases and 3x points on all other purchases
17.99% to 26.99% variable
$95
Earn 125,000 Hilton Honors Bonus Points after you spend $3,000 in eligible purchases within the first 3 months of card membership.
Earn 2x miles on every purchase made directly with Delta and earn 1x miles on all other purchases
17.99%, 21.99% or 26.99% variable
$0 intro annual fee for the first year ($95 thereafter)
Earn 30,000 bonus miles after you make $1,000 in purchases on your new card within your first 3 months. Plus earn $50 after you make your first Delta purchase in the same timeframe.
4x points on two categories on up to $150,000 in combined purchases annually, then 1x points after that and on all other purchases
16.49%, 20.49% or 24.49% variable
$295
Earn 35,000 Membership Rewards® points after you spend $5,000 on eligible purchases with the Business Gold Card within the first 3 months of card membership.
5x points on flights and prepaid hotels through Amex Travel, 1.5x points if you spend $5,000 on a single eligible purchase on up to 1 million additional points per year and 1x points on all other purchases
None (Charge Card)
$595
Earn 50,000 points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 on purchases in the first 3 months from account opening.
2x points on purchases through Amex Travel and 1x points on all other purchases
$0 intro annual fee for the first year ($95 thereafter)
Earn 5,000 Membership Rewards® points after your first purchase on the card within the first year of card membership.
1.5% discount when you pay early, with no cap on what you can earn back
None (Charge Card)
$0 intro annual fee for the first year ($250 thereafter)
Get a 1.5% discount when you pay early, with no cap on what you can earn back.
6x points at Marriott Bonvoy hotels; 4x points at US restaurants, US gas stations, and on US wireless telephone and shipping services; 2x points on all other purchases
17.99% to 26.99% variable
$125
Earn 100,000 bonus points after you use your new card to make $5,000 in purchases within the first 3 months of card membership.
2x miles on direct Delta purchases and 1x miles on all other purchases
17.99%, 21.99% or 26.99% variable
$450
Earn 40,000 bonus miles and 10,000 Medallion Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in your first 3 months.
2x miles on direct Delta purchases and 1x miles on all other purchases
17.99%, 21.99% or 26.99% variable
$195
Earn 5,000 Medallion Qualification Miles (MQMs) plus 35,000 bonus miles after spending $1,000 in the first 3 months. In addition, earn a $100 statement credit after you make a Delta purchase with your new Card within your first 3 months.
7x points on rideshares, 4x points on travel booked through Brex Travel, 3x points at restaurants, 2x points on software subscriptions and 1x points on all other purchases
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.
N/A
None (Charge Card)
$0
60-day interest-free financing for e-commerce businesses.

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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.

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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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