Applied Bank® VISA® Business review

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Ink Business Preferred℠ Credit Card		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®	Apply nowView details	Compare	loading Fetching your data...
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Business Platinum Card® from American Express		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.	View details	Compare	loading Fetching your data...

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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.

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

• Why do I need a business credit card?

  A business card can help you separate your business expenses from your personal expenses. Many also allow you to collect points and rewards as you spend on business needs.

• Do most secured cards require a credit check?

  Most — but not all. Secured cards that don’t require credit checks won’t be the best on the market overall, but they could help you work your way up to an unsecured card.

• How much is the average deposit on a secured card?

  An average is hard to pin down. 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.