Applied Bank Secured Credit Card Reviews Favorable & Flakey Opinions

If you ask someone about their credit journey, they would tell you that the hardest part is to re-establish their credit. This is because there are not many useful and feature-rich credit cards for bad credit easily available in the market. The ones that are, do not have the most favorable terms and conditions attached to them. This is where the Applied Bank Secured Visa Credit Card comes in. According to several reviews, this is one of the most useful credit cards for people with bad credit.

If you come to think of it, people worry a lot about credit cards and approvals, their annual fee and the various rewards and benefits that they might be entitled to. They try to compare the cost of using this financial instrument with the benefits that they can derive from it. This is a valid comparison but when it comes to rectifying / repairing your bad credit or fixing your low credit score, it should not be your biggest priority.

Instead, what you should be focusing on at the moment is the ability of this financial instrument to re-establish / fix your credit score. According to various Applied Bank Secured Credit Card reviews, this is a financial instrument created solely and completely to help people who want to establish or reconstruct a credible credit score. This card comes with one of the lowest interest rates when you compare it with other secured cards in the market. All three major credit reporting agencies will be informed about your credit history and credit card usage at regular intervals. Just like the majority of other secured credit cards available in the market, this credit card also requires you to deposit an initial security amount. This will help you get approved for it almost instantly.

Many users / credit card owners do not know that Applied Bank is FDIC insured and is headquartered in Wilmington, Delaware.

This bank is popular for efficient consumer banking services as well as commercial banking products. It is a Delaware State Chartered Bank and has been around since 1996. The bank also supports various local campaigns and initiatives such as:

•    Junior Achievement 

•    The Delaware Financial Literacy Program 

•    United Way 

•    The Ministry Of Caring 

•    Opportunity Centre Incorporated

•    Interfaith Community Housing Of Delaware 

Now Let Us Have A Look At The Several Features Of The Applied Bank Secured Credit Card According To The Most Popular Reviews Submitted By Users Online

•    Better Than Prepaid

You can load this card one time and keep on using it for a long period of time

•    No Credit Check

There is going to be no credit check on your activity or any minimum credit score that is required as other credit cards do

•    Automatic Reporting

Agencies such as TansUnion, Equifax and Experian will be kept constantly in the loop to report about your credit history

•    Low Fixed APR

9.99% is the APR that you will have to pay and it is not going to go up at any point of time

•    Fast Activation

This credit card for bad credit can be activated instantly with a minimum deposit of $200 (maximum deposit is $1000)

•    Increase Your Credit Limit Easily

You can easily increase your credit limit up to $5,000 by just adding a few additional funds at any point of time

What Are The Drawbacks To This Financial Instrument? 

Should You Be Worried About Any Aspect Of The Applied Bank Secured Credit Card?

Yes, there are certain things to watch out for. Following is a list of a few factors that should not be ignored:

•    Annual Fee 

To be able to own and use this card, you will have to pay a $48 annual fee. This amount is going to be charged to your balance almost immediately. This is going to lower your total available credit by $48.

•    Grace Period 

There is no grace period. Any APR on your purchases will be lowest on your credit card but there is no grace period before any of your purchases start accumulating interest.

•    Foreign Transaction Fee 

There is also a fee that will be charged to your credit card if you make any payment outside of the country. It is around 3% of the entire transaction n value.

•    Other Charges

There is also a fee for late payments, replacement cards, returned payments, automated card statements, stop payments and automated account information as well as optional payments.

All in all, there are a few benefits to this credit card but also a few drawbacks that might discourage you from obtaining one in the first place. Like we always say, it is not about the credit card that you have opted for but the way you are using it. Your purchases and financial decisions are going to make a huge impact on your life and your credit score. Remember this and you will be sorted.