Applied Bank® Unsecured Classic Visa® Card Review

Applied Bank Unsecured Credit Card Review
The Applied Bank® Unsecured Classic Visa® credit card is expensive, comes with no rewards, and should be avoided (if you can). However, it is easy to qualify for.
  • Annual Fee:
    $75 First Year, then $45
  • Regular APR:
    29.99%
  • Credit Score:
    Bad Credit

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You may be in a position where you care about your financial well-being now, but you didn’t worry about it in the past. Maybe you’re looking for a way to build your credit up from a few bad calls.

Unfortunately, this can prove difficult.

Credit card companies often use your credit score to determine your eligibility. If you have a low credit score, getting the cards you need to build your credit up can be difficult.

That’s where the Applied Bank® Unsecured Classic Visa® credit card comes in.

Applied Bank® Unsecured Classic Visa® Card Pros and Cons

Pros:

  • Easy to apply for and easy to get approved.
  • No penalty APR
  • Reports to all credit bureaus

Cons:

  • High APR
  • High Annual Fee
  • No grace period
  • A very small line of credit

Applied Bank® Unsecured Classic Visa® Card Review

  • Annual Fee: $75 for the first year, $45 for each year after
  • Regular APR: 29.99%
  • Rewards: None
  • Foreign Transaction Fee: 3%
  • Sign-Up Bonus: None

Applied Bank® Unsecured Classic Visa® Card Features and Benefits

Simple Online Application

One of the Applied Bank® Unsecured Classic Visa® card’s biggest strengths is its easy application process.

Applicants need to only provide a few basic pieces of information on themselves. This allows you to quickly gain access to your card and start rebuilding your credit. It also means you don’t have to waste time gathering your personal information when applying.

Reports to All Three Credit Bureaus

The Applied Bank® Unsecured Classic Visa® is designed to help you build your credit. One of the most important elements of doing so is reporting to the three major credit bureaus.

When you use your Applied Bank® card, your activity will automatically be sent to the three most commonly used bureaus to determine credit scores. This means your card use lets you maximize credit score increases.

All of this is done without you having to do anything. Simply use your card wisely, pay off your balance on time, and your credit score will increase over time.

Potential Credit Limit Increase

While the Applied Bank® Unsecured Visa® card starts off with a very small 300-dollar credit line, it doesn’t have to stay that way. Your credit line can increase over time.

If you consistently use your card responsibly, avoid late payments, and pay off your balance, you might be eligible for an extended line of credit.

That said, you will have to pay a one-time fee for this credit line increase in most instances.

A longer credit line might help you increase your credit score a bit faster by changing the amount of revolving credit you use. This is a factor the credit bureaus use in determining your overall credit score, so doing so might not be a bad idea.

That being, having to pay a fee for this increase isn’t ideal. If you can avoid it, it might be better to simply use the smaller initial credit line to build credit, then apply for another card with a larger credit line instead.

This can save you money and potentially allow you access to rewards or sign-on bonuses.

High Approval Odds

One of the biggest draws about the Applied Bank® Unsecured Classic Visa®, you’re very likely to get approved, regardless of your credit history.

For many with bad credit, their only option appears to be a secured card. These cards require initial deposits that are normally equivalent to the credit line to receive them.

While they can work great for those who need to build their credit, the deposit requirements might put them out of reach of those who are financially tight.

Additionally, this deposit requirement means these cards don’t work particularly well in financial emergencies, as you have to already have the money equivalent to the credit line to qualify.

How Does the Applied Bank® Unsecured Classic Visa® Card Compare to Other Credit Cards?

#1. Applied Bank® Unsecured Classic Visa® Card vs. Secured Mastercard® from Capital One®

The Secured Mastercard® from Capital One® serves a similar function to the Applied Bank® Unsecured Classic Visa®. Both cards aim to help those with bad credit build themselves back up.

The Secured Mastercard requires an initial refundable deposit of $49. That deposit is smaller than the $75 annual fee for the Applied Bank® card, and it’s refundable.

This gives you access to an initial credit line of $200, just a bit less than Applied Bank’s $300.

There are no annual fees for the Secured Mastercard® from Capital One®, making it a cheaper option for those looking to rebuild their credit.

That’s why the Applied Bank® card is unique. The card has high approval odds despite being unsecured. While the annual fee is relatively high, it’s still significantly less than the credit line offered.

The Mastercard® also has a lower APR of 26.99%. While that is still high, it’s 3% lower than the Applied Bank® cards.

Even applicants with a bad credit history or no history to speak of have a good chance of qualifying for the card, giving them a chance they need to start building their credit.

Both cards lack benefits of any kind, but that is to be expected with cards aimed at credit building.

#2. Citi® Secured Mastercard® vs. Applied Bank® Unsecured Classic Visa® Card

The Citi® Secured Mastercard® is another secured card aimed at repairing bad credit scores.

The Citi® secured card requires a deposit of $200. While this is a steeper up-front cost than the Applied Bank® card, the Citi® card has no annual fee. This means that it can be used without any cost if used responsibly.

The APR for the Citi® Secured Mastercard® is significantly lower than the Applied Bank® cards at 22.49%.

That said, the Citi® Secured Mastercard® is a bit more difficult to qualify for. If you have particularly bad credit, you will likely be denied, making it an untenable choice for those looking to repair their poor credit.

#3. OpenSky® Secured Credit Card vs. Applied Bank® Unsecured Classic Visa® Card

The OpenSky® Secured credit cardis a flexible secured card. You choose your initial deposit, and that deposit becomes your credit line.

The minimum deposit is $200, and there is a $35 annual fee as well. This means the card is more expensive up-front than the Applied Bank® card, but in the long run, it’s cheaper, as your deposit will eventually be returned if you use the card responsibly.

This card also benefits from not running a credit check on applicants, making it straightforward to qualify.

The OpenSky® card has an APR well below the Applied Bank® card, at just 17.39%. This is significantly lower than many credit-building cards on the market.

#4. Discover It® Secured Credit Card vs. Applied Bank® Unsecured Classic Visa® Card

The Discover It® Secured Credit Carduses an initial deposit to secure your credit line like the cards mentioned above. The deposit is flexible but starts at $200.

Unlike the Applied Bank® card, there is no annual fee for using the Discover It® card. The Discover It® card also offers rewards ranging from 1-2% cash back on purchases. This makes it a significantly better deal than the Applied Bank® card.

That being, you may not qualify for the Discover It® secured credit card if you have a major credit issue, such as a pending bankruptcy.

Frequently Asked Questions

Is the Applied Bank® Unsecured Classic Visa® Card Worth it?

If you are in desperate need of a card to start building your credit and can’t afford the deposit required for a secured card, the Applied Bank® Unsecured Classic Visa® may be worth it. That said, the annual fee is quite high, so you may want to consider other options.

What Credit Score Do You Need for Applied Bank® Unsecured Classic Visa® Card?

The exact credit score needed for the Applied Bank® Unsecured Classic Visa® depends on various other factors. That being, the card is generally easy to qualify for, even with a low credit score.

What Is the Annual Fee for Applied Bank® Unsecured Classic Visa® Card?

The Applied Bank® Unsecured Classic Visa® has an annual fee of $75 for the first year. After that, the fee drops to $45 for each year following.

Bottom Line: Applied Bank® Unsecured Classic Visa® Card Review

The Applied Bank® Unsecured Classic Visa® is one of the few unsecured cards designed to help you build your credit. You don’t need to put down a deposit to access your credit line.

That being, the annual fees, and APR are very high. If you can afford the deposit, it’s probably wiser to get a secured card, as the deposit can ultimately be refunded.

Still, if you don’t have the funds for a deposit now, the Applied Bank® Unsecured Classic Visa® card can help you build your credit quickly and easily. Just be sure to pay off your balance on time to avoid the high-interest rates.

Bradon Matthews
Bradon Matthews

Bradon Mathews is a personal finance writer & product analyst with a breadth of experience. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. His passion is providing practical advice so you can feel more confident managing your money. Bradon attended Colorado State University where he studied Philosophy.