Applied Bank Secured Visa Card
Yesterday, an article on CNBC On The Money mentioned three credit cards that you need to have when the credit card industry is undergoing dramatic changes due to the credit crisis. Of the three cards mentioned, one, the Discover Card, is a everyday card for everybody with good credit; one, the American Express Platinum Card, is a high-end card mostly suitable for business; and the last one, the Applied Bank Secured Visa Card, is a card for people with either no or poor credit history but looking to build or rebuild their credit.
So what is special about the Applied Bank Secured Visa Card?
Well, the major benefit of this card is the fixed APR of 9.99% for purchases and cash advances, which is reasonably low for a secured card. Unlike most secured credit cards, this card provides additional services and benefits including online account access and various fraud protection services. To apply for the card, a minimum security deposit of $200 is required and there is no requirement for income or credit history. The maximum credit limit of this card is $5,000, which comes with the same amount of security deposit.
While the card has a low APR, it is also important to note that a major drawback of the Applied Bank Secured Card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card. To avoid paying interest, it’s better to pay the balance right after a purchase. However, since the card reports account activity to credit reporting agencies, it will help cardholders build credit history from scratch.
Another downside is that this card does not pay interest to the deposit amount, which sets it apart from other secured cards that do. In addition, the card also charges an annual fee of $50.
In my opinion, the Applied Bank Secured Visa Card is a better option for people starting or starting over with their credit.
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