Applied Bank Platinum Zero Secured Visa Credit Card Review
Applied Bank Platinum Zero Secured Visa Credit Card Review
The Platinum Zero® Secured Visa® Credit Card from Applied Bank® is a secured card, meaning that you have to deposit cash as collateral in order to qualify for the card; in return, your credit limit is be determined by how much you deposit. This type of card card is designed for and marketed to people with limited or poor credit history looking for ways to fix their credit. Applied Bank has been in business since 1996 and they specialize in providing credit cards, either secured or unsecured, to individuals with bad credit or no credit.
Perhaps the most interesting feature of this card is that the APR is 0% on purchases. Also, unlike most secured credit cards, this card provides additional services and benefits, including online account access and various fraud protection services. One of the knocks against this card is that it does not pay interest on the deposit amount, which is something that a lot of secured cards do offer.
Pros:
0% fixed APR on purchases. This is one of the best features of this card. You will have 0% fixed interest rate for purchases and according to the company that rate won’t change even if you are late with your payments. Also, this is not an introductory APR;
Low fixed APR of 9.99% for cash advances. With an APR under 10% for cash advances, you’ll save money even if you need to withdraw cash funds when you’re in a bind and you don’t repay in full what you withdraw from the ATM;
Timely credit bureau reporting. This is an advantage to you since it means that if you have been diligent in paying on time and not going over your credit limit, your credit score will start increasing and you can later enjoy the advantages of having a good credit score;
No application fee. You don’t have to pay anything to apply to this card;
FDIC Insurance coverage for your money. Since Applied Bank is FDIC insured, even if it fails or declares bankruptcy, you can still get back the money that you put as a deposit as that is insured by the US government;
Free personal identity theft protection. So that you feel more secure, this credit card offers you personal ID theft protection;
$0 fraud liability. If there are any unauthorized transactions on your card, you won’t have to pay anything for them;
Online Banking. Log into you account safely and securely through a convenient online interface. Pay your bill check your balance, and more; all from the ease of your home computer;
No credit check required.
Cons:
Minimum deposit. Your credit limit ranges from $500 to $5,000. As this is a secured credit card, you will need to put a deposit equal to the credit limit you choose. So if you put $500 as a deposit, your credit limit will be $500, or if you put $5,000 as a deposit, your credit limit will be $5,000;
Monthly fee. The monthly maintenance fee of $9.95 works out to $119.40 a year. This is a very high annual fee to pay. Many credit card companies will charge this fee in order to claim they do not charge an annual fee, but essentially, they are the same thing. However, it is important to note that many companies that charge less often have many other fees, such as transaction fees, deposit fees and so on, to compensate for that.
No interest paid on deposit.
Rates & Fees
Here are the terms and conditions associated with the Platinum Zero® Secured Visa® Credit Card.
Monthly Maintenance Fee: $9.95 dollars
Annual Membership Fee: None
Application Fee: None
Additional Card Fee: $30 dollars
Balance Transfer Fee: Not Applicable
Cash Advance Fee: $5 dollars or 5% of the advanced amount, whichever is greater.
Foreign Transaction Fee: 1% of each transaction
Late Payment Fee: Up to $35 dollars
Over-the-Limit Fee: Up to $35 dollars
Apply for the Platinum Zero Secured Visa Card
To apply for the Platinum Zero Secured Visa Card, you are required to open an account at Applied Bank. This is not a standard checking account, your only access to your money is to either close the account or use your card. Additionally, this account does not accrue any interest on the money you deposit, which is unlike a traditional bank account. Then, you just have to fill in an application and proceed from there.
Verdict
The Platinum Zero Secured Visa Credit Card from Applied Bank is designed for people who have bad credit or no credit, and who are looking to rebuild their credit history.So if you have less than perfect credit and know that you will occasionally carry a balance, then you should consider this card. But some other cards with a lower annual fee and reasonable APR might be better suited if you choose not to carry a balance.