Applied Bank Unsecured Classic Visa Card Review

Applied Bank Unsecured Classic Visa Card Review

December 14, 2020         Written By Heaven Speirs

While people with good or excellent credit can qualify for dozens of credit card offers, those with poor or no credit usually struggle to get approved. An Applied Bank® Unsecured Classic Visa® Card is one option for these people to consider.

Applied Bank is a highly-rated bank based in Delaware. Since 1996, the bank has been helping people build credit. You may not have much of a credit history or a high credit score, but Applied Bank looks beyond that. They work with their customers to help them on the path to their credit goals. One of the ways they do this is by coming up with credit cards that have reasonable fees, interest rates, and terms.

Is the Applied Bank® Unsecured Classic Visa® Card right for you? Let’s take a closer look at this credit card.

Featured Card

Top Features:

Does Not Require Perfect Credit

The Pros and Cons of Unsecured Cards From Applied Bank

Unsecured credit cards do not require a refundable deposit when you’re approved. You may not get a large credit limit, but it’s enough to get you started. As you use the card responsibly and make your payments on time, a credit limit increase is possible. You can kick start the process by asking for an account review.

Unsecured Visa cards are accepted anywhere Visa is accepted. If your card has an EMV chip, which the Applied Bank® Unsecured Classic Visa® Card does have, you can use it in chip readers and enjoy the utmost in credit card security.

The interest rate and terms you’re offered will be decided after the bank reviews your application. They tend to be competitive. In fact, the APR is one of the lowest you’ll find for a credit card for people with bad credit.

Applied Bank sends out payment reminders each month to make it easy to remember when your payment is due and how much you owe. Set up automatic payments if that’s easier. You can also check your account online on the 24/7 banking site. Take advantage of online banking to check recent purchases, turn on notifications, or make sure a payment has cleared.

The Applied Bank® Unsecured Classic Visa® Card is designed for people with bad credit. If you’re nervous about being turned down, stop worrying. Applied Bank realizes that things happen and that someone with bad credit just needs that helping hand. Use the card responsibly and you’ll see your credit score improve over time.

Are there any negatives? When you sign up, there is an application fee. It’s not one of the highest application fees out there, but it may still be a little alarming if you’re not prepared. Be sure you know what the fee is when you apply and find out how it is paid. If it’s charged to your new credit card, it will reduce your available credit until it’s paid off. If you don’t pay it off at once, you’ll be paying interest on that amount until you have paid it off.

Featured Card

Top Features:

Does Not Require Perfect Credit

Steps You Can Take That Help Your Credit Score

Use a credit card responsibly. Make small purchases and pay them off. Make sure you’re making at least the minimum payment. Pay a few days before the payment is due to be sure it’s received on time. If you use Applied Bank’s online banking site, you can quickly check that the payment was received. You also have proof the payment was made.

Do not max out the card. Ideally, you want to keep the amount you owe to no more than 30% of your credit limit. If you’re approved for a $1,500 credit limit, 30% of that would be $450. Leave the remaining $1,050 open to avoid getting a lower score for having too high a credit card utilization ratio.

Avoid signing up for too many credit cards. When you apply for a credit card, the bank pulls your credit report. One bank inquiry doesn’t affect your credit score much, but multiple checks do affect your score. How much depends on your history. According to FICO, one check can lower your score by up to 5 points. If you applied for four credit cards, that’s a possible 20 point drop.

The final step to improving your credit card is to build a long history with a company. Once you apply for a credit card, don’t cancel it just a few months later. Stay with Applied Bank for several years. A long history with the bank will improve your score over time. The longer you’re with a bank, the better it is.

Steps to Take Before You Apply

Before you apply for a new credit card, take a look at your credit report. Take care of errors and other problems in advance. The higher your credit score, the more advantageous the offer you’ll get from the credit card company.

You’re allowed one free report with the three agencies. Due to the breach at Equifax, you can have an additional six free credit reports through 2026 from Equifax’s website. Those reports are in addition to the free ones you request through the government’s free site. Take advantage of these free reports. Use them to check for late payments, missing payments, or accounts that aren’t yours.

Several companies try to charge you a fee or join a subscription program to access your credit reports. Avoid them. The official government site for your free credit report is AnnualCreditReport.com.

To request a credit report, choose one of the three credit bureaus, enter your name, date of birth, and SSN/ITIN. Answer the questions to prove your identity. Those questions are related to information from your credit history or income tax return. Once you’ve confirmed your identity, you’ll be able to access your credit report online to view or print out.

As you go over the information in your credit reports, take note of anything that is incorrect. You want to send an official letter (certified mail is best) asking for the information to be removed or corrected. This process can take several weeks.

Featured Card

Top Features:

Does Not Require Perfect Credit

How to Apply for the Applied Bank Unsecured Classic Visa Card

When you apply for a new credit card, make sure you answer all of the questions and don’t guess at answers. It’s better to take the time to find the exact answer than to give incorrect information. If you don’t know your exact income off the top of your head, stop and look it up on a paycheck stub. If you don’t know your monthly expenses, look up your statements and find the information you need.

When you apply for a credit card, you’ll be asked to enter your name, address, and phone number. The application asks for a home phone and verifiable cell phone. If you don’t have either, you’ll need to sign up for a service like Google Voice. You will need to answer if you have a checking account or not. You must be 18 or older (19 or older if you reside in Alabama or Nebraska).

Before submitting your application, double-check the information you’ve provided. You don’t want to have your application denied because you had a typo in your SSN or ITIN. By being thorough, you increase the chances of having your application approved.

The Applied Bank® Unsecured Classic Visa® Card has one of the best APR ranges out there for a card directed at people with poor credit. The bank also has a strong reputation for working with clients to help them improve their credit history. It’s a good card to use to take steps to build and improve your credit history.

The information contained within this article was accurate as of December 14, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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heaven

About Heaven Speirs

Heaven Speirs is a contributing writer for LowCards.com. She remains up-to-date with the latest developments in the credit card industry and the financial sector as a whole. Heaven has over 10 years of experience in online journalism, the bulk of which has been focused on personal finance. Heaven attended Oklahoma State University, where she discovered her talent for research and content creation. In her spare time, Heaven enjoys painting, playing poker, and spending time with her husband and three dogs.