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Last updated on December 30th, 2021
- Reports to all three major credit bureaus
- Access additional credit with on-time payments and responsible usage
- A true unsecured EMV enabled (chip) Visa credit card
- Quick & easy approval in less than 60 seconds
- No penalty rate. Your rate won't go up even if you are late
- Does not require perfect credit for approval
- Regular Purchase APR: 29.99%
- Cash Advance APR: 29.99%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: See website for details*
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $38
At a Glance
Ideal for Those Who:
- Are looking to build their credit
- Want a card that regularly reports to all three major credit bureaus
- Don’t want to pay a security deposit for a secured card
- Understand the associated fees
Applied Bank® Unsecured Classic Visa® Card Review
The Applied Bank® Unsecured Classic Visa® Card is a credit card designed to help you build your credit score. The card from Applied Bank does not require good credit for approval and offers the perks and protections of a true Visa credit card.
Start Your Credit Journey in Less Than 60 Seconds
One of the great features of the Applied Bank Unsecured Visa is that applying takes no time. Even better, application decisions come in as little as one minute – meaning you can have access to the credit you need – fast.
$300 Initial Credit Limit
The card comes with an initial credit limit of $300. This may seem low, but it is on par with many other comparable credit cards (such as the Reflex Mastercard, Surge Mastercard, Total Visa, and others).
Unsecured credit cards for bad credit come with the hope of future credit line increases as a reward for responsible use. Applied Unsecured cardholders may be eligible for credit limit increases with on-time payments and responsible usage. Responsible use means making on-time payments, keeping balance below credit limit and paying at least the minimum monthly payment.
However, keep in mind that the Applied Bank Unsecured Classic Visa comes with a $75 annual fee – which is assessed when the account is opened. That means the initial credit limit is $225 until that $75 fee is repaid.
Fixed APR and Manageable Monthly Payments
Most unsecured credit cards for bad credit feature high interest rates – and the Applied Bank Unsecured Visa is no different. That rate is fixed at 29.99% on purchases – meaning it will not vary based on the market.
It should also be noted that while cards like the Applied Bank Unsecured Card have high interest rates, they are not designed for carrying a balance. These cards are for building credit, which means paying on-time and paying your balance in full (where possible). If you subscribe to this game plan, the APR with cards like the Applied Visa is nothing to worry about.
Regular Reporting to the Major Credit Bureaus
Basic credit cards like the Classic Visa are great for rebuilding credit – or establishing credit for the first time. Using the card to make small purchases and making sure those charges are repaid in full every month, your credit score can soar in as few as three-to-six months.
Because Applied reports to the major credit bureaus – Experian, Equifax, and TransUnion – every month, cardholders can raise their score with a string of on-time payments and low credit usage.
One of the standard features of credit cards for poor credit scores is fees. There are several fees to be aware of before applying for the Applied Bank Unsecured Classic Visa. These include fees for additional cards ($30), replacement cards ($30), copying charges ($10), credit limit increase fees ($100, if applicable), and more. The card also has a one-time processing fee of $89, which is payable prior to account opening.
Other card features with the Applied Bank Classic Visa include:
- Fast and easy application and approval process when you apply online
- 24/7 online account access and payment options
- E-mail payment reminders
- No penalty APR
- A true, unsecured, EMV enabled chip Visa credit card
- Visa credit card protections, including Zero Fraud Liability
FAQs About the Applied Bank Unsecured Visa
Here are some common questions about the Applied Bank Visa:
- The Applied Bank Unsecured Visa has a credit limit of $300 to start. That does not mean you have the full $300 available to spend immediately, however, as the card’s first annual fee is charged when you open the account.
Yes. Applied Bank may offer a credit limit increase with regular payments and responsible credit usage.
Applied Bank Availability
Applied Bank credit, debit, and banking products are available in all 50 U.S. states plus the District of Columbia (DC).
Applied Bank Visa Card Ratings
How does the Applied Bank Card by M1 stack up? Here are a selection of expert reviews for the card:
What is the Applied Bank® Unsecured Classic Visa® Card like to live with? Before deciding if the card is right for you, here’s what our readers and members think about the card:
Should You Apply for the Applied Bank® Unsecured Classic Visa® Card?
The Applied Bank Unsecured Classic Visa Card is a financial product that is ideal for those who have no credit or bad credit scores and cannot get approved for other credit cards. The card is a decent option if you are looking to improve your credit score and plan to pay your bill in full every month. This process is made even easier online bill pay and account access.
If you are looking to repair your credit and need added securities in place, then this card’s lower credit limits can help you avoid falling into unmanageable debt. The card also waives the first year of maintenance fees, which can save you some money, especially if you want to upgrade a better credit card in the short term.
Ultimately, the Applied Bank Card is a decent option for those who go into the application processes aware of the fees that come with the account. If you are dedicated to building a strong credit history and are willing to take the steps needed to reach your financial goals, the Applied Bank Unsecured Card is worth considering.