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Verdict: This is a great card for people with bad credit needing to fix their credit. This card has no processing fee, only an annual fee, and you choose your own credit limit up to $2,000 with a deposit.
This secured credit card has a fixed APR of 9.99% that won’t change even if you make your payments late. This is a genuine Visa credit card that reports to all major credit bureaus. There is also no credit check for the card and you chose the credit limit with a deposit.
How This Works:
There is no credit check or income verification to get the Applied Bank Secured Visa card. You just open an FDIC insured deposit account in your name at Applied Bank which secures a credit card with a credit limit equal to your deposit. The minimum deposit is $200 and you can go as high as $2,000. This is a genuine Visa card that will report to all three major credit bureaus to improve your credit history. There is 0% fraud liability.
Shopping and Travel Benefits:
This is a secured credit card to improve credit history. There are no shopping or travel benefits.
The fixed APR for this credit card is 9.99%, which will not change if you make late payments and applies to purchases and cash advances. There is no grace period and an annual fee of $50. The late fee and over the limit fee is $32, or $35 if your credit limit is above $1,000. The cash advance fee is the greater of $5 or 5%.
- Secured limit between $200 and $2,000.
- Fixed APR of 9.99%.
- No credit check.
- No income verification.
- Deposit account is FDIC insured.
- No processing or account opening fee.
- No grace period.