Applied Bank Secured Visa Card.

Applied Bank Secured Visa Card.
The Applied Bank Secured Visa is a card for those who wish to rebuild their credit but, it comes with no rewards. Those having low credit {like 620} may qualify for this card. I will like to inform you that this credit card comes with some fee. Most importantly, you are to make a security deposit of $200 to $500. But the APR on purchases and cash advances in very low 12.99%. So, if you like this card and wish to apply then, read this review carefully to understand fully what this card is.
Applied Bank Secured Visa Card

Applied Bank Secured Visa Card Fees.

It has demands an annual fee of $50 for the first year, and $9.95 each month {that is $119.40 annually}.
You are to pay $100 for a credit limit increase.
The late payment fee ranges from $32 to $35.
It has a dishonored check fee of $30.
You are to make a returned payment fee of $30.
This Secured Visa card demands an upgrade fee of $100.

Advantages

There is no penalty interest rate.
It has a low interest rate.
This Secured Visa card requires no credit check.
And no account set-up fee.

Disadvantages

The credit limit offered by this credit card is low.
It offers no grace period.
This Secured Visa card comes with no rewards.
And no interest rate will be paid on deposit.
Lastly, it has high fees.

Facts About Applied Secured Visa Card.

Due to the fact that this Secured Visa card has no credit check, you can easily be approved for one but this will cost you a lot. And as you continue using it, the more expensive it becomes.
This Secured Visa card requires no set-up or application fee. Although, you are to pay an annual fee of $50 for the first year but it drops after the first year to a monthly fee of $9.95 which is $120 a year.
Moreover, you are to make a security deposit of $200 to $500 and the amount of security deposit made will determine your credit limit. Know it that the bank will not pay you interest on your deposit.
Also note that whenever you account is upgraded or your credit limit is increased, you will be charge $100 by the bank.
Furthermore, it has a low interest rate but, it can be alleviated since there are no grace periods. That is a late payment fee may apply when necessary. Surprisingly, this low interest rate cannot be increased even though you are late on your payment. But there are other cards that give you a low interest rate alongside, grace period.

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