Applied Bank

Founded in 1996, Applied Bank specializes in providing secured and unsecured Visa and MasterCard credit cards to consumers with little to no credit history.

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The Good

• Competitive interest rates
• Fraud protection
• Transparency

Competitive Interest Rates

Applied Bank offers a fixed APR of 9.99 percent*, which is competitive within the industry. Additionally, the fact that the company offers a consistent fixed rate rather than a changing variable rate is very appealing to many individuals.

Fraud Protection

Applied Bank provides a 24/7 emergency number that cardholders may call in the event of fraud or a stolen card. The company also allows customers to dispute unauthorized charges online.

Transparency

Applied Bank is very transparent about what it does and doesn't offer on its corporate website. This transparency may also indicate a certain level of trustworthiness for some consumers.

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The Bad

• No rewards
• Annual fees
• Late payment penalties
• Foreign transaction fees
• No free credit score tracking

No Rewards

Unfortunately, Applied Bank does not offer a rewards program of any kind for its cardholders to participate in. Rewards are an important factor to many consumers, so the lack thereof can be a huge deterrent.

Annual Fees

Applied Bank charges an annual fee of $48 each year just to hold one of its cards. There are several other credit card companies that do not charge such a fee.

Late Payment Penalties

For each late payment, Applied Bank charges a fee of up to $38, which is one of the highest late payment penalties in the industry.

Foreign Transaction Fees

Applied Bank charges a fee of 3 percent for foreign transactions. This fee is especially inconvenient for consumers who prefer to use their credit card while traveling.

No Free Credit Score Tracking

Some credit card companies provide customers with the ability to monitoring their credit score for free each month. Applied Bank, however, does not offer this service to its cardholders.

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The Bottom Line

Applied Bank offers competitive fixed APRs, fraud protection, and transparency. However, the company does not offer a rewards program or free credit score tracking. Additionally, Applied Bank charges a number of fees, including annual, late payment, and foreign transaction fees.