Applied Bank has been in operation since 1996. The company calls itself “a leader in providing secured and unsecured Visa and MasterCard Credit Cards to people with little or no credit history.” Applied Bank is a Better Business Bureau Accredited Business with an A+ rating based on the years the company has been in business and how it responds to and resolves consumer complaints.

 

Rank Chart
APR
Reward Options
Our Score
#1
8.24 - 18.0%
8.3
#2
11.24 - 23.24%
8.0
#3
11.24 - 23.24%
7.9
#27
applied_bank
23.99%
5.6

The Good

Customer support

Customer service hours are 24/7 on Business days Monday to Friday for customers using their online contact form. Phone Support hours are available from 9:00 a.m. to 6:00 p.m. Eastern Time, Monday through Friday. Representatives for Lost and Stolen Credit cards are available by phone 24/7.

Foreign Transaction Fees

3%

The Bad

APR Range

Applied Bank’s Credit Card has a set APR of 23.99%. This is high compared to
the national average annual percentage rate (APR) being 15.18 percent. In contrast to the majority of credit cards that offer customers a grace period of 21 – 25 days to give them the opportunity to pay off the entire balance of a credit card without incurring interest charges, Applied Bank does not offer a grace period. For an additional monthly fee of 95 cents per $100 of the monthly outstanding account balance,, you can enroll in their Payment Protection Plus® plan. This plan covers the minimum monthly payments for the cardholder in the event of: Involuntary Unemployment, Disability, Leave of Absence, Life Events, and Hospitalization. In case of death, the Program provides debt cancellation of the cardholder’s outstanding account balance.

Annual fee range

Applied Bank charges credit card customers, annual fee of $119.40 and a monthly maintenance fee of $9.95. Cardholders are also responsible for a one-time fee of $125 to open the account. Applied Bank holds Cardholders jointly responsible for payment of any balances incurred on the credit card in the individual company’s name. Cardholders will be held liable for any balances remaining on the credit card, regardless of whether the company remains in business or if the person leaves the business. Additional cards cost an extra $30.00 fee for each user.

Late Payment

Applied Bank’s credit card has a very high penalty APR for late payments of 29.99% that kicks in the day after you miss your payment, so there is no grace period for late payments where the penalty APR is concerned.

Cards Offered

The only credit card the bank currently offers on its website is the Applied Bank® Visa® Business Card. This card is for business owners, not consumers. If you do not own a business, Applied Bank offers checking, savings and money market accounts, along with other banking products, but is does not offer personal credit cards.

Options for Rewards

There are no introductory offers available, and no rewards programs with this card. Applied Bank does offer an “Applied Advantage” program that offers discounts on purchases from some companies, such as a discount of up to 15% when you use their card to rent from Hertz Car Rental. Customers pay an annual fee of $39.95 for this program.

Security

In case of fraud or a stolen card, Applied Bank has a number to call that is available 24/7. Otherwise, they offer no security features for customers, only a list of security “dos and don’ts” on their website. They have an online portal to make or dispute payments requiring a login and password. In cases where there is a security breach on your card, customers can dispute unauthorized users by logging in to this portal with their username and password.

Unique Features

What makes Applied Bank’s Credit Card stand out is the combination of an extremely high APR, an annual fee, a starter fee and a monthly maintenance fee. Overall, their business credit card is very high maintenance price-wise, compared to many credit cards that offer less fees and lower APRs.

Building Credit/Student Cards

Applied Bank does not offer opportunities for customers to build credit, such as student or “starter” credit cards. The only card they offer is for business owners. Since they only offer a business credit card, personal credit card opportunities for more “at-risk” customers are not available, making them inferior to companies in the credit card industry who do offer pre-paid credit cards or other “low-risk” cards.

The Bottom Line

Applied Bank offers only one credit card. This card is for business owners, not consumers. The card has a set APR of 23.99% with a high annual maintenance fee of $119.40 and a activation fee of $125. The maximum initial credit limit on this card is $500. Along with a series of other fees, this card is not recommended as a first choice—only for business owners who have bad credit.

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