Applied Bank Gold Visa Card Review
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For an annual fee of $125 ($180 the second year), plus a 30 percent APR, you get a small $500 credit limit.
Who the Applied Bank Gold Visa Card Is For
Credit Rating Required
About the Applied Bank Gold Visa Card
Pros
Cons
Rewards
APRs
Fees
Applied Bank Gold Visa Card Review
The Applied Bank Secured Visa Card was rated our worst secured card. The unsecured Applied Bank Gold Visa is even more expensive, but you get very little extra for the price. The maximum credit limit you can get is just $500.
For such a small credit limit, you have to pay a $125 annual fee, which is immediately charged to your account. That reduces your credit limit to $375 - not to mention that it immediately starts you incurring interest charges at 30% long before you get the first bill. There's no grace period on purchases, so there's never any month you won't escape finance charges, even when you pay your bill on time.
After the first year, the annual fee is replaced by a "monthly maintenance" fee of $15, or $180 annually.
In addition to the high fees and interest rate, Applied Bank charges other fees you don't find at most other banks, like a $100 credit limit increase fee. The only thing Applied doesn't charge is a late payment fee, but since it's already charging you 30 percent interest, what's the difference?
Recommendation
This is one of the highest priced cards we've seen, with almost no benefits. If you feel you must have a Visa or MasterCard, get a low-priced prepaid card instead.
Visit Their Website
Visit Their Website
For an annual fee of $125 ($180 the second year), plus a 30 percent APR, you get a small $500 credit limit.
Who the Applied Bank Gold Visa Card Is For
- People with poor or limited credit who want an unsecured credit card.
Credit Rating Required
- Bad (below 620)
About the Applied Bank Gold Visa Card
Pros
- No penalty interest rate.
Cons
- Very high fees.
- High APR.
- Low credit limits.
- No grace period on purchases.
- No balance transfers.
Rewards
- None.
APRs
- 29.99 percent.
Fees
- Annual fee: $125 first year, then $15 per month ($180 annually).
- Credit limit increase fee: $100.
- Late payment fee: Up to $35.
- Over limit fee: Up to $35.
- Returned payment fee: Up to $35.
- Dishonored check fee: Up to $35.
Applied Bank Gold Visa Card Review
The Applied Bank Secured Visa Card was rated our worst secured card. The unsecured Applied Bank Gold Visa is even more expensive, but you get very little extra for the price. The maximum credit limit you can get is just $500.
For such a small credit limit, you have to pay a $125 annual fee, which is immediately charged to your account. That reduces your credit limit to $375 - not to mention that it immediately starts you incurring interest charges at 30% long before you get the first bill. There's no grace period on purchases, so there's never any month you won't escape finance charges, even when you pay your bill on time.
After the first year, the annual fee is replaced by a "monthly maintenance" fee of $15, or $180 annually.
In addition to the high fees and interest rate, Applied Bank charges other fees you don't find at most other banks, like a $100 credit limit increase fee. The only thing Applied doesn't charge is a late payment fee, but since it's already charging you 30 percent interest, what's the difference?
Recommendation
This is one of the highest priced cards we've seen, with almost no benefits. If you feel you must have a Visa or MasterCard, get a low-priced prepaid card instead.
Visit Their Website
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