Applied Bank Platinum Zero Secured Credit Card Review

Zero percent sounds good, but you'll pay plenty of fees with this card.

• People who have been turned down for a credit card or are rebuilding their credit.

Credit Rating Required

• Bad (below 620)

Pros

• 0% interest rate on purchases.
• No account set-up fee.
• No credit check required.
• No penalty interest rate.

Cons

• High monthly fees and other fees.
• No interest paid on deposit.

Security Deposit Required

• $500 to $5,000

Rewards

• None.

APRs

• 0% on purchases, 9.99% on cash advances.

Fees

• Annual fee: None.
• Monthly maintenance fee: $9.95 per month ($119.40 annually).
• Credit limit increase fee: $100.
• Late payment fee: Up to $35.
• Returned payment fee: Up to $35.
• Dishonored check fee: Up to $35.
• Balance transfer fee: 5% of balance.
• Cash advance fee: 5% of balance.

The Applied Bank Secured Visa Card was rated our worst secured card. This card is an improvement over that one, but it's not as inexpensive as the 0% APR on purchases would indicate. (Cash advances are charged 9.95%).

It's true there is no "annual" fee, but there is a monthly maintenance fee of $9.95, or almost $120 a year - that's more than double the $50 annual fee on the Secured Visa Card. The monthly fee immediately reduces your credit limit by that amount.

Credit limits on this card are higher, between $500 and $5,000, depending on how much you want to put up as a deposit. Likely it will be at the low end for most people. But the bank doesn't pay interest on your deposit.

The most outrageous Applied Bank fee is the $100 it charges each time you increase your deposit to raise your credit limit. The bank charges that fee on all its credit cards.

Don't be fooled by the zero percent APR. This card will cost you plenty in fees without giving you a lot in return.