Platinum Zero™ Secured Visa® Credit Card from Applied Bank Review
Posted on July 24th, 2010
Are you trying to establish a credit rating? If you have never had a credit card before or a loan, then you probably do not have a credit history. Depending on your circumstances it can be difficult to be approved for a credit card. That is where the Platinum Zero™ Secured Visa® Credit Card from Applied Bank comes in. Since it is a secured credit card, you have a much better chance of being approved for this card. In order to apply for this credit card from Applied Bank, you simply need to open a deposit account with Applied Bank in the amount of $500 or more. This account will secure your credit card.
That means you need to maintain at least $500 in your deposit account since that is the limit on the Platinum Zero™ Secured Visa® Credit Card. Applied Bank will report your payment history on the credit card to the credit bureaus. If you manage to pay your credit card bills on time, this should establish a good credit rating for you, and put you on your way to securing a more favorable loan when you need one. There is no application fee to apply for this credit card.
One of the really nice features of the Platinum Zero™ Secured Visa® Credit Card from Applied Bank is the zero percent annual rate on card purchases. That makes this card a very convenient way to buy a more expensive item when you find it at a good price. You can then pay it off over a time period that fits your budget without having to pay finance charges. Remember, you do have to make the minimum monthly payments. You also will be charged a monthly maintenance fee of $9.95. Take that into consideration when you plan your purchases. If this is the only way you can establish a credit rating, then perhaps it is worth the $9.95 per month.
Obtaining a credit card can bring all sorts of problems along with it. Identity theft is rampant these days. The Platinum Zero™ Secured Visa® Credit Card from Applied Bank comes with free personal ID theft protection and zero fraud liability. Having personally experienced the fraudulent use of my credit card, I can tell you that is a nice feature. Even with this feature it can take months of processing to get fraud issues resolved. Imagine the headaches without it. With any credit card it is important to read the entire credit card agreement, so you know what you are agreeing to. This card has a lot of nice features but it also has a lot of fees if you should happen to not comply with one of the rules. Expect to pay between $30 and $35 every time you break a rule such as sending in your payment late or not having enough funds in your account to cover the payment.
This is where you need to remember that the whole point to getting a Platinum Zero™ Secured Visa® Credit Card from Applied Bank is to establish a good credit rating. The only way that will happen is if you pay close attention to the terms of the card, pay on time and don’t break any of the rules. If you manage that then the only fee you should have to worry about is the monthly maintenance fee. Most secured credit cards have such a fee. They aren’t advertised heavily so read the fine print if you are comparing two different credit cards. The maintenance fee for this card is not unusually high, so if you like the features, this card may work for you.
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