First Credit

Platinum Zero Secured Visa from Applied Bank Review

Are you looking for a credit card but have been declined applications for normal cards? If you are one of the growing number of people who are declined for credit because either they have a poor credit score or no credit history, then the secured credit cards market could be the answer to your prayers. A secured card allows you to deposit money and get a line of credit reflective of that deposit, while occasionally the full deposit can be used as credit; it is more typically a percentage of it. The Applied Bank Platinum Zero Secured Visa is one of the better options on offer and can give you a great stepping stone on the road to regaining a good credit score. However, this like most secured credit cards does come with a problem.

The Platinum Zero Secured Visa comes with great interest rates, which are among the most competitive in the secured cards market. You will get a fixed 0% APR on purchases; even if you are running late with payments this rate will remain constant. Elsewhere if you do not pay back what you withdrew from an ATM in full, you will get a low APR of 9.99% for cash advances; again this is a great rate for a secured credit card.

The card has decent enough scope for your credit limit, allowing a limit anywhere between $500 and $5000. Remember that the Platinum Zero is a secured card, and as such you will have to pay a deposit equal to your desired limit, for example, if you set $750 as your limit, you will need to deposit $750 into the account for it to take effect. This gives the cardholder the chance to choose their own credit limit.

Security is always a big issue, and the safer your card is the better, and the Platinum Zero is among the most protected of the current crop of secured credit cards. It comes with free identity theft protection and 0% liability against fraud; what’s more, the Applied Bank are FDIC insured. This means that if the company were to fall bankrupt you would be able to reclaim your deposited money.

The Platinum Zero travels well and can be used in most foreign climbs thanks to carrying VISA, making car hire and hotel bookings a simple affair.

The prime reason for opting for the Applied Bank Platinum Zero Secured Visa or any other secured credit card is to improve an adverse credit score. As such this card can offer an opportunity to prove your improving worthiness by reporting to credit bureaus. If you keep up to date with payments you will be able to improve your credit score.

The major drawback of this card is the extremely high annual and monthly fees. The card carries a monthly fee of $9.95, which equates to nearly $120 a year. This is a very high price to pay to use the Platinum Zero.

Despite the high annual fee the Applied Bank Platinum Zero VISA is a great option for those looking to improve credit worthiness but still wanting a feature rich card. The annual fee is a setback, but in truth many secured credit cards carry high fees, so if you are to be hit in the wallet, it is best to get a good card for your money. See also, Applied Bank Secured Visa Card. If you have bad credit you may also qualify for the Orchard Bank Card.