Having a credit history has never been more important as more employers use a credit check when assessing the suitability of job applicants. Building a credit history can be very difficult when you start from scratch as there is little for a lender to make an assessment of your risk on. Thus those new to credit find themselves in a catch 22 situation: they need to obtain credit in order to build up a credit score yet at the same time it is difficult to obtain credit without a credit history.
The Applied bank offers a secured credit card which is designed for this purpose and is aimed at those with little or no credit history, rather than those with a bad credit history. When you elect for a secured card you need to make a deposit with the issuing bank equivalent to the amount of credit you are advanced, and typically secured cards come with high fees.
Although the Applied bank platinum zero secured visa card does carry fees, it offers a 0% APR. Not only that, there is no penalty APR applied if the terms and conditions are breached. The APR is promised to remain at 0%, whilst the cash advance APR is 9.99%. There is no grace period offered with the card which makes no difference for purchases, but be careful if you elect to use the card for cash advances as the APR is charged from the moment the cash is advanced.
Whilst the card carries no annual fee there is a monthly maintenance fee of $9.95 applied each month which means an annual charge of $119.40. A second card holder fee of $30 applies if you need a second card.
Standard late payment fees apply of $32, with returned payments charged at $30. The card is unusual though in not changing the APR if the account is paid late. However the whole purpose of a secured card is to build your credit so the only way the card will benefit you is if every payment is made on time as all account activity is reported to the three main credit bureaus.
It is recommended to set up an automatic payment to cover your monthly payments as it will prove expensive if you forget and it becomes necessary to telephone and pay over the phone. If a same day payment by phone is called for there is a fee of $12.95. Also you may make two account inquiries per month by a toll free line but after that the fee is $0.50 per inquiry. You can of course opt to deal with your account on line.
If you need a card to help to establish a credit history then the Applied bank Platinum zero secured visa credit card has no hidden charges, and it may well prove a better deal than a secured card which applies an annual fee. If you need to use secured credit for more than one year, the card will allow you to escape a second annual fee by only charging you monthly, so this is a point well worth bearing in mind when comparing rates.
- The way to Manage Business Credit Cards Successfully
- Spend Responsibly With the Best Cash Back Credit Card
- NationalCredit Report.com Offers Advice For Those Wondering How To Build Up Their Credit Report
There are business house owners who may be a little skeptical about using business credit cards. Some may say that using this card increase the risk of having unhealthy debt. Other entrepreneurs may argue that they’re fine using their personal credit cards in financing their business. Still, the fact can’t be denied that business credit cards
Spending is a part of our daily lives. In a world filled with consumerism, spending is the act of submission by giving up your hard earned cash for an item you believe has the same value as the currency given. While there are others who opt to use cash, there are some who use credit
When it comes to your credit recite and score, no news is not necessarily good news. According to NationalCreditReport.com, a corypheus in credit report, credit score and credit monitoring services, it is of influence for all consumers to have a credit history. Credit Monitoring Services "Having not at all credit history can actually hurt you because you