Applied Bank is in the business of offering credit cards to people with bad credit. Our review of their cards in one sentence: avoid them.
The first thing you’ll notice about Applied Bank is that nowhere on their Web site do they offer the gory details of their credit cards. Instead, they only offer their cards via solicitations in your mailbox. However, we’ve seen enough of their offers to give you a basic understanding of what you’re getting into.
Applied Bank has traditionally offered 2 credit cards: an unsecured credit card and a secured credit card. The unsecured card offers you a small credit line but you don’t have to put up any collateral to get it, while the secured card requires a security deposit and your credit line is equal to how much you deposit.
Our big gripe with cards like these is fees. Because of your bad credit history, they offer you a card loaded with fees — you’ll generally pay a $100+ annual fee upfront, which will immediately go on your credit card bill and will lower your already measly $500 credit line. And your annual fee will actually go up after the first year instead of down.
Don’t bother with Applied Bank. If your credit is really terrible, we suggest looking at our Secured Credit Cards page that lists secured cards from big banks with reasonable fees. If your credit is shaky but not terrible, you might also check out our Unsecured Credit Cards For Bad Credit page.