If you want to get more information about the Applied Bank Visa Business, then reading our reviews here will help you a lot. It is a good idea to explore the benefits and drawbacks of choosing this business card. You may wonder whether using this business card is a good choice or not. To help you find the best answer, you must read the rest of our review here.
What is Applied Bank Business Card?
Well, it is obvious that having a business card doesn’t offer you any reward. However, the biggest benefit of having the Applied Bank business card is that it is open for those who have bad credit. But there are also some downsides that you must know first before using this business card. For example, this business card also comes with a one-time $125 fee when opening the account for the first time.
It seems that there is also a monthly maintenance fee that should be paid. You must pay a monthly maintenance fee of $9.95. But there are also other fees that you must consider too. For example, you consider fees for bill payments. In other words, this business card may cost you more than you can imagine.
Another issue that should be considered is that Applied Bank business card may lack an interest grace period. So what does it mean? If the card lacks an interest grace period, it means that customers will start accruing interest as soon as they make any payment. Of course, we believe that it is the biggest drawback that you have to deal with this business card. When compared to other business cards, you can see that other business cards may offer grace period of 21 and 25 days.
Should You Choose the Applied Bank Business Card?
Well, this is a good business card that you can consider if you have bad credit. As you can see that most business cards require at least good credit so that your application can be approved. Choose this business card if you have tried other choices and you don’t get a result that you want. Another good reason why you can use this business card is if you want to improve your overall creditworthiness. This business card can help customers who want to build their credit.
Some Important Things that You Must Consider Seriously
The following are some important facts about Applied Bank Visa Business Cards that should be considered seriously. By knowing these facts, it will help you to make a good decision.
- There are No Balance Transfers
Remember that there are no balance transfers once you have chosen this business card. It means that you won’t be able to move debt to your business card. It is an important fact that most customers often miss.
- Learn More about Payment Fees
Once you have received the card, make sure that you learn more about their payment fees. For example, you must understand that online payments may cost $6.65 each. The good news is that mailed payments are free. Meanwhile, ACH payments cost $6.95 each.
- Check Other Random Fees
One of the biggest issues that you may experience when using this business card is that there are some random fees that you can’t anticipate. As we have said earlier, you should be prepared with some random fees such as stopped payments, expedited payments, and account dormancy.
- No Grace Period on Interest
You already know that there is no grace period on interest. It is the biggest issue that makes the business card less attractive than its competitors. Other business cards can offer a grace period of 21 and 25 days. Unfortunately, you won’t get this feature. If you want to minimize the amount of interest, the best thing that you can do is to make payments as often as possible.
- Pay More Attention to the Monthly Payment Fee
Don’t forget that you need to pay a monthly maintenance fee of $9.95. In other words, customers who have received the card are looking at $19.45 annual maintenance. Some people may think twice once they have heard this fact.
How to Apply for Applied Bank Business Card
You have learned some important facts about this business card including fees that you must pay. Now if you have decided that you want to use this business card, then there are some requirements that should be met first. Those who want to get this business must be at least 18 years old. But before you choose this card, make sure that you consider your financial options first.
There is some information that you must provide too. Some information that you must provide includes your annual income and source of income, your residential status and address, your full name and contact information, your business name and details, your date of birth and social security number.
What Credit Score Do You Need?
It is the biggest advantage of choosing this business card. While other business cards may require good credit, you can rest assured that you can apply for their business card with any credit score. It also means that if you have bad credit, then it is not a big issue. Those who have bad credit are allowed to apply for their business card.
Things You Must Do Once You Have Got the Card
If you have received the card, then there are several things that you must do. Following all of these steps is important so that you don’t get any trouble in the future.
- Pay Off Your Purchases As Soon As Possible
You already know that it doesn’t come with a grace period on interest, thus you must pay off your purchases as soon as possible. By doing this, you can avoid racking up unnecessary interest.
- Don’t Forget to Make Timely Payments
It is important that you avoid high late fees by making timely payments.
The Bottom Line
We hope that our information here can help you make a right choice. Overall, these are some important facts, tips, and issues that you must know if you want to apply for Applied Bank Business card.