By : Mr Credit Card

Platinum Zero Secured Visa Card Review

Summary - The Platinum Zero® Secured Visa® Credit Card from Applied Bank® is a secured credit card that is designed for those with a poor history. Perhaps the most interesting feature of this card is that the APR is 0%. Let's find out more about this card.

Fees - There is a monthly maintenance fee of $9.95, which works out to $119.40 a year. The APR is 0%, and (Applied Bank® claims that your rate will not be increased even if you are late on your payment). This is one of the rare cards you will find that actually charges a 0% APR (for what it seems for life!)

Credit Limits - Your credit limits will be determined by how much you deposit with Applied Bank®. The minimum deposit is $500 and the maximum allowed is $5,000.

Credit Bureau Reporting - The Applied Bank® reports to credit bureaus.

There are quite a secured credit cards that are specifically marketed to folks with bad credit and so let's look at these alternatives.

Vs Applied Bank® Secured Visa® Gold Credit Card - FIrstly, Applied Bank has another secured credit card called simply the Applied Bank® Secured Visa® Gold credit card. Unlike this card which charges 0% APR, the Applied Bank Gold Visa charges a low APR of 9.99% for purchases. However, they do not have any grace period. Hence, even if you pay in full, you will still be charged an interest rate. Whether you carry a balance or not, I think this card is a much better alternative.

Vs Orchard Bank Secured Credit Card - Orchard Bank is perhaps the largest issuer in the sub prime market. They have a secured credit card that charges an annual fee of only $35. And their APR is relatively low at 7.90%. So while this card beats the Orchard in APR, it loses out on fees. I would say that if you do not plan to carry a balance (which is what we at Mr Credit Card always recommend), then the Orchard Bank Secured Credit Card is probably the one you want to look at. If you do however plan to carry a balance quite a lot, then the Platinum Zero 0% APR might be a better fit.

The Platinum Zero® Secured Visa® Credit Card from Applied Bank® is one of the rare cards that does not charge any APR (Ok - more like 0% APR). If you have less than perfect credit and know that you will occasionally carry a balance, then this is the card you should consider. With just a $119.40 annual fee (sum of all monthly maintenance fee), I'll take this card over any other fee laden sub-prime credit cards. Bear in mind that there are some secured credit cards like the Orchard Bank Secured Credit Card, that has a lower annual fee and a reasonable APR which might be better for those who choose not to carry a balance.

To apply for the Platinum Zero Secured Visa Card, simply click on the link on this page and it will take you to the application page. You just have to fill in what is required and proceed from there. At the bottom of the page is a link to their terms and conditions (shown below) which you should double check before you go on.



Apply for the Platinum Zero® Secured Visa® Credit Card from Applied Bank®

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