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Regular Contributor
unusuallyconfused
Posts: 232
Registered: ‎03-05-2013
0

Re: Applied Bank's VISA Business Card (their business. your fees)

It is a "business card" and not a personal card. 

 

Applied Bank seems to offer an UNsecured business card (for sole proprietorships or any other business entity you might have) and they off SECURED cards.

 

I didn't want a secured card, I wanted an unsecured one.

 

But Applied Bank is being clever, being "business" credit cards don't have to comply with the terms of the credit card act of 2009 so certain other fees that wouldn't be allowed with a person card are perfectly okay here. I knew that when I applied.

 

Again, at the time, my philosophy was: credit at all costs; apply now, ask questions later LOL

 

 

So with the card I got, you can make up some business name (in my case I do have a sole proprietorship) and then apply for the card and get approved unsecured (if you meet their credit requirements, whatever those are). Then use the card. 

 

I think they market this card more heavily (as their only unsecured option from what I've seen) because this card doesn't have to comply with the CCA of 2009.

 

But like I said, had I known I was in more better offers a couple weeks later that I was approved for, I would have stayed far away from this.

 

But in general, it's a good card to get started with IF it's one of your few options (though even going with one of the better secured cards, like Wells Fargo or whatever) might be the better option over this (unless you don't have the cash to go secured and need the unsecured credit to get you going).

USAA Rewards VISA (7,500 - 03/2013) / DiscoverIT (6500 - 03/2013) / Cap One Platinum MC (2750 - 03/2013) / Credit One Platinum VISA (750 - 03/2013) / First Premier Bank MC (300 - 02/2013) / FingerHut/WEBBANK (5200.00 - 02/2013) / Victoria's Secret/Comenity (1500 - 03/2013) / PayPal Smart Connect/GECRB (2900 - 03/2013) / Lowe's/GECRB (2800 - 03/2013) / Amazon.com/GECRB (4500 - 03/2013) / Chevron Texaco/GECRB (1950 - 03/2013) / J.C. Penney/GECRB (2150 - 02/2013) / Target (750 - 07/2013) / Abercrombie & Fitch/Comenity (1850 - 07/2013) / CareCredit/GECRB (4500 - 08/2013) / DCU Visa (2000 - 11/2013) / NFCU Sig cashRewards Visa (7000 - 11/2013) - MilitaryStar/Chase (4700 /12/2013)

New Member
whathaveidone
Posts: 1
Registered: ‎03-17-2013
0

Re: Applied Bank's VISA Business Card (their business. your fees)

Have you tried to cancel this card yet? If so, can you please give me the address and phone number used? Thanks in advance!

Established Member
mikey4833
Posts: 90
Registered: ‎01-26-2013
0

Re: Applied Bank's VISA Business Card (their business. your fees)

[ Edited ]

I have just got approved for this card about a week ago I could have it today but its iffy. I'm an idiot for even getting this credit card. I had one last October 2012 and closed it because of the $125 fee. I could live with the $9.95 a month fee but they wouldn't budge on that $125.00 fee. So it was so hard to get through to someone real who got my card closed last year but I'm stupid for applying for this card again. I don't care about the fees.Sorry to hijack the thread here but let me explain I'm a credit card nut and I'm obsesssed with seeing how many cards I can get and then I close the crappy cards and keep the better ones.  and I just got approved for a Lowes Store card with 30+ inquiries on my credit reports. Now I have 13 cards now up 2. 11 personal and 2 business counting this new Applied Bank Visa Business Card... This is the only no good card I am keeping simply to build business credit at Experian and Dun & Bradstreet & Small Business Financial Credit Exchange they said it builds both your business and personal credit at 3 of the 4 national credit bureaus Transunion and Experian & lesser known Innovus.They gave me their maximum limit of $500 and they told me they will raise the credit limit every 6 months by up to $500 on this particular account each time for a fee of $100. I will decline credit line increases probably. I want the card to build my business credit. I only got 1 Cap 1 Spark Visa Classic card with a $750 limit I need more capital and I will not use my personal cards for business. Someone told me not to apply no more on here with my number of inquiries which now I am doing that I promised as of now and am sticking to. These companies don't seem to care about my credit inquiries. I got a $4,000 Sears Platinum Mastercard from Citi with 25 inquiries on Experian. I got good fico scores just too many inquiries but enough about my credit I have a question about this card. Someone told me they don't report to Equifax is that true and if that is true they don't report to the Small Business Credit Exchange either because its ran by Equifax. Are they pulling my chain Applied bank rep whom I just talked to she said they report to 3 personal credit bureaus (Transunion,Experian & Innovus) but she said they don't report to equifax... And she said it builds business credit at Dun & Bradsteet and Experian Small business and Small Business credit exchange but if they don't report to equifax how is it reported to business credit side of equifax which is the Small Business Credit Exchange? I've been in business since 2004 sole proprietor. I have to wait at least a year before I go for any better business cards than this one with Capital One they say too many inquiries despite a 4 year old BK. I may just close the thing and say heck with it... Do you know of anyone else who would approve me Fico 637-718 across the board for a business card even for a store that is easy to get with no extensive credit requirement or even a secured business card if there is one out there? I'm not interested in Personal Cards I am never trading in my cards I have now I have enough credit and they will get better with time and account history of pay in full on all of them. I already tried calling Capital One for a line increase through the president's office they raised all my personal cards to $1500 each now but they won't raise my business card. and I got 3 of those and 1 business card with this $750 limit they want a business license which I do not have since I don't stock anything I sell for a wholesaler dropship company over the web. I use my personal checking for everything. I filed form C for tax reasons but they want a business license or fictious name filing DBA name its not required either under the law in my state because I use my last name in the business name and fall under the law its the same as my own personal name... Any ideas? Maybe I should go Inc or LLC? I work a hard laboring job 50-65 hours a week and I am off right now for health reasons heart, and back trouble and scary cat scan of my head for severe dizziness so I got to be proactive about my financial future with my business as a back up to supplment my wife's $15,500 SSD check while I make $44,000 a year from my job after taxes on salary and my business right now makes $1500 a month gross and $400-$600 profit I would take a huge loss income if I gave my job up I'm only 29 but doctors say my body is really like late 40's in back damage. and with these health problems I may have no choice because employer doesn't want the risk on the job so I must get so way to get more customer's too my business but I max my business card out I currently have and pay it off 5 times a month and they still won't raise it and I cannot use my personal cards for business too much heavy use would mess up my bal to credit limit ratio. Its bad enough Cap 1 business card reports on personal credit that shouldn't be.


Starting Score: TU:599 EXP: 596 EQ: 595 Starting Year 2009
Current Score: TU:715 (685 FAKO) EXP:647 (673 FAKO) EQX: 637 (FAKO 615) - All on 04/24/13 In the garden until 05/2014 because too many inq and low AAoA 1.4 mo. My BK chap 7 will be 4 yrs old July 2013
Goal Score: 760+ across the board by next year July 2014 5 yrs after BK


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Senior Contributor
jsucool76
Posts: 4,017
Registered: ‎12-11-2011
0

Re: Applied Bank's VISA Business Card (their business. your fees)

Just sayin... That platinum secured visa is kind of cool. A 0% fixed apr... Yeah it's 119 a year but still... XD
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Established Member
mikey4833
Posts: 90
Registered: ‎01-26-2013
0

Re: Applied Bank's VISA Business Card (their business. your fees)

[ Edited ]

jsucool76 wrote:
Just sayin... That platinum secured visa is kind of cool. A 0% fixed apr... Yeah it's 119 a year but still... XD

Are all your cards student type cards the major ones visa/mc/discover? I'll give that card a look over 0% interest it builds your personal credit and big annual fee... Or you can get a free American Express prepaid card and load it regularly or have direct deposit as I do from my wife's Social security and American Express may invite you to apply for their charge card its a proven fact they may pre-approve you or just invite you if you qualify by your establishing a relationship by constantly spening large amounts of money on the card or building it up to the max I believe is $2500 I'm almost there. I have had it for 1 year and they say its true the new accounts dept they run your credit per the patriot act and they end up with your Fico score from that and make you a firm offer of credit in your email box. You also build credit with this new alternative credi bureau called PBRC for Utility Bills, Rent Payments, Cell Phone Bills, Prepaid Debit Cards, etc. I cannot wait to see where this PRBC goes and if you get declined because of traditional credit data you got this new back up that pretty soon under the new laws they told me certain lenders will have to take it into consideration. Mortgage lenders, credit card issuers expecially. They are too strict since 2008. Since the housing market crashed. I wrote a big long paragraph on why banks turn people down for bankruptcy I got some nasty responses. I wrote my last one being nice I said I was gardening but they say its too long to read. If they cannot understand I was just trying to create petition to have some change to make the government take a look at how tight banks are against people with BK and I said limit where they cannot hold it against you after no longr than 4-5 years and I got bashed. Some bounce on you and say people should have to pay it back. it was like a war zone on that thread I left it and I ain't gonna go back. Did not mean to hijack thread but back on subject of this card I guess I'm going to just keep it and shut up and count myself lucky the Applied Bank Visa Business at least theres bank who offer cards for people with no credit/bad credit/poor credit and fair credit like mine for business use like this one and Capital One Spark Visa Business Classic which you need fair credit for cap 1 business card. This Applied Bank formerly Cross Country Bank you need some positive history I say 3-6 months at least to even get approved for it. They do check commercial credit bureaus like experian and dun and bradstreet and they can find out if people is making up fake business names because they may ask for documentation in order to approve it and prove existance of the business. That I do not have, They can see my tax records its all I got I don't have a sales tax license its the business license in this state and I use my last name in the business name so no registration papers its a proprietorship so its hard to prove it exist except a business credit card statement I already have and tax records.


Starting Score: TU:599 EXP: 596 EQ: 595 Starting Year 2009
Current Score: TU:715 (685 FAKO) EXP:647 (673 FAKO) EQX: 637 (FAKO 615) - All on 04/24/13 In the garden until 05/2014 because too many inq and low AAoA 1.4 mo. My BK chap 7 will be 4 yrs old July 2013
Goal Score: 760+ across the board by next year July 2014 5 yrs after BK


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Senior Contributor
jsucool76
Posts: 4,017
Registered: ‎12-11-2011
0

Re: Applied Bank's VISA Business Card (their business. your fees)

Only 3 of my cards are student cards, wf, citi, and boa.

And eh, i would never app for anything from applied bank. Its a step backwards. While it might help some people, once you can get something from a reasonable builder/rebuilder lender like cap1,companies like creditone, FP, and applied are ripoffs.
;
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Applied Bank's VISA Business Card (their business. your fees)


unusuallyconfused wrote:

Probably the worst card that I just received in my quest to rebuild my credit and start building up a credit history:

 

Applied Bank's VISA Business Card

 

I knew what i was getting into when I signed up but Jesus.

 

This card pulled my TransUnion report only.

 

APR is 23.99% and Late Payer APR is 29.99%

 

Credit Limit: $350.00

 

Fees right off the top:

 

$125.00 "account origination fee"

 

$9.95  per month monthly "maintenance fee".

 

So the card comes out of the envelope with $134.95 in charges on it.

 

Thank God. I was afraid that I was going to have to actually purchase something at the store just to get a chance to use this card. Thanks to the fees, I can rest easy and just pay off the fees to build credit!

 

Then just to "own" the card, it costs $9.95 per month. Forever.

 

Additonal Card Fee? Replacement Card Fee? $30.00

 

What if you want to actually be responsible and pay off your credit card balance? That costs, too!

 

Pay by phone? $6.95

 

Represenative Assisted Payment? $12.95

 

Online Payment? $6.95

 

Credit or Debit Card Payment? $10.95 per payment.

 

ACH payment to them through a pre-authorized direct debit of a deposit account: $6.95 per payment.

 

I'm gonna be sending them a check I think. They don't mention any fees for that except for the implied cost of a stamp.

 

My favorite is the "Credit Limit Increase Fee": $100.00

 

Bhahahaha. No thanks. I'll keep the $350 limit. When I need more, I'll take the $4,000 that USAA gave me with no fees.

 

Anway, if anybody is expecting to get this card or thinking about it, it's a high price to pay for rebuilding credit, but it's an option to get you going.

 

This was (after FingerHut) the second line of credit that I attempted to signup for and was successful. Had I know I would have been approved for much better offers I wouldn't have done it. But I did.

 

One good point to the story?

 

I paid an expeditited delivery fee for $20 and Applied Bank delivered my new card via UPS! bhahahaha.

 

 


Wow.....

 

Not even gonna get into the fees, they speak for themselves :smileysad:

 

$350 CL for a business card??? Really???

 

I'd AXE that and don't look back!!! Horrible card!!!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Applied Bank's VISA Business Card (their business. your fees)


NJTurnpike wrote:

6 years of those fees. my condolences to your bank account


Mine too!!!! :smileyvery-happy:

 

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
tboone733
Posts: 2
Registered: ‎01-04-2014
0

Re: Applied Bank's VISA Business Card (their business. your fees)

Hi All,

 

Just an update to the Applied Bank Business Visa....I also had this card and could never seem to keep up with the fees no matter how many times I paid on time.  I was recently contacted by the bank for their new "Clear your account" program where they reduce your current fees by 50%, allow you to pay that amount in 1 month, and they will clear your balance and remove this tradeline from your credit report.  Also, the bank has cancelled all new credit card offers, they will only allow you to keep the cards you have in good standing, but no new applications.  Happy New Year to all...:smileytongue:


Starting Score: TU 488 | EX 531
Current Score: TU 488 | EX 531
Goal Score: 750


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