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Digital News Report – Credit cards are more difficult to get now that credit is tight and credit scores have declined. The cards are required to rent a car and in some cases required to rent a hotel or motel room.
The Applied Bank® Secured Visa® Credit Card is designed for people with poor or bad credit or people who have not developed any credit score yet. Today it is difficult to acquire a credit card without a credit history.
There are some benefits to the card. Your rate will not increase even if you are late in paying (late payments). The bank is advertising a rate of 12.99 percent APR.
The card can help people develop a good credit score. Applied Bank will report your payments to the major credit bureaus. If the payments are made on-time, your credit report will reflect it.
Some credit experts say pay the installments rather than pay the whole balance. This will provide a credit history if the payments are made on-time.
This secured card provides a limit from $200 to $500. Other cards we have evaluated have higher limits, but this is a genuine Visa® credit card, not a pre paid or debit card.
By: Tina Brown