Affording items has been made easy by financial companies because of credit cards. Anyone who loves to shop needs to use one, and they can pay for anything, including groceries, dinners, travel, concert tickets, mortgages and many more.
With an applied bank unsecured credit card, you can apply for and get a credit card with poor or no credit at all. Once you have this card, you will shop, and you can work towards building and improving your credit for future applications. An unsecured credit card is easy to apply for but can be challenging because not many lenders will trust you if you have bad credit. You can still try and get approved for some credit cards as you work on your credit scores.
The 5 Best Applied Bank Unsecured Credit Card
Even though you may have poor or no credit, you still deserve to buy and afford some things. Lenders and financial institutions have provisions for people with no credit or bad credit scores to get credit cards. The following are some of the best credit cards you can apply for if you do not qualify for many other credit cards.
1. Applied Bank Unsecured Classic Visa Card
With this credit card, you will have an easy application process, and approval will not take long. You can apply for the card even with bad or no credit, and in less than a minute, you will get approval. It will provide you with regular emails about your standings so that you can know how if your credit score is getting better.
This credit card offers you cash back when you use it to shop and pay for any item you like to purchase. It has a fixed APR, and the monthly payments are manageable, making it easy for you to rebuild your credit.
Features
- Fixed APR
- No penalty rate
- EMV enables chip
- 24/7 online payment and access
2. Petal 2 Visa Credit Card
If you are looking for a credit card that does not charge you any fees, this is the right one for you. You will not pay any annual fees, and you will get a cashback reward with every purchase you make. The APR is regular with a variable of 12.99%.
This is a credit card that will not require you to have any credit for you to be approved, and you can apply easily from anywhere. It is a great credit card to link with your bank account because they can access your bill payment history and decide if you are eligible.
Features
- Cashback
- No annual fees
- Variable APR of 12.99%
3. Credit One Bank Unsecured Visa
Individuals who are struggling to rebuild their credit might not get a chance with many credit card companies. This credit card will accept your application and allow you to improve your credit as you continue with payment.
You will earn 1% cashback when you buy gas, groceries, mobile phone bills, internet, cable, and other TV services. An annual fee of up to $95 is charged for the first year, and after that, you will pay $99. The APR variable is between 17.99 to 23.99 %, and you can easily apply for the card online.
Features
- 1% cashback
- Variable APR
- Annual fees
4. Capital One Platinum Credit Card
Featuring a variable APR of 26.99, this credit card will help you build your credit if you are responsible for using it. The card has an annual fee, and it automatically reviews your account after six months to determine if your credit line can increase.
This applied bank unsecured credit card is a no-frills card that will help you build your credit fast. You can then apply for better limits and purchase more with the card. You can repay this card more quickly because the installments are manageable.
Features
- 26.99% APR
- $0 annual fee
- No frills
5. Credit Card Applied Bank
This credit card offers you cash back when you use it to shop and pay for any item you like to purchase. It has a fixed APR, and the monthly payments are manageable, making it easy for you to rebuild your credit.
With this credit card, you will have an easy application process, and approval will not take long. You can apply for the card even with bad or no credit, and in less than a minute, you will get approval. It will provide you with regular emails about your standings so that you can know how if your credit score is getting better.
Features
- Fixed APR variable
- EMV enabled secure chip
- 24/7 online access
How To Choose An Unsecured Credit Card
When you have bad or no credit, most financial institutions will not approve you for a credit card. However, some companies will still consider and approve your request and issue you with a credit card. Before you accept this card, you need to ensure that you look at a few factors:
Repayment plan
After you have made purchases, you need to repay the loans, and it would be best if you have a manageable plan. With bad credit, you need to ensure that you repay your loan on time so that you can improve your credit. This is the only way you can get a high limit in the future, and you will be able to get better loans and interests with other lenders.
If you get a credit card with a manageable payment plan, you can quickly build your credit. It is beneficial to you because you will get lower interests with good credit and higher limits.
Fees
Every credit card charges you specific fees when you are using them for purchases. You need to ensure that you can easily afford the costs as well as the repayment installments. If you get a credit card with high fees, you will find it hard to repay your loan, and you will end up affecting your credit negatively. The fees that are primarily available for the cards are annual fees and others like the APR variables. Choose a card with low or no yearly fees so that you will only pay for your installments and other necessary fees.
Opportunity to build credit
As you continue using your credit card, you need to ensure that you get to build and improve your credit with time. A credit card company that monitors your accounts and reviews your credit is more helpful. You can choose one that will review your performance after every few weeks or months to improve your credit score. When your credit improves, you have a much better chance with other lenders and getting higher limits with your credit card company.
Rewards Offered
Credit card companies offer their users different rewards when they use their cards. When you are choosing a credit card, you need to ensure that you also benefit from their reward program. This is why you should get one that will offer you rewards with your purchases. Among the rewards are sign-up bonuses, cash backs, and many more.
Approval Rate
With no credit or poor credit, you may not get many credit card companies to approve you for a credit card. This is why it is important to build your credit to get better opportunities with financial companies. That being said, you can still get approved and get a credit card even with your bad credit. Check out different companies and see if you can get approval before you can apply for the credit card. You have a better chance with a company that has a higher approval rate than those that do not approve easily.
Understanding The Unsecured Credit Card
An unsecured credit card is what you can think about if you do not have credit or if your credit is bad. It does not require you to make an upfront payment that will act as your credit line. Linking the card to your bank account will help the company to look at your payment history so that you can get approval for the credit card.
You can borrow against the card and also make purchases in different stores, just like any other credit card available in the market. With this card, your limit will be based on a few factors:
- Other debts: if you have other debts with other financial companies, you will get a lower limit when applying for a credit card. It would be best if you repay your debts so that lenders can see that you are a responsible risk for them. Debts can be personal debts, other credit card debts, and many more.
- Your credit history: every time you borrow and repay, you will build your credit history, and this will affect you when you are applying for an unsecured credit card. Even though it might not be easy for you to get approval when you apply for bad credit, you can still improve on your credit in a few months and reapply for a credit card.
- Income: as you link your credit with your bank account, the lenders will have access and see what you make in a week or a month. With a regular income, you can easily get a credit card, and you can also get a higher limit.
To avoid a higher interest, ensure that you continually pay off your debts, and you are faithful with your installments.
Secured Cards Vs. Unsecured Cards
To understand unsecured cards, you also need to know about secured cards. The secured card needs a security deposit upfront. In many cases, you will require to place a form of collateral for you to get the credit card. You can deposit money over a period of time so that you can increase your credit limit and credit line. When you choose your car with good standing, you can also qualify for an upgrade and get an unsecured card.
When you are applying for an unsecured credit card, you will not need to place a deposit or collateral. Once you are approved for the credit card, you can get a low credit limit that you can slowly build upon with time. As you pay your monthly installments, you can still improve your credit score and get more with financial companies.
With both the secured and the unsecured credit card, you can build your credit. You can have your issuer report the credit movements you are making. As long as you pay installments on time, they will report to credit bureaus regularly so that your credit improves. Other lenders will see that you have improved your credit, and you can get better rates and limits with them.
Conclusion
Practicing healthy credit habits is essential for your financial growth. This is because it is the most effective way you can use to build your credit and get better deals with financial companies. Once you get the right credit card for you, you need to keep up with the payments and also use it regularly.
When applying for your applied bank unsecured credit card, check out the different offers that are available so that you can benefit from the rewards and other benefits. No matter the type of credit you have, you need to remember that you can still get an institution to accept and approve you for a credit card. Build up your credit over time, and you will still get better benefits as time goes by.