Applied Bank® VISA® Business Card
- No security deposit
- Credit limit of at least $500
- Reports balance and payments to 3 major credit bureaus
Great starter card for small business owners who want to separate work-related purchases from personal purchases.
Origination fee significantly reduces the amount of available credit. High fees make this card less-than-ideal for long-term use, so upgrade as soon as you can.
Application Process: Straightforward and simple. An online form requests general info about your name and business, plus asks whether you have a checking account. If you don’t have one, get one - it’s one of the only prereqs for approval.
Most applicants receive an immediate response after submitting the online application.
Bonus Offers: There aren’t any, but that’s the norm for bad credit business credit cards.
Rewards: Multiple reviewers gripe that this card doesn’t offer any rewards. That’s why we recommend this as a starter card for business owners with poor or fair credit. When your credit history improves, you can get a card with perks.
APR: There’s a 23.99% variable APR for this business credit card. It spikes to 29.99% if you miss a due date, so do your best to pay your bill on time.
Fees: There’s no deposit for the Applied Bank VISA Business Card, but you’ve still got plenty of other expenses:
- $125 account origination fee
- See terms for annual fee
- Cash advance fee of $10 or 5% of the total purchase, whichever is higher
- Late fees, returned payment fees, and over-the-limit fees are all $38
- 3% foreign transaction fee
An extra card is an additional $30.
