"Too Many Fees For Line Of Credit"
Applied Bank® Secured Visa® Gold Credit Card Review
Written by: colagada on 2008-11-01
Overall Satisfaction
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colagada's review: 
The up front fees are ridiculous (about $175 for a $500 line of credit).
They charge $11 per month for "account maintenance."
If you are late on one payment, the interest rate goes up from 9.9% to the maximum allowed by law.
All changes and any disputes as to fees have to be made in writing via postal mail.
A credit increase costs $100 per $250 of credit.
Don't get this card unless you are certain that you can make every payment well in advance. Doing so online costs $6.95, so you will want to use your bank's Bill Pay feature. In any case, be sure payment arrives at least three busiiness days in advance of due date. This company is fast to add late/over-limit fees.
The up front fees are ridiculous (about $175 for a $500 line of credit).They charge $11 per month for "account maintenance."
If you are late on one payment, the interest rate goes up from 9.9% to the maximum allowed by law.
All changes and any disputes as to fees have to be made in writing via postal mail.
A credit increase costs $100 per $250 of credit.
Don't get this card unless you are certain that you can make every payment well in advance. Doing so online costs $6.95, so you will want to use your bank's Bill Pay feature. In any case, be sure payment arrives at least three busiiness days in advance of due date. This company is fast to add late/over-limit fees.
3 Comments
Comment 1 by colonative
Suspect 
on 2008-11-01
These guys are suspect. They used to be called Cross Country Bank. I wonder if they changed their name because people were so agro towards CCB.
on 2008-11-01 These guys are suspect. They used to be called Cross Country Bank. I wonder if they changed their name because people were so agro towards CCB.
Comment 2 by thomas1
Applied Bank on 2008-11-02
Again, bank is ripoff, but they can charge these ridiculous fees.
Why, because they are incorportated within states that have less than strict banking regulations. That's why a lot of these issuers are parked in the states of:
South Dakota
Delaware
These 2 states are the worst regulators, and also a lot of Top Tier cards are also in these states
100$ charge for a cli is just the price you pay for less than good credit.
I have read many complaints about this particular bank, and yes Colonative, they used to be Cross Country Bank, I think located out of Florida, and have changed name and moved operations to where else, Delaware. They are still being investigated, and had to pay 400 million in ripoff lending practices or so, in the past.
on 2008-11-02 Again, bank is ripoff, but they can charge these ridiculous fees.Why, because they are incorportated within states that have less than strict banking regulations. That's why a lot of these issuers are parked in the states of:
South Dakota
Delaware
These 2 states are the worst regulators, and also a lot of Top Tier cards are also in these states
100$ charge for a cli is just the price you pay for less than good credit.
I have read many complaints about this particular bank, and yes Colonative, they used to be Cross Country Bank, I think located out of Florida, and have changed name and moved operations to where else, Delaware. They are still being investigated, and had to pay 400 million in ripoff lending practices or so, in the past.
Comment 3 by colonative
THOMAS1 on 2008-11-02
Yep. Cross Country Bank had some of the ugliest credit cards I have ever seen too. It was a hideous shade of orange and yellow and they used white for the numbers and letters as opposed to silver. When I worked as a cashier 10 years ago at Mervyn's I remember seeing a few of these.
SD, DE and AZ have favorable usury laws so they do indeed attract a lot of credit card business.
I wish more people would read up here on Finance Globe. I would love to see these types of banks lose some business. Secured credit cards are the way to go for people with ugly credit.
on 2008-11-02 Yep. Cross Country Bank had some of the ugliest credit cards I have ever seen too. It was a hideous shade of orange and yellow and they used white for the numbers and letters as opposed to silver. When I worked as a cashier 10 years ago at Mervyn's I remember seeing a few of these.SD, DE and AZ have favorable usury laws so they do indeed attract a lot of credit card business.
I wish more people would read up here on Finance Globe. I would love to see these types of banks lose some business. Secured credit cards are the way to go for people with ugly credit.
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Disclaimer: This content is not provided by Applied Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Applied Bank. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Applied Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Applied Bank. Review content is powered by Finance Globe.
