The Platinum Zero® Secured Visa® from Applied Bank is a unique secured credit card that charges a monthly maintenance fee, but no interest on purchases. The minimum deposit requirement is on the higher side, but favorable cash advance charges and low foreign currency transaction fees may tip the scales in the card’s favor. Apply Here
The Platinum Zero® Secured Visa® from Applied Bank is a unique secured credit card that does not charge interest on purchases. Instead of charging interest, the secured credit card charges a monthly maintenance fee. Not all cardholders will appreciate this feature, but if managing high interest rates of previous credit cards has been a problem, the Platinum Zero® card may be a good solution.
When it comes to cash advances, the Platinum Zero® Secured Visa® offers some of the most competitive rates in the secured credit card industry. Some of the top secured credit cards charge an APR as high as 24.99% for cash advances, while the Platinum Zero® card comes in at a much lower 9.99%. Similarly, the $5 or 5% per advance fee charged by Platinum Zero® is competitive. If low cash advance rates are important to you, the Platinum Zero® Secured Visa® is a definite contender.
The majority of top secured credit cards charge a fee for foreign currency transactions, with most charging 3%. Those that travel internationally will appreciate the comparatively low 1% foreign transaction fee of the Platinum Zero® card. This difference may not sound like much, but if you work or travel internationally often, foreign currency transaction fees can definitely add up.
With secured credit cards, your credit limit typically matches your security deposit. The Platinum Zero® Secured Visa® card requires a $500 minimum security deposit. Many of the top secured credit cards have security deposit requirements of $300 or less, with one card even offering a $49 deposit. Although $500 is a good starting point, it may be a little out of reach for some cardholders.
One potential drawback of the Platinum Zero® card is the monthly maintenance fee of $9.95. Though the card technically does not have an annual fee, this monthly fee accumulates to a charge of $119.40 per year. Because the Platinum Zero® card does not charge interest, this monthly fee is the way the issuer generates revenue. Though the $119.40 may seem high, depending on your credit limit, purchasing habits, and payment discipline, there may be cases where the annual interest paid on other secured credit cards exceeds this monthly maintenance charge. However, if you have a low credit limit and don’t use the secured card often, the Platinum Zero® card may not be the best fit.
|Minimum Security Deposit$500|
|Minimum Credit Limit$500|
|Maximum Credit Limit$5,000|
|Standard Rate (APR)N/A|
|Cash Advance Rate (APR)9.99%* Variable|
|Standard Balance Transfer Rate (APR)N/A|
|Annual Fee$0 (there is a $9.95 per month maintenance fee)|
|Cash Advance Fee$5 or 5% Per Advance|
|Balance Transfer FeeN/A|
|Foreign Currency Transaction Fee1% Per Transaction|
|Late Payment FeeUp to $35|
|Returned Payment FeeUp to $35|
|Minimum Interest Charge$0|