THE GOOD

No interest accrued on purchases:

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.

Favorable cash advance charges:

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.

Low foreign currency transaction fee:

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.

THE BAD

High minimum deposit requirement:

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.

Monthly maintenance charge:

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.

THE DETAILS

Deposit and Limits
Maximum Credit Limit $5,000
Minimum Credit Limit $500
Minimum Security Deposit $500
Rates
Cash Advance Rate (APR) 9.99%* Variable
Grace Period N/A
Standard Balance Transfer Rate (APR) N/A
Standard Rate (APR) N/A
Fees
Annual Fee $0 (there is a $9.95 per month maintenance fee)
Balance Transfer Fee N/A
Cash Advance Fee $5 or 5% per advance
Foreign Currency Transaction Fee 1% per transaction
Late Payment Fee Up to $35
Minimum Interest Charge $0
Over-Limit Fee $0
Returned Payment Fee Up to $35
Set-up Fee $0

FEATURES

Title
  • Fund Account Online You can fund your account online.

  • Increase Credit Limit with Additional Security Deposit You can increase your credit limit by depositing more money.

  • No Approval Required for Credit Limit Increase You do not need additional approval for credit limit increases.

  • Increase Credit Limit with Good Payment History You can earn credit limit increases based on your credit and payment history.

  • Fraud Liability The credit card offers fraud liability protection.

  • Online Account Access You can access your account 24/7 online.

  • Automatic Credit Reporting The credit card will automatically report your credit standing to the three major credit bureaus.

  • Free Credit Monitoring The credit card offers free credit monitoring services.

  • No Minimum Interest Charge The credit card does not have a minimum interest charge.

  • No Over-Limit Fee The credit card does not have an over-credit-limit fee.

  • Grace Period The credit card has a grace period before interest starts to accrue.

  • No Late Payment Fee The credit card does not have a late payment fee.

  • No Returned Payment Fee The credit card does not have a returned payment fee.

  • Annual Fee Less Than $45 The credit card's annual fee is less than $45.

  • Annual Fee Less Than $55 The credit card's annual fee is less than $55.

  • Annual Fee Less Than $35 The credit card's annual fee is less than $35.

  • No Annual Fee The credit card does not have an annual fee.

  • No Set-up Fee The credit card does not have a set-up fee.

  • No Cash Advance Fee The credit card does not have a cash advance fee.

  • No Foreign Currency Transaction Fee The credit card does not have a foreign currency transaction fee.

  • Deposit Fully Refundable The security deposit is fully refundable.

  • Funds FDIC Insured The security deposit is FDIC-insured.

  • Deposit Earns Interest You can earn interest on your security deposit.

  • No Minimum Deposit The credit card does not require a minimum security deposit.

  • Apply By Phone You can complete the credit card application process over the phone.

  • Apply Online You can complete the entire credit card application process online.

  • Apply In Person You can apply for the credit card live in person.

  • Instant Approval The card offers instant approval for the credit card.

  • No Balance Transfer Fee The credit card does not have a balance transfer fee.

  • Transfer from Credit Cards You can transfer a balance from another credit card.

  • Transfer from Loans You can transfer a balance from a loan to the credit card.

Comparable


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