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.
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.
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.
Deposit and Limits
Minimum Security Deposit
Minimum Credit Limit
Maximum Credit Limit
Standard Rate (APR)
Cash Advance Rate (APR)
Standard Balance Transfer Rate (APR)
$0 (there is a $9.95 per month maintenance fee)
Cash Advance Fee
$5 or 5% per advance
Balance Transfer Fee
Foreign Currency Transaction Fee
1% per transaction
Late Payment Fee
Up to $35
Returned Payment Fee
Up to $35
Minimum Interest Charge
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.
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