Applied Protection® - Summary of Protections

The Applied Protection (“Program”) is an optional benefit to Your Applied BankŪ Account. Whether or not you purchase the Program will not affect your application for credit or the terms of any existing Credit Card Agreement you have with Applied Bank. Upon acceptance of your enrollment in the Program, you will receive the complete Program Agreement (“Agreement”). Please read the Agreement carefully since it provides a complete explanation of the Program. The following is only a summary of the Program, including a summary of the eligibility requirements, conditions and exclusions that could prevent you from receiving benefits under the Program. The Program will make the minimum monthly payments for the enrolled account during the Benefit Period for the following Covered Events with respect to the primary cardholder: Involuntary Unemployment, Disability and Leave of Absence. The Program will provide debt cancellation of the outstanding account balance in the event of Loss of Life with respect to the primary cardholder.

COST: The monthly fee for the Program is stated in the Welcome Letter you received.

BENEFIT PAYMENT: Shall mean, in the event of an Involuntary Unemployment, Disability or Leave of Absence, an amount equal to the minimum payment showing on Your statement immediately following the approval of Benefits date of a Covered Event; additional monthly payments will be based on the current minimum payment due; or in the event of Loss of Life, a one-time fixed amount which cancels the balance on Your Account reflected on Your statement immediately following the date of death.

INVOLUNTARY UNEMPLOYMENT: You must be unemployed for 30 consecutive days as a result of an involuntary and complete loss of Full-Time Employment. You must qualify for state unemployment benefits or register with a recognized employment agency. Your unemployment must not be the result of: (a) Your voluntary forfeiture of employment salary, wages or other employment income (except PA and TX); (b) Your voluntary resignation (except in MA, PA and TX); (c) Your retirement; (d) loss of income caused by accident, disease, sickness or pregnancy (except PA). You are not eligible if You are self-employed or an independent contractor (except in AK, CA, CT, FL, MA, NH, NJ, NY, NC, PA, TX, VT and WA) or if Your date of unemployment is prior to the Program Effective Date.

DISABILITY: You must be totally disabled due to a sickness or injury for 30 consecutive days and You are unable to perform the regular duties of Your occupation at the time of Disability. You must be under the continuous care of a Physician who will verify your Disability in writing. The date of Your Disability must begin after the Program Effective Date.

LEAVE OF ABSENCE: You must be on an employer approved temporary absence from permanent, non-seasonal, Full-Time Employment without pay for 30 consecutive days due to the birth or adoption of a child, care for a sick family member or recall to active military status. You must be and have been employed on a Full-Time Basis for a minimum of 90 days at the time of the Covered Event. Your Leave of Absence must not be the result of (a) Your resignation; (b) Your retirement; (c) scheduled termination of an employment contract; (d) termination of employment; or (e) absence from work due to illness, disease, accident or injury. You are not eligible if You are self-employed or an independent contractor.

LOSS OF LIFE: You lose your life.

ENDING YOUR PROTECTION: You may terminate your enrollment in the Program at any time. If you decide to terminate within 30 days of the Program Effective Date, Your Account will be credited for any Program fee which has been charged to Your Account. We may terminate this Program with 30 days advanced notice to You. Your enrollment in the Program will terminate with no advanced notice to You if: (a) We grant a debt cancellation for Loss of Life; (b) You are 90 days (3 billing cycles) past due in making Your monthly payment; or (c) You participate in a debt management program or any workout programs offered by Us. This Program will be reinstated once You are no longer participating in a debt management program or workout program or You are no longer past due in making Your minimum payment. You may cancel Your participation in the Program within the first 30 days of reinstatement and any Program fees charged after reinstatement will be credited to Your Account.


  • You must continue to make at least Your minimum payment on Your Account until You are notified by Us that You have been granted a Benefit.
  • A Benefit Payment may be taxable as income. You should contact a qualified tax advisor concerning the tax impact, if any.
  • Any arbitration provisions that may apply with respect to Your Credit Card Agreement shall also apply with respect to this Program.
  • We may assign any of Our rights or obligations under this Program without prior notice to You. You may not assign any of Your rights or obligations under this Program.
  • The Program is not insurance.

Call our Customer Care team toll-free at 1-866-273-8724 with any questions you have about the Applied Protection Program.

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