Details Of The Orchard Bank Gold MasterCard Application

The Orchard Bank Gold MasterCard is designed for the average person who has an average or limited credit history. Card holders like this card because it does not require a deposit to secure the credit card account. A deposit is required when opening many other secured credit cards.

The Orchard Bank Gold MasterCard, which is issued through HSBC Bank Nevada, N.A., has an annual fee of $79. Although this may seem like a lot, it is actually average for this type of card. The card’s variable APR of 15.90% is quite reasonable, but can be costly for anyone carrying a balance from month to month. The variable APR on cash advances, however, jumps significantly to 24.40%! There are, of course, finance charges for any purchases that are not paid for within the first 25 days, and there are charges for other services like cash advances. Fees are also charged when you go over your credit limit. There is no minimum or maximum credit limits on the Orchard Bank Gold MasterCard.

Another fee that is associated with this card is an application fee of $19. That means anyone who applies and receives the Orchard Bank Gold MasterCard can expect to pay $98 in various fees in the first 12 months.

There are some nice benefits associated with this MasterCard, too. There are no charges if you’d like to add an additional card to your account. You will get many common cardholder benefits like emergency card and cash replacement, lost and stolen card reporting, and the cardholder is not liable for unauthorized transactions on the card. This card also reports to the credit bureaus, so you can build a better credit history if you use your Orchard Bank Gold MasterCard wisely and make your payments on time.

So, the Orchard Bank Gold MasterCard has a reasonable APR and gives many with average credit an opportunity to build a solid credit history. Although it does charge a hefty annual fee, it may be a good card to look into.

The Lowdown on the Orchard Bank Secured Credit Card

When your credit history is proving to be a hindrance to your financial well-being, perhaps it is time for you to get a secured credit card. One of the cards worth your consideration would be the Orchard Bank MasterCard secured card issued by the HSBC Bank of Nevada.

This card targets customers with poor or limited credit ratings, and aids them towards improving their credit histories. A secured credit card works by requiring the card holder to deposit cash into their credit card account prior to utilization. This way, this credit card prevents its card owners from incurring more debt whilst helping them re-establish their credit history.

An additional advantage unique to this card is that the deposits in the account are paid interests by the bank. In the effort to establish a healthy credit rating, customers must bear in mind that late payments must be avoided, and they have to be aware of the current annual percentage rate for the card as the APR of the Orchard Bank Secured Credit card is based on a variable rate. Although, the regular rate now stands at 15.90%, the actual rate is dependent on the Prime Rate. APRs for cash advances are higher than most cards at 23.40%, with a minimum rate of 19.99%.

Interestingly enough, the annual fees for the Orchard Bank Secured Credit Card is lower than other most unsecured credit cards. Balances above $1000 will only incur fees of $35 whilst card holders who have charged more than their credit limits will only be charged only $29. Also, there are periodic reviews of the credit limit for each account, so regular payments will enable the card holder to obtain higher credit limits and at the same time improving their credit history.

Finally, the Orchard Bank secured credit card also offers a lot of perks not evident in other competing credit cards. These would include Internet services, emergency replacements for stolen cards as well as numerous protection services against fraud and identity theft.

For more information or to apply for the Orchard Bank Secured Credit Card, Eric Wasselman recommends Find Credit Cards.

The Lowdown on the Orchard Bank MasterCard

Having a bad credit history may greatly affect a user’s future credit card applications, at least for the next seven years down the road. With tainted, poor or bad credit history, there are only two options left for the down-on-its-luck credit card user: go with cash or get the Orchard Bank Silver MasterCard.

One of the few credit cards that will not shun card users with bad credit histories, the Orchard Bank MasterCard offers a multitude of privileges all over the world within 22 million locations. In addition, the card aids in the rebuilding of good credit reports as it is also responsible for reporting to all three credit bureaus on a monthly basis, thereby strengthening its users’ credit scores.

Apart from that, the user is also not held accountable for unauthorized charges, thus making it a great tool for shopping on the Internet. In fact, the Orchard Bank MasterCard users are also able to access their online account 24 hours a day, as well as make bill payments with the card without a usage fee incurred.

However, getting approved for a credit card does not mean that users should go on a spending spree, not especially with this card. For starters, a high annual fee of $49 and an application fee of another $49 are imposed, resulting in total fees payable of $98 within the first year of using the card.

Additionally, interest rates of the Orchard Bank MasterCard are charged based on a variable annual percentage rate (referencing to the Prime Rate), which ranges from between 15% to 17%. Also, the APR for cash advances stands at 24%, with an additional 5% of cash advance fee (or a minimum of $5) applicable for each cash advance transaction.

Finally, the Orchard Bank MasterCard has an interest-free grace period of 25 days for payments to be made. Once the grace period is over, there will be a $30 late payment fee chargeable for every $1000 outstanding balance and a $35 fee for balances over $1000. Surpassing credit limits are also a big no-no as users will be charged an extra $30 for this. Evidently, for every good bargain, there are always strings attached.