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Orchard Bank Platinum MasterCard®

• Enjoy the prestige of Platinum with no up front fees
• Premium Platinum benefits including Purchase Protection
• Great credit card to strengthen your credit
• Reports to all 3 credit bureaus monthly, which can help improve your credit score
• Free Online 24-hour Account Access and Bill Pay
• Periodic credit limit increases
• 4 Plastic Designs to choose from
• Choose your own Plastic

Issuer : HBSC Bank Nevada

APR:  14.90% variable

Cash Advance Rate : 23.24% variable rate

Annual Fee :  Whether you are charged a fee or not depends on your credit history and personal resources but the average fee is between $39 and $59

Credit Line Possible:  The credit line possible when applying for an Orchard Bank Platinum Mastercard is dependent on an evaluation of your credit rating and personal resources.

Insurance included :  The Orchard Bank Platinum MasterCard offers Platinum card type rewards that include auto rental insurance, up to $500,000 in travel accident insurance.

Financing Configuration – Interest is calculated according to the average daily balance (including purchases.)

Grace Period – You have twenty-five days after making a purchase with your Orchard Bank Platinum Mastercard during which you do not have to pay interest.

The Best Thing About It – Over time the credit card company will increase your credit limit.

The Worst Thing About It – This card has a lot of very expensive fees that make up for the lack of having to put down a security deposit.

Credit Rating Needed For Acceptance :  Bad Credit.

Who Is It For?

The Orchard Bank Platinum Mastercard is for people with poorer credit who don’t want to put down a security deposit and are looking for a card where they choose the date on which they pay their credit card bill. This card also might assist those who are looking to build their credit as every payment is reported to the credit bureaus.

The Benefits

 

You can improve your credit rating.  This card allows you to set your own spending limit so you can make timely payments. These timely payments will in turn be reported to the big three credit bureaus.

You can choose the date each month when you pay. You can choose your own pay date so your monthly credit card payment never defaults.

There is no account set up fee. There is no $19 account set up fee as there is on some other Orchard Bank credit cards.

Duplicate cards are free.  There is no fee for issuing duplicate cards.

You can keep track of all of your business expenses in one place.  You are also able to monitor what goes on in your account with full access to an online account report.

No Fraud Liability.  If you claim someone has stolen your Orchard Bank Platinum Mastercard then you do not have to be liable for the usual $50 that is typically deducted as fraud liability.  Your are also protected by a Fraud Protection program, emergency cash replacement and emergency card replacement.

The Drawbacks

 

Monthly payments are applied to purchases before cash advances. The amounts that you pay monthly are not applied to the highest interest activities such as taking out a cash advance. This can make it difficult not to accumulate a lot of debt. 

A short grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. The Orchard Bank Platinum Mastercard allows twenty-five days. There is also no grace period on balance transfers.

The APR is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with a costly variable default rate

There are lots of hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make this a costly card to maintain.

Fees To Watch Out For

 

Late payment fee : $30 on balances up to $1000, and $35 on balances over $1000.

Over The Limit fee : $30.00

Cash advance Fee : 5% for each cash advance, with a minimum of $5 and no maximum.

 

To Summarize –

The Orchard Bank Platinum Mastercard has a lower interest rate, lots of hidden fees and a high annual fee but the plus those with poorer credit might be able to qualify for it. The fact that this card reports to all three credit bureaus only works to your advantage if you can pay on time. Being able to choose the date that you make your credit card payment is a big perk.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A	N/A	14.90%	$39-59	N/A	Bad Credit