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Orchard Bank Secured MasterCard®

• Reports to all 3 credit bureaus monthly, which can help improve your credit score
• Free Online 24-hour Account Access and Bill Pay
• Complete your application, including your security deposit, online
• Set your own credit limit

Issuer : HBSC Bank Nevada

Introductory APR : 0%

Introductory Period : NA

APR After Introductory Period:  8.90% -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 $39-$79.

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

Insurance included : The Orchard Bank Secured Credit Card offers platinum 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 Secured Credit Card during which you do not have to pay interest.

The Best Thing About It –  Reports to all three credit bureaus which can help improve your credit rating.

The Worst Thing About It – You need to put down a security deposit and the amount is determined by your credit rating and past history.

Credit Rating Needed For Acceptance : Fair to Poor Credit.

Who Is It For?

This card is for people with poorer credit  who are looking for a card where they can set their own credit limit to curb their spending and for a card that will report their bill-paying performance to all three credit bureaus so that their credit rating can be improved.

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.

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 Secured Credit card 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. Orchard Bank 2% Back Mastercard only gives you 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 it seem like you are paying an annual fee anyway.

Fees To Watch Out For

Late payment fee :$29 on balances up to $1000, and $35 on balances over $1000.

Over The Limit fee : $29.00

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

Minimum Finance Charge : Fifty cents.

 

To Summarize –

The Orchard Bank Secured Credit Card has a high interest rate, lots of hidden fees and a high annual fee but those with poorer credit might be able to qualify for it.  The APR is very high so you better plan on being able to pay off the balance after the 6-month introductory period is over. The fact that this card reports to all three credit bureaus only works to your advantage if you can pay on time and not overspend when you have available credit.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A	N/A	14.90%	$39-$79	N/A	Bad Credit