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Review of the Orchard Bank Mastercard

The Orchard Bank Mastercard was last reviewed on 28th July 2008

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Summary - We highly recommend the Orchard Bank Classic MasterCard® to those who have no credit or poor credit and for those who are recovering from bankruptcy filing. Orchard Bank is now part of HSBC Bank, one of the largest and most reputable bank. Unlike other sub-prime credit cards, Orchard Bank screens your credit, and approves you for a card that matches your credit history. Hence, if you have a better credit that orders on being considered having fair credit, you may be approved for a card with no annual fee and a 0% APR deal. If your credit is really poor, then you are likely to be approved for a secured credit card. Unlike other sub-prime credit cards, Orchard Bank has very reasonable fees unlike the obscene fees charged by other issuers.

4 Cards that you may be approved - Orchard Bank is now owned by HSBC, one of the largest and most reputable bank in the world. When you apply apply for this card, you may be approved for either one of the four cards described below.

Orchard Bank Secured Master Card - If you have no credit history, bad credit, or if you have just been discharged from bankruptcy, you will likely be approved for the Orchard Bank secured master card. It has a very reasonable annual fee of $0 to $48 and none of the one-time application or processing fee common in other secured or sub-prime credit cards. You can deposit anywhere between $200 and $15,000 and you are given a credit limit based on 100% of your deposit. The APR ranges from 8.90% to 14.90%. Orchard Bank reports to the three major credit agencies as well. This is a good credit card to start off building or rebuilding your credit.

Orchard Bank Gold Master Card - unsecured - If you qualify for an unsecured credit card, you may be approved for the gold master card. This card comes with an annual fee of between $39 to $96 and a one-time application fee of $19.00 to $39 (both very reasonable). The APR ranges from 8.90% to 18.90%.

Orchard Bank Platinum Master Card - You may also be approved for the Orchard Bank Platinum Master Card. The annual fee for this version will range between $0 to $72 depending on your credit profile. There is no one-time application fee. The APR ranges from 8.90% to 18.90%.

Orchard Bank Prime Master Card - If your credit is better than you think, you will be approved for the Orchard Bank Prime Master Card, which has no annual fee. The APR is 15.99%. You also get a 0% introductory APR for 6 months with this card.

Card	Benefits	Annual Fee	APR	Account Set Up Fee
Orchard Bank Prime Platinum Card	0% Introductory APR for 6 months on Purchases and Balance Transfers Platinum MasterCard Benefits Free online account management tools Your choice of payment due dates Zero Liability Fraud Protection	$0	15.99%	$0
Orchard Bank Platinum Mastercard	Platinum MasterCard Benefits Free online account management tools Your choice of payment due dates Zero Liability Fraud Protection	$0-$72	8.90%-18.90%	$0
Orchard Bank Gold Mastercard	Gold MasterCard Benefits Free online account management tools Zero Liability Fraud Protection	$39-$96	8.90%-18.90%	$19
Orchard Bank Secured Mastercard	Reports to 3 major credit bureaus Earns interest on your deposit Your choice of payment due dates Zero Liability Fraud Protection	$0-48	8.90%-14.90%	$200 minimum deposit

Verdict - If you have no credit, bad credit or have just been discharged from bankruptcy, this is the card that we recommend. Most credit cards targeted at those with poor credit have high fees and cost like annual fees, application and processing fees. The Orchard Bank Classic MasterCard® has more reasonable fees than most other sub-prime credit cards. It is also issued by one of the largest and most reputable bank. This is very important because having credit from "mainstream banks" is very important in building or rebuilding your credit. Because HSBC will offer you any of the four cards, you are highly unlikely to be turned downed for your application. And if your credit is better than you think, you may even get a no annual fee Orchard Bank Prime Master card with a 12 month 0% balance transfer offer.

Positives

Reasonable fees

Reports to 3 major credit bureaus

Highly unlikely to be turned down

Orchard Bank Master Card
Credit Limits	100% of bank deposit, $100-$15,000 - for secured card
Credit Agency Reporting	Reports to 3 agencies
Card Benefits
Free Online Bill Pay 24 hour online access to account
Cost/Fees/Interest rates
Annual Fees	$0 to $48 - for secured card $39.00 to $96.00 for unsecured card
Application Fees	$0 for Orchard Bank Prime Master Card and Orchard Bank Platinum Master Card $19.00 to $39.00 for Orchard Bank Gold Master Card
Purchase APR	8.90% to 18.90% for Orchard Bank Cards 15.99% for Orchard Bank Prime Master Card
Grace Period	25 days
Balance Calculation Method	Average Daily Balance (including new purchases)
Cash Advance fee	5% min $5.00 for Orchard Bank Cards 3%, min $15.00 for Orchard Bank Prime Master Card
Over-the-credit-limit fee	$29.00
Late Payment fee	$29.00

Apply for the Orchard Bank Classic MasterCard®

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