Household Bank Credit Card Review
by Mr Credit Card
Summary – The Household Bank Platinum MasterCards is one of the better credit cards for those who have fair credit or even poor credit. Household Bank is actually owned by HSBC Bank, one of the largest bank in the world and Household Bank is one of the biggest players in the sub-prime space. Let us look at this card in further detail.
How it works – Unlike most other credit card offers, Household Bank actually has 5 card offerings. You will be offered one of the four cards based on your credit worthiness. Below are details of the five cards taken from their website.
Card Details – If you have no credit history or if your credit is poor, chances are that you will be offered a secured credit card. It has a very low APR at 7.90%, a $35 annual fee (which is waived for the first year). You have to deposit a minimum of $200 to get going for the secured credit card.
If your credit is better, you may get a Platinum card with different fee structures. At the higher end, you may get a card with no annual fee and a 0% balance transfer offer.
Verdict – If you have no credit or poor credit, then I think the Household Bank Platinum MasterCards is perhaps one of the best credit card to get. Most issuers who target at this segment charge outrageous fees and have ridiculously high APR. As an example, the tribute credit card from Compucredit has annual fees and monthly maintenance fees that exceed $200! And an APR of 25%!
The Household Credit Card has reasonable fees and APR because they offer a variety of cards with different fees and APR (including a secured credit card), you are highly unlikely to be turned down for this card. This card gets my thumbs up.
| Household Bank MasterCard | |
| 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 $79 |
| Application Fees | $0 to $49 depending on the card |
| Purchase APR | 7.90% to 15.90% |
| 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 Household Bank Platinum MasterCards
February 24th, 2010 at 03:48
What a joke. This outfit wants to hit you with a $79.95 application fee? A $29.00 fee if you so much as one day late with your payment and another $29.00 if you go over your limit.
Household Bank Master Card is a piss poor excuse for a credit card.
Get an American Express. No app fee. Use it for a year with 0% interest then gett a Discover card, transfer the balance on your AMX for another year of zero interest.
Don’t fall victim to these sharks! If you do, You’ll end up in financial hell!
P.S. I’ve posted this message on a minimum of 15 websites and will continue to do so, until the card issuer (Household Bank MC ) cleans up thier act.
February 24th, 2010 at 03:53
Thank you No Fool!
You kept me from making a big mistake. I was surfing the web looking for Credit Card offers and found the comment you left just minutes ago. I’ll take your directions and put them in action. I don’t need some Credit Card eating up my hrd earned money!
Blessings to you.
Grateful One
March 12th, 2010 at 09:39
The worst experience I’ve ever had with a professional company, period. They charge you a “annual fee” which is about $60. The day I got my card in the mail I threw it away without activating it, but I had to pay the fee anyway. Then, after I had paid it they tried contacting me at work. Who does such a thing? I didn’t owe them anything! Worst credit card company ever. Do not waste your time with them.