The Orchard Bank Mastercard was last reviewed on 28th July 2008
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Summary - We highly recommend the Orchard Bank Classic MasterCards 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.
5 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 $35 (which is waived the first year) 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 is a jaw dropping low rate of 7.90%. 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 Classic Master Card - One notch above the secured cad is the Classic MasterCard. With this card, the annual fee is $49 and you also have to pay a one time processing fee of $49. The APR is very reasonable at 14.90%
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 $69 to $79 and a one-time application fee of $19.00 to $29 (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 $39 to $59 depending on your credit profile. There is no one-time application fee. The
APR ranges from 9.90% to 14.90%.
Orchard Bank Platinum Master Card with Balance Transfer Offer - 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
|
$39-$59 |
9.90%-14.90% |
$0 |
| Orchard Bank Gold Mastercard |
Gold MasterCard Benefits
Free online account management tools
Zero Liability Fraud Protection
|
$69-$79 |
8.90%-18.90% |
$19-$29 |
| Orchard Bank Classic Mastercard |
n.a.
|
$49 |
14.90% |
$49 |
| 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
|
$35- first year free |
7.90% |
$200 minimum deposit |
Verdict - If you have no credit, bad credit or have just been discharged from bankruptcy, the Orchard Bank Classic MasterCards 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 MasterCards 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 6 month 0% balance transfer offer.
Update - HSBC, after receiving bailout money from the UK government has decided to pull out from the US sub prime market. Due to this development, we suggest you consider these other cards. If you are looking for a regular credit card and you have bad credit, the First PREMIER® Bank Platinum Card
would be a card to consider.
For a more cost effective method to rebuid or build your credit, we suggest a secured credit card like the Public Savings Bank Secured Card, which requires no income, employment or credit checks. It has no annual fee (though you have a pay a $79 application fee) and you get 0% APR for purchases for 6 months. You can also deposit up to $100,000. This is actually a better card than Orchard Banks' own secured card.
Positives
Reasonable feesReports to 3 major credit bureausHighly unlikely to be turned down
| Credit Limits |
100% of bank deposit, $100-$15,000 - for secured card |
| Credit Agency Reporting |
Reports to 3 agencies |
Free Online Bill Pay
24 hour online access to account |
| 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 |
|
