Orchard Bank Secured Mastercard Review - Key To Rebuilding Your Credit
Orchard Bank Secured MasterCard® Review
Summary - The Orchard Bank® Classic MasterCards will either approve you of a secured credit card or an unsecured credit card depending on their evaluation of your credit situation. If your credit is really bad, or if you have just been discharged from bankruptcy or if you have no credit history, then chances are that you will be approved for secured credit card. In this review, we will be looking at the secured credit card in more detail.
Fees - The Orchard Bank secured credit card has an annual fee of $35 (which is very reasonable). Best of all, the APR is 7.9%. While we at askmrcreditcard.com always paying your bills in full, this rate is very attractive if you know you might occasionally carry a balance. The minimum initial deposit is $200, which is the norm for most secured credit cards.
Reports to the three major credit bureaus - The Orchard Bank Secured MasterCard reports your payments to the three major credit bureaus, Experian, TransUnion and Equifax. By paying your bills on time, you will gradually rebuild your credit and get an offer for one of Orchard Banks unsecured credit cards.
Orchard Bank Secured Credit Card Peer Comparison
There are lots of banks that issue secured credit cards with varying fees and interest rates. We will now compare Orchard with some of it's competitors.
Orchard Secured vs First Progress Secured - Perhaps the closest competitor to Orchard is the First Progress Secured Card from Synovus Bank. The First Progress has a $39 annual fee and a 14.99% APR, which is slightly higher than Orchard. So in this shoot out, Orchard wins, though only slightly.
Orchard vs First Premier - First Premier has another one of the bigger secured card issuer. They have a $50 annual fee and a 19.99% APR. The Orchard Secured Card clearly beats out the First Premier both in terms of annual fee and APR.
Orchard vs Applied Bank Gold Secured Card - Applied Bank has two secured cards, one of them is the gold secured card version. It has a rate that is very competitive with Orchard at 9.99%, but an annual fee at $50. Furthermore, the card has no grace period which means their cardholder will be paying interest even if they pay their bills in full.
Orchard vs Citi Secured MasterCard - Citibank is one of the few mainstream issuers that has a secured credit card. Their card comes with a $29 annual fee (slightly lower than Orchard). But their APR is higher at 18.24%* (which is a variable rate and subject to change). To get a Citi secured credit card, you actually need to be a customer of Citibank. So if there is no Citibank branch close to you, it will not make sense to get this card. You will also be denied a Citi secured card if you have previously filed for bankruptcy.
Orchard vs Wells Fargo Secured Visa - Wells Fargo also has a secured credit card. Like Citi, you need to be a Wells Fargo customer to apply for this card. It has a really low annual fee of $18. But the APR is high at 18.99%. Hence, Orchard has a more appealing APR and the Wells Fargo and a more appealing annual fee. As with most other mainstream secured cards, there is a great chance you will be declined if you have bad credit or still have a bankruptcy in your credit report.
Is the Orchard Bank Card For Me?
Verdict - There are some banks and credit card issuers that offer secured credit cards. For many mainstream banks, you have to have (or open) an existing banking account and relationship with them to get the card (like Citi and Wells Fargo). These cards are ideal if you have a checking or savings account and if you are new to the country and have no credit history. However, for those who have bad credit, or have emerged from bankruptcy, these mainstream issuers are unlikely to approve you even though it is a "secured" credit card. For folks like these, the Orchard Bank® Classic MasterCards is probably the best card to get. It also has the honor of having perhaps the lowest APR among most secured card issuers. It also offers a path to an unsecured credit card.