Review: Orchard Bank’s Secured MasterCard
If you’ve got bad credit and can’t get approved for any credit card application you file, it might be time to hold off from applying to regular credit cards at the moment. Most likely, you’ll need to bring your credit rating back up before qualifying for some of those credit cards with awesome deals.
While most of the cards available to people in your boat will be incredibly high-interest with a generous serving of fees, there’s at least one that will treat you a little better than the rest. Sure, it’s a sub-prime card, but not a terrible one.
The Orchard Bank Classic Secured MasterCard is a great credit card for people who don’t have a good credit score. Keep in mind that HSBC owns and operates Orchard Bank so this sub-prime card, unlike many offerings in its class, has the backing of a large and reputable institution behind it. Unlike other “bad credit” options, Orchard Bank can actually give you one of four different cards - the less unsavory your credit looks like, the better deal you will get.
If your credit rating is really terrible, non-existent or you’ve just recently filed bankruptcy, the secured MasterCard will be the best you can get. Don’t think you’re settling for the short string though. This is one of the best secured credit cards you can find on offer today.
Annual fee is very reasonable ranging from $0 to $48 depending on their assessment of your credit risk. There’s also no application fee, a common feature on most sub-prime cards. You can get a credit limit equal to whatever amount you deposit - anywhere from $200 to $15,000. APR is a reasonable 8.9 % to 14.9 %, pretty good considering the circumstances. Even better, the Orchard Bank Classic MasterCard is a great card to have once you’re starting to build your credit back up.
