Review of the Orchard Bank Mastercard



The Orchard Bank Mastercard was last reviewed on 12th July 2006



orchard bank mastercard
Summary - We recommend the Orchard Bank 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. Depending on your credit, you will approved for any one of the following cards - HSBC Mastercard, Orchard Bank Platinum or Gold Mastercard or the Orchard Bank Secured Mastercard. Find out more.....

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 Mastercard - 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 mastercard. It has a very reasonable annual fee of $35.00 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. Orchard Bank reports to the three major credit agecies as well. This is a good credit card to start off building or rebuilding your credit.

Orchard Bank Gold Mastercard - unsecured - If you qualify for an unsecured credit card, you may be approved for the gold mastercard. This card comes with an annual fee of $79.00 and a one-time application fee of $19.00 (both very reasonable). The apr is 15.15%.

Orchard Bank Platinum Mastercard - You may also be approved for the Orchard Bank Platinum Mastercard. The annual fee for this version will range between $39 to $69 depending on your credit profile. There is no one-time application fee. The apr is 15.15%.

HSBC Platinum Mastercard - If your credit is better than you think, you will be approved for the HSBC Mastercard, which has no annual fee. The apr will range from 11.24% to 19.24%. You also get a 0% introductory apr for 12 months with this card.

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 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 HSBC Platinum Mastercard 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 Mastercard
Credit Limits 100% of bank deposit, $200-$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 $35.00 - for secured card
$39.00 to $79.00 for unsecured card
Application Fees $0 for HSBC Platinum Mastercard and Orchard Bank Platinum Mastercard
$19.00 for Orchard Bank Gold Mastercard
Purchase APR 15.15% for Orchard Bank Cards
11.24% to 19.24% for HSBC Platinum Mastercard
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 HSBC Platinum Mastercard
Over-the-credit-limit fee $29.00
Late Payment fee $29.00


Apply for the Orchard Bank Credit Card

If you already have the Orchard Bank Mastercard, we would appreciate if you can spend some time commenting on this card as this will help our readers in making better informed credit card decisions and choices. You can post your review here.





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