Review of the Orchard Bank Secured Mastercard

The Orchard Bank Secured Mastercard was last reviewed on 13th March 2006

orchard bank secured mastercard
Summary - The Orchard Bank Secured Mastercard (issued by HSBC Bank) is a credit card specifically for those with poor credit or no credit history. Like all secured credit card, you are required to put a deposit with Orchard Bank which acts as a collateral for your credit limits. You need a minumum of $200 deposit and can increase your deposits over time in increments of $100 up to $15,000. Your credit limits is 100% of your deposit. You will also earn interest on your deposit.

Fees - Unlike other credit cards that are taylored those with poor credit, the Orchard Bank Secured Mastercard has no application fee. The annual fee of $35 is very reasonable for credit cards in this category. The apr will vary depending on your credit. The average daily balance method (including new purchases) is used to calculate monthly balances. The grace period is 25 days, slightly longer than the usual 20 days given by most 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.

Verdict - We highly recommend the Orchard Bank Secured Mastercard® to those who have no credit, or are looking to rebuild their credit, or those who have just been discharged from bankruptcy. Orchard Bank (now owned by HSBC Bank - one of the largest and most reputable bank in the world) specializes in credit cards for those with poor or no credit. As long as you have a valid US address and social security number, you should be approved for a secured credit card.

  • Reasonable annual fee
  • Reports to three major credit bureaus
  • Issued by HSBC Bank, one of the largest and most reputable bank in the world

Orchard Bank Secured Mastercard
Credit Limits 100% of bank deposit, $200-$15,000
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
Purchase APR Depends on credit
Cash Advance APR Prime Rate plus 14.65% (min 19.65%)
Penalty/Default Rate APR Prime Rate plus 18.65% (min 23.65%)
Min Finance Charge nr
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Convenience Checks fee $10.00 for checks less than $250. No fees for checks more than $250.00
Cash Advance fee 3% min $4.00
Over-the-credit-limit fee $29.00
Late Payment fee $29.00

Apply for the Orchard Bank Secured Mastercard
If you already have the Orchard Bank Secured Mastercard, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.

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