Category Archives: Orchard Bank



Orchard Bank Secured MasterCard Review

September 30, 2011   KID

Orchard Bank Secured MasterCardIf  your credit is terrible or no ,the Orchard Bank Secured MasterCard is the one of the best secured credit cards you can get.Not only the low internet rate noly 7.9%, but also unlimited credit line.it’s equal to whatever amount you deposit .

Like other secured credit cards, The Orchard Bank Secured MasterCard has brought good news to people who can not get themselves an unsecured credit card due to poor credit history and have to work for good credits.

Pros

Low interest rate. A 7.9% APR for all purchases and balance transfers. Since almost all secured credit cards charge a certain amount for purchases and other things done with the card, the rate this card offers is comparatively low.

No processing fee. It doesn’t take you anything to apply for this card and enjoy its benefits.

No annual fee for the first year, then $35 is required for each year. The $35 annual fee is very reasonable considering the fact that other Orchard cards charge you from $35 to $74(a bottom line) per year while the major previlege they offer is pretty much the same.

Cons

High penalty fee. You will lose 29.49% worth of your bill if you fail to pay for it before due date and at full amount.

A minimum of $200 of security deposit is required, which is the norm for almost all secured credit cards. Your credit line is equal to the money you put in. It seems discouraging since it is like opening a bank account and shopping with the money you put in beforehand. But remember your purpose is to build up your credit so that you can enjoy more benefits in the future. It is crucial that you make payments on time for you may lose all youe security deposit plus a minus in your credit.

5% of balance transfer fee. This card is ideal for people who are new to the country and thus have no credit history, and it is easier for them to advance to an unsecured card. But if you have a bad credit and decide to apply for this card, bear in mind that you make your payment on time. It is unadvisable to increase your credit line for the APR increases as well and it is going to cost you a fortune.

Deposit APR Credit Line Annual Fee Pros
Minimum of $200 7.9% (V) Depend on your deposit First year waived.After $35 Low interest rate.
No processing fee.
Reports three major credit bureaus.

Orchard Bank Classic Card Credit Review

September 26, 2011   KID

The Orchard Bank Classic Cards are a series of secured credit cards issued by the renowned international bank HSBC for people who don’t have a sound credit score and wish to re-establish their credit to enjoy the benefits of an unsecured card. this is an excellent credit card for help rebuilding credit scores and reports to 3 major credit bureaus monthly!

There are altogether 4 cards under the Orchard Bank Classic series: Platinum, Gold, Standard or Secured. All are good options for people with poor or zero credit.

Annual fee
The annual fee for the first year is between $0 and $75 depending on which card you apply for. After the first year, you will have to pay an annual fee floating from $35 to $79 in accordance to your credit worthiness. The annual fee for these cards is relatively low compared to other secured credit cards, which generally charge more than $100.

Processing fee
In order to apply for these cards and enjoy the benefits, you have to pay a processing fee, which is between $0 and $39 depending on which card you apply for.

Automatic reporting to 3 major bureaus
The cards automaticlly report to 3 of the U.S major credit bureaus on a regular basis. If you present trustable credit behaviors, you may hope that your credit image in the 3 major credit bureaus will improve and you will have access to an unsecured credit card that comes with considerable benefits like a low interest rate and cash back rewards.

Free payment due date alert.
If you make online enrollment, you will receive warnings of your impending due payment day by e-mail or text message so that you won’t forget to pay for your bills on time, which is cuicial in the restoration of your credit.

Individualized spending alert
You can set up your own spending limit to remind you that you are close to the limit so that you can make control of your consumption. This is another useful function of these secured cards.

Perfect liability protection
Once you sign up for the card, you are under the protection against any fraud and unauthorised protection made on this card.

If you have rather poor credit or have just gone through bankcruptcy, you probably won’t be able to get the approval of mainstream card issuers. The Orchard Bank Classic Master Cards come in good replacement with opputunities for improved credit and an unsecured card.