Orchard Bank Secured MasterCard Review
If 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. |
[...] Annual fee:$29. Compared to other secured credit cards like the Orchard Bank Secured MasterCard which requires $35, the annual fee for this card is reasonable. Balance transfer fee: 3% of [...]
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