Why Choose Orchard Bank MasterCard?
One of the simple facts of life is that bad credit happens to good people. Due to the current state of the economy it's hard to know when unforeseen circumstances are going to negatively affect your finances and credit ratings. Many of us know from past experiences how
important it is to have a good credit score when applying for a loan, a credit card, an apartment lease and even to get a job.
If you have no credit or bad credit and you have applied unsuccessfully for credit cards before, then you must exactly know how it feels to receive that dreadful rejection letter in the mail that goes something like this: "Unfortunately, we were unable to approve your credit card application for the XYZ Credit Card because of these factors..." It is humiliating and frustrating but fortunately for you, there is a financial solution to help you rebuild bad credit and get your credit score back on track while making minimal changes to your financial life. That bad credit solution is the Orchard Bank MasterCard from HSBC!
Orchard Bank MasterCard is geared towards helping consumers with no credit establish a good credit history and helping people with bad credit rebuild their financial standing. HSBC reports the credit card payments to all of the three major credit bureaus ( Experian, Equifax and TransUnion) on a monthly basis. This regular monthly reporting helps their consumers fix bad credit and ensures the Orchard Bank MasterCard customers that their good credit behavior is being reported to the three major credit reporting agencies. Often times, unfortunately a positive credit account is not reported, which means that your poor credit score isn't getting the help needs. Orchard Bank MasterCard can be an Unsecured Credit Card or a Secured Card. The main differences among these two different types of Orchard Bank Cards are the terms, the interest rate and the annual fees.
What Orchard Bank MasterCards Are Available?
Orchard Bank Secured MasterCard
This Credit Card will require you to make a minimum deposit of $200 in order to open an account and the card will have a spending limit that is equal to the amount of your initial deposit. This Secured Credit Card looks and works just like any other Unsecured Card and it will still require you to make your payments on time every month. If you miss your payment, penalty interest charged is at 29.49% APR. There is no account processing fee and no annual fee the first year ($35 annual fee thereafter). You will enjoy a 7.90% variable purchase and balance transfer APR, that is pretty low compared to the other credit cards for bad credit on the market. Cash advance fee is 5% of the transaction amount ($5 minimum charge) and balance transfer fee is 5% of the balance transferred ($5 minimum charge).
Orchard Bank Unsecured MasterCard
If your credit report has only a few blemishes you can be approved for an unsecured Orchard credit card. However, if you still choose to be issued the secured card instead you can also do that without a problem. The Orchard Bank unsecured cards have an APR between 14.90% and 19.90%. A balance transfer fee of 5% ($5 minimum) will apply to balance transfers and credit card checks and a cash advance fee of 5% ($5 minimum) will apply to cash advances. A one-time account processing fee of $0 to $39 will apply, based on your creditworthiness. The annual fees range from $19 to $59 depending on the type of the card that you apply for. However, The Unsecured Orchard Bank MasterCard interest rate, annual fees, terms and other charges are very reasonable and quite a bit lower compared to other bad credit credit cards on the market.
Orchard Bank Classic MasterCards have been used by many people over the years to build credit or rebuild credit history. They come with all of the MasterCard benefits and you can use them to build a new credit file or rebuild bad credit after a foreclosure or bankruptcy. The available Orchard Bank Classic Cards are: Orchard Bank MasterCard, Orchard Bank Gold MasterCard and Orchard Bank Platinum MasterCard. The fee structure is the same as the Orchard Bank Unsecured MasterCard that we discussed above.
Orchard Bank Online ecosmart MasterCards are a great choice for the people that are environmentally conscious. Bio degradable materials are used to make the cards and the account holders have the choice to enroll their accounts online to receive the monthly statements electronically instead of by mail. Account holders are notified by email of their payment due dates and account activity. 2 points are earned for every dollar spent on purchases with the credit card and the points can be redeemed for ecofriendly gift cards, customer rewards or cash back. The available Orchard Bank ecosmart MasterCards are: Orchard Bank Online ecosmart Gold MasterCard and Orchard Bank Online ecosmart Platinum MasterCard. The interest rates, processing fees, annual fees, penalties, etc. are the same as the Orchard Bank Unsecured MasterCard discussed above.
To find out more about the Orchard Bank MasterCard you can visit their website at www.orchardbank.com or you can reach them on the phone by calling their toll free number at 1.866.904.2147 (when asked to enter your account number press "0" for customer service representative).