Orchard Bank Secured Credit Card Features
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If you have bad credit, one of the best options you should consider is an Orchard Bank secured credit card. This type of card would require you to make a deposit, which then becomes your credit line. Although many financial institutions offer a secured credit card, Orchard has been considered one of the best. In this article, we wanted to provide some details on the Orchard Bank secured credit card so you can see for yourself.[br]
If you have bad credit, one of the best options you should consider is an Orchard Bank secured credit card. This type of card would require you to make a deposit, which then becomes your credit line. Although many financial institutions offer a secured credit card, Orchard has been considered one of the best. In this article, we wanted to provide some details on the Orchard Bank secured credit card so you can see for yourself.[br]
The Orchard Bank secured credit card is actually offered through HSBC Bank Nevada. The type of card offered is a MasterCard, which is well respected. The primary benefit of using this or any secured credit card is that for each charge paid in full or on time, your credit would improve. For this reason, many people with bad credit will take out a secured card not that they need it to make charges but as a tool for rebuilding credit.
The variable APR (Annual Percentage Rate) associated with an Orchard Bank secured credit card averages out at 15.90%. However, when it comes to taking out cash advances, the interest would increase to 23.40%. While there is an annual fee for this card, when compared to other types of secured credit cards, the $35 is minimal. The card also requires finance charges, which are automatically applied when a purchase is not made in the first 25 days, which is the normal billing cycle.
The Orchard Bank secured credit card also comes with other charges, which you should research. The more you understand each charge the easier it would be for you to avoid situations when the charges would be applied such as a $29 fee for late payments or spending over the available limit. One of the greatest benefits to taking out an Orchard Bank secured credit card is that you could deposit up to $15,000, which is much higher than allowed by other banks. Then for the minimum deposit, you would need to load the card with at least $200.[br]
If you think you might be interested in securing an Orchard Bank secured credit card, it is important to know that minimum caps for APR exist. This means that for APRs specific to new purchases, as well as taking out cash advances could only be charged interest to a certain level. In this case, even if the Prime Rate were to drop, the APR for the Orchard Bank secured credit card could never dip below the minimum rate.
Just as the Orchard Bank secured credit card charges interest and fees, there are several advantages to using this type of card. Remember, most secured card offer few bonuses but Orchard Bank is different. For one thing, you could go online to check your account activity, the bank provides fraud protection services, you would also have emergency card replacement, and to apply, there is no application fee involved.
If your goal is to build up bad credit so you can once again have buying power, the Orchard Bank secured credit card would be an ideal way to achieve that goal. However, it is imperative that any charges made be paid off, preferably in full, immediately when due. Otherwise, the process of trying to secure this particular card would have been for nothing.
