Mr Credit CardReview : Orchard Bank Gold Mastercard
The Orchard Bank Gold Mastercard was last reviewed on 20th September 2006
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Summary - We recommend the Orchard Bank Gold Mastercard to those who have no credit or to those who have poor credit. Orchard Bank is now part of HSBC Bank, one of the largest and most reputable bank. Find out more.....
Orchard Bank Gold Mastercard - The Orchard Bank Gold Mastercard is a card for those with poor credit. When you apply for this card, you pay an application fee of $19.00. The annual fee is $79.00, which is reasonable for a credit card that is targeted at those with poor credit. The apr varies depending on your credit. Orchard Bank reports to the three major credit agecies as well. This is a good credit card to start off building or rebuilding your credit.
Other Orchard Bank Mastercard - One thing you have to bear in mind when you apply for the Orchard Bank Gold Mastercard is that is you are not approved for this card, you may be approved for the Silver or the secured card. If you have a better credit than you think, you may even be approved of the Orchard Bank Platinum Mastercard. Hence, I will list down the fees of the various cards below.
The Orchard Bank Platinum Mastercard has a lower annual fee which ranges from $39.00 to $69.00 depending on the applicant's credit history. There is no application fee for the Platinum card. If you get approved for the Orchard Bank Silver Mastercard, the annual fee is $49.00 and the one-time application fee is $49.00 as well.
If you are not approved for an unsecured card, you are very likely to be approved for a secured credit card. The secured credit card has an annual fee of $35.00. You will need to deposit anywhere from $200 to $15,000 with Orchard Bank. Your credit limit will be your deposit. Paying your bills on time over time will improve your credit and you will receive more unsecured credit card offers.
Verdict - Many people with poor credit have been turned down for a credit card even from companies that claim to cater to sub-prime borrowers. Orchard Bank credit cards, on the otherhand, truly cater to those with poor credit. When you apply for a card, Orchard Bank will review your credit history and decide on an appropriate card for you. Hence, though you may apply for the Orchard Bank Gold Mastercard, you may get this or either one of their other unsecured or secured credit card. Because Orchard Bank credit cards are catered to those with bad credit, and there is a variety of cards that will suit different people, you are very likely to get approved. Futhermore, Orchard Bank is owned by HSBC Bank, one of the largest and most reputable bank in the world. It is for these reasons that we recommend this card.
Positives
- Reasonable fees
- Reports to 3 major credit bureaus
| Orchard Bank Gold Mastercard | |
| Credit Limits | 100% of bank deposit, $200-$15,000 - for secured card |
| Credit Agency Reporting | Reports to 3 agencies |
| Card Benefits | |
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Free Online Bill Pay 24 hour online access to account |
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| Cost/Fees/Interest rates | |
| Annual Fees | $79.00 |
| Application Fees | $19.00 |
| Purchase APR | Prime Rate plus 14.65% (min 19.65%) |
| 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 Gold Mastercard