The Orchard Bank MasterCard is issued through HSBC Bank. It is designed for those with a damaged credit report.
Orchard Bank MasterCard
www.OrchardBank.com
It offers guaranteed approval and will report to all three major credit bureaus. Just by paying your monthly bill on time you will be able to create a trail of positive payments on your credit report.
This is one of the most important pieces of information when your score is calculated. This is a secured card.
What Does Secured Mean?
With a secured card it means you have made a deposit to secure your account in case of default.
This is how it works;
1. You apply for your card.
2. You make a deposit - min $200, max $15,000
3. Then you are issued a credit card with a limit equal to the amount of your deposit.
For example lets say you deposit $500 then your credit card will have a limit of $500. You are still responsible for making your monthly payments.
Your deposit will earn interest and is fully refundable as long as you close your account on good terms.
The deposit simply secures the bank that they will get their money even if you stop paying.
Benefits:
Reporting to all 3 Major Credit Bureaus
Credit Limit ($200-$15,000)
Periodic Credit Limit Increases
Choice of Payment Due Dates
Orchard Bank Credit Card - Suggestion
Yes, we do suggest the Orchard Bank Credit Card. However they have withdrawn their offer and it is no longer available.
We assume this is due to the sub prime lending collapse. Fortunately there are some good alternatives.
We suggest the prepaid Account Now Visa. It will report to the major credit bureaus giving you a way to build credit.
It also comes with; Free direct deposit, Free credit builder, Free bill pay, Free activation & Even Let's You Borrow Money.
