How The Orchard Bank Credit Card Works

The Orchard Bank MasterCard is a range of cards issued by the HSBC that are primarily targeted at those who need to rebuild their credit, due to having a low score, or younger people who would like to start building a healthy record from scratch.

There are five cards that you may be offered when applying. These are the Secured MasterCard, the Classic MasterCard, the Gold MasterCard, the Platinum MasterCard and the Prime MasterCard. The actual card you are eligible for will depend on your previous history.

The Orchard Bank Secured MasterCard comes with a low 7.9% variable purchase APR. As it is a secured card, you are required to deposit a minimum amount when you make your application. In the case of this card the minimum amount is $200, which then becomes your limit. The secured card has an annual fee of $35, but this is waived during the first year.

The next step up is the Classic. This has an annual fee of $49, a one-off processing fee of the same amount, and an APR of 14.9%. The main difference here is that this is an unsecured card, meaning you do not have to make an initial deposit, and are provided with a limit of between $200 and $15,000.

The Gold card is similar to the Classic, but the annual fee is higher ($69-79), the account set-up fee is lower ($19-29) and the APR can vary between 8.9% and 18.9%. The Platinum card also works along similar lines, but the maximum APR here is 14.9%, and there is no account set-up fee.

If you have better credit than you thought, you may be offered a Prime card. This has no annual or one-time fees, a 0% APR introductory rate for balance transfers, and a fixed APR of 15.99%

All of these cards are accepted at the millions of locations worldwide that carry the MasterCard logo, including high street shops and online stores. The card offers 100% Fraud Liability Protection for additional reassurance when making purchases over the Internet.

In fact it is ideal for those who use their computer on a regular basis, as cardholders are also entitled to 24 hour online account access, meaning you can manage your account at your own convenience. Those with e-mail access can even receive messages to inform them of upcoming payment deadlines and other information.

The Orchard Bank MasterCard provides a series of other benefits, not least the opportunity for a cardholder to improve their report. It provides monthly reporting to all three national bureaus, meaning you can create a strong history if you manage your finances well. On top of this there are periodic reviews of limits, with increases considered.

Those who are interested in applying will be happy to learn that it comes with a guaranteed acceptance policy. This means that as long as you satisfy identification and social security requirements you will be accepted for one of the cards.

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