One of the most stressful things that one has to put up with is the poor credit. But do not let it scare you. Remember there are ways and tools that will help you repair your credit. The Orchard Bank MasterCard is one such tool.
What do you get in general
There is no generic explanation for selecting credit cards to prop up your FICO score. But there are some general expectations from this group. Though correct or not, lenders consider lower FICO scores as riskier. This means heavy interest rates and lower credit limits. This will be much more obvious in the first year. You start out with the credit limits from $250 - $1000. In all probability, it will close to middle or the lower end. The other important feature of this section is an annual fee and process fee. These fees help banks to reduce the risk of default.
What you get from Orchard
Orchard Bank is a subsidiary of HSBC and has earned a name for itself as a provider of salvation card for people looking forward to repair their credit. Its credit card products share some unique features. First they assure an offer only once the application process is over. Though it does not mean an unsecured card, their approval process is quite relaxed to give a chance to all to begin their credit repair process. They have range of cards with various types of commitment and credit requirements. These are their main products:
The Orchard Bank Platinum MasterCard: The term “Platinum” states this is the premium product from Orchard. The Platinum MasterCard has all the useful features required for people who want to repair their bad credit. It has slightly higher credit limit and lower interest rate with some attractive features like hotel reservation and car rental service. It charges a $39-$59 annual fee as per the credit history of the applicant. It has comparatively stricter credit history requirements from all the cards.
The Orchard Bank Gold MasterCard - The Orchard Bank Gold MasterCard is very similar to Platinum one. It has a maximum initial credit limit of $1000, with same features, but slightly increased annual fee of $79 and a $19 process fee. The credit history requirements for this card are intermediate.
The Orchard Bank Silver MasterCard - The Orchard Bank Silver MasterCard has the same features as the other two cards, but has an annual fee of $49 along with $49 process fee. The approval rate for this card is higher but has higher interest rates and lower limits.
The Orchard Bank Secured MasterCard – The Secured card is the foundation of repairing bad credit. If you meet with difficulties in getting approved for other cards, this card will surely bail you out. These cards ask you to give a security deposit before using. Usually this deposit is 100%-200% of the expected credit limit after approval. The Orchard Bank Secured cards resemble and work like a normal credit card, and over a period will help you get unsecured cards with higher limits.
If you are diligent in your payments, then these cards are surefire methods of repairing your credit. They send your payment history to the three major credit bureaus every month. This will give you a chance to prove that you can manage credit card debt.