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Orchard Bank Secured Credit Card Review | Financial Planning Tips

Orchard Bank Secured Credit Card Review

Build or Rebuild your Credit with an Orchard Bank Secured Credit Card

If you are looking to get your first credit card or trying to rebuild your credit history after having experienced a serious credit setback or having recently been discharged from a bankruptcy, an Orchard Bank Secured Credit Card might just be what you are looking for. But you must remember that this may or may not be the easiest credit card to get.

 

This card offers a low fee structure with a variable purchase APR. There is neither an application fee nor account processing fee common to many other secured credit cards. The annual fee is variable between $0 and $60- oftentimes the first year fee will be waived.

Even though a security deposit is required to get the card, the minimum is only set to $200, on which you will earn interest. This security deposit will be the direct determination of your credit limit. If you deposit $200, you will have a credit limit of $200. If you want your credit limit to be raised, your security deposit must be raised also.

With an Orchard Bank Secured Credit Card, you can make online reservations or buy products or services online. To ensure you always pay your bills on time, when you enroll online, you can set up email or text message alerts of your available balance and upcoming payment due date.

 

This card is accepted at millions of locations worldwide. Similar to other secured and unsecured credit cards, there will be a 3% Foreign Transaction Fee applied on the U.S. dollar amount on transactions made in a foreign currency.

Orchard Bank monthly reports will be automatically sent to three major credit bureaus. Assuming that you make your payment on time, these reports should help you improve your credit score. However, one must keep in mind that if you do not pay your bills on time, not only your credit score will look bad, but your APR may increase to the Penalty APR if you fail to make a minimum payment when due.

With this card, you do not have to pay or be held liable for unauthorized charges. Orchard Bank offers 100% Fraud Liability Protection to its cardholders. You are also able to set your personal customized spending alerts, so that you will be notified every time you make a purchase.

Considering all of the above, this is a great card to get to establish your credit or fix your bad credit. Orchard Bank, the issuer of the credit card, is a part of a well-known and reputable bank.  Having a good credit history with one of the largest banks will improve your credit score over time.

An Orchard Bank Secured Credit Card is easy to get. It is unlikely to be turned down for your application. Orchard Bank offers a quick and easy approval process and competitive Annual Percentage Rate. Simply head to Orchard bank web site and fill out an online pre-qualification form. You will receive a credit card recommendation online in a matter of minutes. All you have to do is to accept the terms and conditions and apply.

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Click here for a list of ALL recommended Secured Credit Cards

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