Orchard Bank Secured Mastercard

Editor's Review: The Orchard Bank MasterCard® Secured card is one of many credit cards for bad credit offered by HSBC Bank Nevada, N.A. As a bad credit card, it is specifically geared toward applicants that suffer from a poor credit history or one that is very limited.

Like most credit cards for bad credit, the Orchard Bank MasterCard® Secured card does have an annual fee. The fee is, however, much lower than many credit cards for bad credit as it is only $35. The Orchard Bank MasterCard Secured card does require a minimum deposit of anywhere from $100 to $200 in order to use the card. The exact amount of the deposit required will vary according to the applicant’s credit history. After making the deposit, cardholders can then receive a line of credit that is beyond this initial deposit.

The Orchard Bank MasterCard® Secured card does offer a special introductory APR to cardholders of just 0% on all purchases made for the first six months of card membership. After this period is over, the variable APR is pretty reasonable when compared to other credit cards for bad credit.

Most credit cards for bad credit do not have very many benefits and the Orchard Bank MasterCard® Secured card is no exception. This card does, however, offer a few benefits that are pretty standard among credit cards. For example, cardholders do have the protection of emergency card and emergency cash replacements. They also receive lost and stolen card reporting as well as a number of other fraud protection services. In addition, cardholders can select the day on which they wish to pay the card each month and the can enjoy the convenience of a variety of Internet account services as well.

Although the Orchard Bank MasterCard® Secured card is the same as most credit cards for bad credit in that it requires a deposit to be made in order to activate the account, it is different because the deposit actually earns interest for the cardholder. In addition, it reports to all three of the major credit bureaus, ensuring that it is going a long way toward rebuilding the cardholder’s credit history.

The Orchard Bank MasterCard® Secured card does not have any predetermined minimum or maximum credit limit amounts established for new applicants. Therefore, the amount of the credit limit extended to the applicant is based entirely on his or her credit history. Once this limit is established, however, applicants will be charged a $29 fee if they go over the limit. Applicants can also expect to pay a $29 fee if they are late making a payment on balances of up to $1,000 and will pay a $35 fee when paying late on balances of over $1,000.

It should be noted that balance transfers cannot be made onto this card. Cash advances, however, will be charged a fee that is equivalent to 5% of the advance and is subject to a $5 minimum.