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Orchard Bank Secured Mastercard
The Orchard Bank Secured MasterCard® is
a secured credit card brought to you by HSBC Bank Nevada, N.A. and CreditCardAssist.com is for those who are looking to re-establish their credit. |
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Orchard Bank MasterCard® Secured |
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- Initial Credit Limit Up To $1,000
- Low Annual Fees
- Competitive APRs
- Periodic Credit Limit Increase Review
- Complimentary Online Services for Account Management and Payment
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Intro APR
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Intro APR Period
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Regular APR
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Annual Fee
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Balance Transfers
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Credit Needed |
0%*
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6 Months*
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APR Varies*
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$35, First Year Free*
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N/A*
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Bad Credit OK*
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Editor's Review:
The Orchard Bank MasterCard Secured is meant for people with either poor credit or a very limited credit history. It’s distributed by HSBC Bank Nevada and could be a good first credit card or a good card to help redeem your credit history.
Since the Orchard Bank MasterCard Secured is, in fact, a secured credit card, it requires that you make a deposit in advance to use the card. In fact, you are not given a line of credit. Rather, you place money on the card in advance in the form of a deposit and use it like you would a regular credit card, but you cannot spend more than you physically have deposited as security on the card. You can reload the card at anytime. Its primary purpose is to get one used to using a credit card for the first time or to get into the routine of spending responsibly.
After being approved for the card, you gain access to a truly unique secured card. While its primary purpose is to help you establish a good line of credit, you''ll earn interest on your deposited amount. Incidentally, since the card reports to the three major credit bureaus, you will slowly build a good credit score, assuming that your payment history on the card is clean.
Additional benefits are rare on these type of cards but there are a few associated with this particular card including emergency card replacement, fraud protection, online access to your account, a choice of your payment due date, and other protective services.
There is an average APR on the card and a 0% introductory period of six months on all purchases.
For a secured credit card, this one offers quick a few perks, however, there isn’t anything really outstanding here to attract someone looking for a bit more. There is a $35 annual fee that is waived during your first year as a cardholder.
All in all, this is a card offer with great features considering that it's a secured card. Since it’s meant for those with no or poor credit, most cards in this category typically only offer the bare minimum in card features anyway. The Orchard Bank MasterCard Secured at least tries to tack on a few extras, which doesn't go unnoticed.
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(Review Date: July 24, 2008)
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Security Note: All card applications linked to from CreditCardAssist.com utilize Secure SSL Technology. 
