The Lowdown on the Orchard Bank Secured Credit Card

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The Lowdown on the Orchard Bank Secured Credit Card

Author: Eric Wasselman

When your credit history is proving to be a hindrance to your financial well-being, perhaps it is time for you to get a secured credit card. One of the cards worth your consideration would be the Orchard Bank MasterCard secured card issued by the HSBC Bank of Nevada.

This card targets customers with poor or limited credit ratings, and aids them towards improving their credit histories. A secured credit card works by requiring the card holder to deposit cash into their credit card account prior to utilization. This way, this credit card prevents its card owners from incurring more debt whilst helping them re-establish their credit history.

An additional advantage unique to this card is that the deposits in the account are paid interests by the bank. In the effort to establish a healthy credit rating, customers must bear in mind that late payments must be avoided, and they have to be aware of the current annual percentage rate for the card as the APR of the Orchard Bank Secured Credit card is based on a variable rate. Although, the regular rate now stands at 15.90%, the actual rate is dependent on the Prime Rate. APRs for cash advances are higher than most cards at 23.40%, with a minimum rate of 19.99%.

Interestingly enough, the annual fees for the Orchard Bank Secured Credit Card is lower than other most unsecured credit cards. Balances above $1000 will only incur fees of $35 whilst card holders who have charged more than their credit limits will only be charged only $29. Also, there are periodic reviews of the credit limit for each account, so regular payments will enable the card holder to obtain higher credit limits and at the same time improving their credit history.

Finally, the Orchard Bank secured credit card also offers a lot of perks not evident in other competing credit cards. These would include Internet services, emergency replacements for stolen cards as well as numerous protection services against fraud and identity theft.

Article Source: http://www.articlesbase.com/credit-articles/the-lowdown-on-the-orchard-bank-secured-credit-card-34143.html

About the Author:
For more information or to apply for the Orchard Bank Secured Credit Card, Eric Wasselman recommends Find Credit Cards. See http://www.findcreditcards.org/card/orchard-bank-mastercard-secured.php .

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Details Of The Orchard Bank Secured Credit Card Application

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Details Of The Orchard Bank Secured Credit Card Application

Author: Joshua Shapiro

When someone has a limited or a rather poor credit history, they may want to look into the Orchard Bank Secured Credit Card. Offered through HSBC Bank Nevada, N.A. this MasterCard is just what those who are looking to restore and re-establish their credit could use.

The annual fee of the Orchard Bank Secured Credit Card is quite reasonable at $35. The variable APR of 15.90% is an average rate for such a card. The variable APR on cash advances, however, jumps significantly to 23.40%! The finance charges are applied to any purchases that are not paid for within the first 25 days, and there are charges for other services like cash advances. The maximum deposit allowed on the Orchard Bank Secured Credit Card is $15,000, and the minimum deposit is $200. Late payment and over the limit fees are $29 each time they occur.

One thing to note when you are looking at the Orchard Back Secured Credit Card: minimum caps do apply to the APRs for both purchases and cash advances. No matter what the Prime Rate is, even if it falls to low levels, the APR on this card will not go below the minimum rate.

There are perks to the Orchard Bank Secured Credit Card that you won't always find on cards of this type, though. The card provides cardholders with services and benefits like online account access, emergency card replacement, and other various fraud protection services. You also do not have to pay an application fee when you apply for this MasterCard.

So, if you plan to pay off your balances, this card can help you to build or re-establish a positive credit history. With a low annual fee and no application fee, cardholders can expect to pay $35 for their Orchard Bank Secured Card every twelve months.

Article Source: http://www.articlesbase.com/credit-articles/details-of-the-orchard-bank-secured-credit-card-application-35937.html

About the Author:
To obtain the Orchard Bank Secured Credit Card application, Joshua Shapiro recommends Find Credit Cards. See http://www.findcreditcards.org/card/orchard-bank-mastercard-secured.php for more information.

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