Note: All Orchard Bank credit cards are now issued by Capital One.
Should you apply for the Orchard Bank Classic MasterCard Credit Card? Read through this full Orchard Bank Classic MasterCard review to decide for yourself and then either submit an application using the apply button above or use our free tool to compare credit cards!
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Orchard Bank is a credit card issuer that specializes in taking on high risk customers with poor credit. It will approve practically anyone. Even though it offers secured credit cards, the Orchard Bank Classic MasterCard and other traditional credit cards in their line, are easy to get, even for those who present poor risks. This specific card option will help you get back on your feet and show the financial world that you are no longer a poor risk.
Orchard Bank Classic MasterCard Benefits
One of the main benefits of the Orchard Bank Classic MasterCard is its accessibility. It gives many people the opportunity to build their credit in order to better prepare them for the future. Many of those who qualify for the Orchard Bank Classic MasterCard are unable to qualify for any other credit cards. Being able to get this credit card levels the playing field and gives them a chance to work towards a better credit score.
The biggest advantage that the Orchard Bank Classic MasterCard offers is the fact that cardholders can use it to build their credit. Orchard Bank regularly reports payments and use to the three major credit reporting bureaus, which allows users to prove their creditworthiness. It also gives them the freedom that comes with having a credit card, such as ease of renting a car or hotel room, convenient online shopping, purchasing tickets for various events and much more.
In addition, the Orchard Bank Classic MasterCard has a very easy to use online system, which facilitates bill payment and access. For those enrolled online a reminder is sent prior to payment being due, so you never need to be late with a payment. The card issuer will even pre-qualify you for the card without affecting your credit prior to receiving your application, in order to start off by helping you make good choices for your credit score.
Orchard Bank Classic MasterCard Negatives
The major disadvantages with the Orchard Bank Classic MasterCard are the variety of fees associated with it. Depending on your credit score you may have to pay an initial fee of up to $49 just to open a credit account (click here to compare free credit score offers). In addition, the yearly fees run between $35 and $79, again depending on credit. For a card that does not offer a rewards program, the fees are very high. The lack of a rewards plan is another downside to the Orchard Bank Classic MasterCard.
The interest rates for the Orchard Bank Classic MasterCard are very high (typically from 15% to 20% APR). In addition, there are penalty fees and raised interest rates assessed for situations where a payment is late or the cardholder goes over the credit limit. Even the standard fees are higher than usual. Expect hefty fees for international purchases and cash advances with this type of credit card.
A number of other fees also apply and you can easily rack up a hefty credit card balance without having spent much money at all. In addition, there are no introductory APR offers on the Orchard Bank Classic MasterCard. The company does not offer specials rates on balance transfers or anything else. Their focus is on building credit– not consolidating debt.
Who Needs The Orchard Bank Classic MasterCard?
For anyone who has filed bankruptcy, the Orchard Bank Classic MasterCard is the ideal credit card to help them rebuild their credit. Once the bankruptcy has been discharged, it is relatively easy to get approved for a low limit credit card through Orchard Bank. Having the card and using it regularly will show that you can handle a credit card responsibly and your credit score will increase as a result as the company regularly and automatically reports to the three major credit bureaus.
This credit card is also ideal for those who have no credit history and wish to build it, such as students just finishing school or recent immigrants to this country. If you have made any bad moves and your credit has suffered, the Orchard Bank Classic MasterCard will give you the help you need to raise your credit score.
If you are looking for the ideal tool to help you build a solid credit score, having and using a credit card is the way to go. When you are ready to shop for the right credit card to meet your needs, look no further than the credit card chaser tool. It will chase down the credit cards that are best for you and will even make them easy to compare and choose from. Either click on the Orchard Bank Classic MasterCard application button above or get started with the credit card chaser tool to compare credit cards now!
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