Secured credit card to build credit - Orchard Bank MasterCard just got better : Bad Credit Advisor

Secured credit card to build credit - Orchard Bank MasterCard just got better

Issued and serviced by HSBC, this is the excellent secured credit card to build credit. We liked Orchard Bank secured credit card before, but now the new flexible application and approval processes make it easier than ever to get prequalified for these secured credit cards even if your history is less than perfect and build your credit anew.

One of the advantages is the Orchard No Risk inquiry that can often prequalify you for under 60 seconds, with no negative impact to your credit score, as you would frequently get with a typical hard inquiry. In addition, you can try to get a customized credit card that best fits your credit profile. All the credit cards, either secured or not that you are eligible for, will be displayed for your viewing.

Orchard Bank Secured MasterCard is a good choice to build credit as it does report to 3 major credit bureaus, pays you interest on your deposit, allows you to choose payment due dates which is a very convenient feature, and gives you zero fraud liability protection. A very reasonable annual fee of $35 is waived the first year while the variable interest rate is only 7.90%. It does however jumps to 29.49% if you default. $200 minimum deposit on the saving account with Orchard Bank is required to open this card and you can go as high as $15,000, with your credit limit equaling the entire deposit.

Orchard Bank secured cards look and work just like a regular credit card. Only you and HSBC will know that you carry a secured credit card to build credit. You do not have to have credit history to qualify. As long as you are of legal age in the state of your residence, have a telephone in your home, and legally reside in the United States, you have a very good chance to be approved. While you can not withdraw money from saving account since it serves as collateral, you certainly can add more money to it to increase your credit limit, by sending in deposits of $100 or more in increments of $100, with each addition increasing your credit limit dollar for dollar.

You can also apply for an unsecured credit card. Orchard Bank offers three MasterCards - Classic, Gold and Platinum and you can see their current basic terms in this table. See also student credit card and unsecured credit cards for bad credit.