Information on the Orchard Bank Credit Card

Orchard Bank credit cards are designed for customers with difficulty acquiring other credit cards, either due to low credit rating or little to no credit history. The cards are intended for customers wishing to establish credit history, though the cards do not have prohibitively high interest rates as many high-risk or introductory cards often do. They are not designed for customers in debt or with financial difficulty, though the card has no explicit requirements listed on the website.

Orchard Bank Credit Card details

While Orchard Bank offers a variety of cards, both Visa and MasterCard, each with both secured and non-secured options, the interest rates, annual fees, application processing fees and so on are largely the same, with little to differentiate the options aside from MasterCard's benefits such as ticket purchases and other entertainment perks. Each card carries a variable APR of 14.9% to 28.9% on purchases, dependent on customer financial standing, and a 20.9% interest rate on cash advances, though with a 29.49% penalty APR applied to late payments.

Secured cards carry a lower APR of 7.9%, though the Secured MasterCard is listed as requiring a $200 minimum security deposit as well. In either case the cards carry an annual fee of $35 to $79, though the card's first year fee can be waived, as well as the $39 application processing fee.

Orchard Bank also offers what it calls the "ecosmart" card, which is a MasterCard made with a carbon-neutral process out of biodegradable materials, and offers online paperless billing. However, most credit cards including Orchard Bank's other offerings provide for online billing, and the environmental advantages of saving a single plastic card are perhaps less than what some customers might expect from a product labelled as environmentally friendly. However, it does carry a lower processing fee of only $19 instead of $39, which can also be waived, the same annual fees, and the same interest rates for as the other secured and non-secured cards offered by Orchard Bank, so there seems to be no reason to avoid choosing the ecosmart card.

Orchard Bank Credit Card final info

The credit cards offered by Orchard Bank offer fairly competitive interest rates, especially for the secured card options, which offer an extremely low interest rate. As the cards are designed for customers wishing to improve their credit rating, Orchard Bank automatically reports to the three major credit reporting bureaus to enable customers to increase their credit standing. As each Orchard Bank Credit Card offers very competitive rates, several card options, and decent interest rates, it is recommended for customers who want a simple, basic card without the hassles of a high-interest card for high-risk customers.