This is Orchard Bank's mid-priced card; not the cheapest, not the most expensive.
Who the Orchard Bank Gold MasterCard Is For
- People with poor credit who want an unsecured credit card.
Credit Rating Required
- Poor (below 620)
About the Orchard Bank Gold MasterCard
Pros
- Quick online approval process.
- No processing fee.
- Low APR, if you qualify.
Cons
- High annual fee.
Rewards
- None.
APRs
- 14.9 percent to 28.9 percent, depending on your credit history.
- Penalty APR: 29.49 percent.
Fees
- Annual fee: $35 to $60 the first year, depending on your credit history, then $74 to $79.
- Late fee: $35.
- Over-the-limit fee: $25.
- Balance transfer fee: Five percent of balance.
Orchard Bank Gold MasterCard Review
Orchard Bank, a unit of HSBC Bank, is one of the biggest - and one of the few - banks that offers credit cards to people with damaged or limited credit histories. The company's cards come with a myriad of annual fees and APRs; which one you get depends on your credit.
This card is the bank's mid-range offering. The Orchard Bank Platinum MasterCard is its least expensive card, for people with fair to poor credit, while the Orchard Bank Classic MasterCard is for people with particularly bad credit. If you don't qualify for one of these three cards, Orchard Bank also offers a secured card.
The annual fee on the Orchard Bank Gold card ranges between $35 and $60 the first year, depending on your credit history, but then rises sharply to $74 to $79. Hopefully by then your credit will have improved enough to qualify for a cheaper card from Orchard or from another bank. The APR ranges from a low 14.9 percent to a very high 28.9 percent, again depending on your credit.
The bank promises it will pre-qualify you in as little as 30 seconds - without affecting your credit score - after you complete its online application. It will then tell you which cards you're pre-qualified for and at what price, then you pick out the card you want.
Orchard Bank reports your credit behavior to all three major credit bureaus each month so positive payments will help build your credit score.
Recommendation
Since this is Orchard Bank's mid-priced card, it's probably the card you will get if you have "average" bad credit, but the exact fee and APR you get will depend on your credit history. Whatever fees you end up with, this card will be expensive. You then have to ask yourself if it's really worth it when there are so many other payment options available. You might be better off with a low-priced prepaid card instead.