bank rates

Orchard Bank 7.90% Secured MasterCard

If your finances are so messed up that you can’t qualify for a regular credit card, this is the way to put plastic in your pocket.

The Orchard Bank Secured MasterCard offers some of the best terms you’ll find for a secured credit card.

Here’s how it works:

You deposit a minimum of $200 and that becomes your credit limit. Then you use your card to make small purchases every month, pay it off and start again. Orchard will report your payments to the three main credit-reporting agencies.

A year or two of on-time payments should boost your score enough to qualify you for a regular credit card, assuming all your other bills are also paid on time.

You will be charged $35 for a late payment, $30 for exceeding your credit limit, a 5% fee on cash advances ($5 minimum) and if you carry a balance for a month or two, your interest rate will be a low 7.90%.

There’s a $35 annual fee, but it’s waived for the first year.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (12 votes, average: 4.17 out of 5)
3 Existing Comments
  1. BloggingBanks said:
    on March 5th at 01:39 pm

    That’s a great way to build a credit history as well.

    Another way to build your credit history is to open a credit card with the bank which hs your primary checking account. Several years ago my bank let me open a credit card with a small limit, after having banked there for an year or so. They have increased my credit limit several times since then. But I have never missed a payment.

  2. moshood sodiq said:
    on September 24th at 08:03 am

    i will be glad if your bank can grant me this because it will add more value to my life

  3. moshood sodiq said:
    on September 24th at 08:05 am