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.