Orchard Bank Credit Card – Review

The Orchard Bank Card is issued as a Visa or MasterCard. It was created for individuals with a less-than-perfect credit history and provides you with a very easy approval. Your credit will be checked however you are guaranteed to be approved for a major Visa or MasterCard that will report monthly to all 3 major credit bureaus.

Orchard Bank is a leader in bad credit lending, they have issued millions of credit cards. If you pay your monthly bill on time you can start to create a record of positive payment history with the bureaus, the experts say this piece of information ways up to 40% of your credit score!

How It works

You first will have to apply online; you fill in your name, address, social security number… And then you press submit. It will take roughly 60 seconds and you’ll be provided with a decision. Unlike any other credit card for bad credit you may be offered up to 4 credit cards – 3 of those offers being unsecured and one secured. Then you choose which card you feel best suits your needs.

As mentioned Orchard Bank is a leader in the subprime credit industry and this is one of the only issuers we have seen with the resources to provide these options to applicants. Everyone has a different scenario and thus it only makes sense that different people would need different credit cards.

Unsecured

If you get approved for an unsecured credit card this is just like a traditional credit card. Typically you’ll have a credit limit around $300 or $500  and you will be charged a higher interest rate often around 20%  APR.

The benefit is this card will be weighed more because it is unsecured and you are being lent money on simply your promise to make payments. However this is a more costly option and instead you may want to invest that money in a service that can work to repair your credit report.

Secured

You’re guaranteed approval for a secured card and this will work just like an unsecured offer. You will still have monthly payments and will be charged an interest rate, however it will be much lower often around 10% APR because your account is secured.

This means you must first make a deposit with Orchard Bank and then you’ll be issued a credit card. This is a real Visa or MasterCard and will be accepted everywhere you see the corresponding logo displayed, you can also use it online, over the phone, to rent a car…

You will decide the exact amount of your deposit and it will need to range between $200 minimum to a $5000 maximum. This deposit is FDIC insured and is fully refundable as long as you don’t stop making payments on your credit card.

You’re going to be given 24-7 online account access and customer service. Your card will also be covered under a $0 liability policy which will ensure if your card is ever lost or stolen you’re not liable.

If you are looking for a credit card for bad credit we encourage you to apply for the Orchard Bank Card. A secured card you will be guaranteed approval for and this can be a tool to build some positive credit.

You could even be approved for an unsecured card which  will be weighted more by the bureaus. While this card can build positive credit it is important to know that if you do not use it responsibly they can just as easily build negative credit.