Orchard Bank Classic MasterCards

Orchard Bank has four cards that are geared toward people who have bad credit. Three of them are unsecured credit cards and one is a secured card, a type of card that requires you to make a cash deposit to “secure” the credit limit. The bank has a unique qualifying process that lets you know which card you qualify for without doing a hard check on your credit.

When you fill out the pre-qualification form, Orchard Bank lets you know which credit card you qualify for: the Platinum, Gold, or Classic card. Then, you can review the card’s terms and conditions and decide whether you want to proceed with the application. If you don’t qualify for any of these unsecured credit cards, you’ll be given the option to apply for a secured credit card with Orchard Bank.

Orchard Bank Card Comparison

The Orchard Bank Platinum MasterCard has an annual fee between $19 and $59, a purchase APR of 14.9% or 19.9% and penalty APR of 29.49%. The exact APR and annual fee you get depends on your credit history.

The Orchard Bank Gold MasterCard has an introductory annual of $49 for the first year and $59 annual fee after that. The purchase APR is 16.9% or 19.9%, the penalty APR is 29.49%, and there’s a $19 processing fee.

Both the Platinum and Gold cards have a fraud protection benefit, but keep in mind that the Fair Credit Billing Act says you don’t have to pay for many fraudulent charges as long as you report them in a timely manner. You’re not liable for any fraudulent charges made using just your credit card number as long as your credit card is still in your possession.

The Orchard Bank MasterCard is a $29 introductory annual fee in the first year. After that, the APR is $59. The purchase APR is 16.9% or 19.9% depending on your credit history. There’s a $39 account processing fee and 29.49% penalty APR.

The Orchard Bank Secured credit card is a final option. There’s a low 7.9% interest rate on purchases and balance transfers. The penalty APR is the same as Orchard Bank’s other cards 29.49%. There’s a $35 annual fee that’s waived in the first year. Since this is a secured credit card, you’ll have to put up a security deposit against the credit limit – the minimum is $200 for this card.

Except that you have to put up a security deposit, the Secured card is actually a better deal. The APR is lower, there’s no processing fee, and the annual fee is lower, especially in year two and beyond.

The biggest benefit of these Orchard Bank cards is that you’re more likely to be approved with a bad credit history. Use these cards for 12 to 18 months to build up a good credit history, then apply for another card that has better terms.