Orchard Bank is the Best Credit Card for Bad Credit
Send in one application to Orchard Bank, a subsidiary of HSBC, and you’ll be considered for four different cards. Based on your credit, you may be offered one of three unsecured credit cards or a secured card.
Orchard Bank’s unsecured credit cards come with annual fees ranging from $39 to $59, depending on your credit history, and APR’s ranging from 14.99% to 24.99%.
If you don’t qualify for an unsecured card, you’ll likely qualify for a secured card. Secured cards work like regular credit cards, but require a deposit of your own money into the account. As a result, these cards typically offer lower interest rates than regular unsecured credit cards, and your spending limit is the amount of money you deposit.
Orchard Bank’s secured card requires you to make a $200 minimum security deposit, and the APR is a low 7.99%. There’s also a $35 annual fee that’s waived the first year.
While the fees may sound high, they’re pretty standard for the sub-prime credit card category — cardholders should only use these cards for 6 to 12 months as a way to improve their credit, so the fees shouldn’t really add up too much.
While it might be a bit painful to pay an annual fee — it’s a small price to pay for the opportunity to build positive payment history again and watch your FICO Scores start to rise.
Another perk: Typically, applying for a credit card knocks your credit score down slightly. But Orchard Bank has a pre-qualification process so you can qualify for the card you want before you need to complete the final application and take a hit to your credit score.
Orchard Bank Classic MasterCards Features:
- An excellent credit card for rebuilding credit scores and reports to 3 major credit bureaus monthly
- Acceptance at millions of locations worldwide, including website purchases and reservations
- Your account information is updated and at your fingertips 24/7 so you can manage it your way
- Email and text messages are available to remind you of your upcoming payment due date
- On-call customer service representatives to assist you with questions or concerns
Average Approved Credit Score for the Orchard Bank Credit Card is 598
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