The Orchard Bank MasterCard Classic by HSBC is designed for those with average or a limited credit history who do not wish to secure a credit card account with a deposit, as this is often the case with a secured card.
Although the card can help those with a limited credit history build towards a positive and solid credit history (assuming payments are made on time), it does have several costly factors that should be considered before applying.
The interest rate is reasonable for this type of card, but can be costly for anyone planning on carrying a large balance. There is an annual fee that ranges from $39 - $79, which is about average for this type of credit card. The application fee also has a range of $0 - $49 and is only charged to those who are approved for the card. The actual amounts that are paid for both of these fees are based on the applicant's credit history.
The APRs for both purchases and cash advances have minimum caps, and therefore, will not go below the cap rates, no matter how low the Prime Rate is decreased (the APR is based on the Prime Rate).
Therefore, those who can afford to pay in full each month (to avoid finance charges) and plan to use the card to help build a positive credit history will benefit most from what the Orchard Bank MasterCard Classic has to offer.
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