The Orchard Bank MasterCard® Secured, issued by HSBC Bank Nevada, N.A., is designed for those with a limited or poor credit history who are looking to re-establish their credit.
The major benefit of this card is the reasonable annual fee of $35. In addition, the APR for purchases is about average for a secured card.
However, it is important to note that there are minimum caps applied to the interest rates for both purchases and cash advances. This simply means that the rates will not go below the set limits, no matter how low the Prime Rate falls.
Unlike most secured credit cards, this card provides additional services and benefits including online account access, emergency card replacement, and various fraud protection services. Another benefit of this card is that the deposit amount does earn interest annually.
Therefore, those who can afford to pay in full in each month (to avoid high finance charges) and plan to use the card to help build towards a positive credit history will benefit most from what the Orchard Bank MasterCard® Secured has to offer.
Updated: July 3, 2006
Most Attractive Feature(s) : No application fee; reasonable annual fee.
Least Attractive Feature(s) : Minimum APR caps for purchases and cash advances.
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