Orchard Bank Classic Mastercard Credit Card for people with bad credit

by Manshu on October 1, 2008

in Articles

Introduction

Sometimes we encounter situations in life that lead us to undesirable credit. Regardless of the circumstances, it is important to rebuild credit by carefully and responsibly maintaining a new credit card. Unfortunately, individuals whose credit must be reestablished are not often eligible for the most delectable cards. Thankfully there are a variety of cards with various terms and fees to choose from. One such credit card is the Orchard Bank Classic MasterCard.

The Orchard Bank Classic MasterCard is a great card for individuals with bad credit. They offer impressive customer service and are dedicated to educating their customers to assist them with getting out (and staying out!) of bad credit. Even so, it is important to carefully review the fees and APR information below. This useful information can then be compared to other credit card choices you may be considering, since not all companies offer the same structure and rates.

Initial Fees

Orchard Bank Classic MasterCard charges an initial $98.00 fee for individuals with poor credit. The breakdown of this charge is as follows:
•    Account Set-up Fee: $49.00 (one-time fee)
•    Annual Fee: $49.00
An important factor to consider is that these fees are deducted from your available credit and are due immediately upon your first billing statement. This means that if you qualify for a $300.00 limit, your initial available credit will only be $202.00 and your statement balance will be $98.00 plus any additional credit you use during that billing cycle.

Additional Fees

In addition to the initial Orchard Bank Classic MasterCard credit card fees that are required for establishing your new account, there are extra fees to be considered.  These include:
•    Fee for late payment: $29.00
•    Over limit fee: $29.00
As seen from the list above, most of these additional fees are conditional. In other words, these charges may or may not apply to you and your account, depending upon your circumstances and how you use the credit card. Also, fees may be added or removed at the leisure of the credit card company, and based on your specific card and credit history.

The APR
Orchard Bank Classic MasterCard’s starting APR is 14.90% but can be increased up to 29.49%. Immediate increases in APR will incur if any default is made on the account.  A default is a missed or late payment or exceeding the credit limit, which results in an APR penalty. The APR penalty may be removed and the initial APR may be restored if your account remains default-free for three consecutive months.
Conclusion

This concludes the summary of Orchard Bank Classic MasterCard. These facts are meant to provide you with valuable information that you can use to obtain a new card that works for you. By understanding these basic details, you are unlikely to be caught off guard or surprised with any miscellaneous charges or high APR rates.

While all of the fees and necessary APR information for Orchard Bank Classic MasterCard have been provided here, it is always a good idea to read the fine print via the full terms and disclosures statement both at the time of application and upon receipt of your new credit card.

We have made every effort to ensure that the information here is accurate and up to date, however since these things keep changing, we encourage you to check the source of the full terms and conditions.

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