Credit Cards

Orchard Bank Credit Cards Reviews & Offers for Poor Credit!

Published On January 9, 2024

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Orchard Bank had credit cards that were loved especially by those with no credit or bad credit starting in 2003. These card were known for having lower fees and interest rates compared to other options for people looking to improve their credit.

However, Capital One acquired Orchard Bank from HSBC in May 2012 and after that the cards were no longer available. This article is for informational purpose about the Orchard Bank Credit Card so keep on reading.

What is the Orchard Bank Credit card?

The Orchard Bank provides credit cards to individuals with limited, damaged, or no credit history, including those who have faced bankruptcy or credit errors. Their credit cards are known for helping many people secure credit who might not qualify for traditional cards.

The Orchard Bank is well-regarded for its excellent customer service, reasonable fees, and a commitment to educating customers about credit. The Orchard Bank MasterCards® are considered leaders in the subprime credit industry.

One notable change is in the Annual Fee for the Orchard Bank Visa Cards and Orchard Bank Classic MasterCards programs, ranging from $0 to $59 in the first year and $35 to $59 per year thereafter.

Eligibility Criteria for Orchard Bank Credit Card?

To qualify for an Orchard Bank Credit Card, you need to meet the following criteria:

  • Age: You must be at least 18 years old to apply for your first credit card.
  • Income: You need to have a sufficient income to afford the monthly credit payments.
  • Pre-Qualification: Complete a quick pre-qualification process online or over the phone by answering a brief questionnaire.
  • Credit Status: Orchard Bank Credit Cards were initially designed for individuals with fair or average credit.

Remember to check the latest eligibility requirements, as they may change over time.

How to Apply for the Orchard Bank Credit Card?

If you want to build or rebuild your credit, getting an Orchard Bank credit card could be a good option. Orchard Bank offers different types of credit cards like platinum, classic, gold, secured, premium low interest, and cash back cards. Here is how you can apply:

  • Visit the Orchard Bank Website: Go to the Orchard Bank website and check out the different credit cards they offer. Look into the benefits of each card and read the FAQ section.
  • Pre-Qualification Process: Complete a simple pre-qualification process either online or over the phone. This involves filling out a short questionnaire to see which Orchard credit card might be suitable for you.
  • Select a Card: Based on the pre-qualification, Orchard Bank will recommend the cards that best suit your needs. You can then choose the one you want.
  • Application: Apply for the Orchard Bank credit card. During the application, you will need to provide personal details like your social security number, address, phone number, and employment information.
  • Review Terms and Conditions: Take time to read the terms and conditions of the credit card. If you agree, choose the card design, submit your application, and wait for approval. You might find out right away or receive notification by mail.

It is a simple process, and if approved, you can get your card in a few days.

Pros and Cons of the Orchard Bank Credit Card

ProsCons
– Suitable for individuals with bad credit– Limited operation, mostly in Texas
– Functions like regular credit cards– 6% brokerage fee
– Requires a depositat first but has lower interest rates– Some users find Orchard Bank cards unattractive
– Criticized for high fees

Conclusion

If you didn’t have good credit, just came out of bankruptcy, or had a rough credit history, we used to recommend the Orchard Bank Classic MasterCards. Unlike many other credit cards for people in similar situations, it had lower fees, like no annual fees and more reasonable costs. Plus, it was backed by one of the biggest and most trustworthy banks, which is important when you are trying to build or fix your credit. However, it is essential to note that the Orchard Bank credit card is no longer available as it was discontinued after being taken over by Capital One.

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FAQs

No, Orchard Bank credit cards are no longer available as they were discontinued after Capital One acquired Orchard Bank from HSBC.

Orchard Bank credit cards were known for their lower fees and interest rates, making them a suitable option for individuals with bad or no credit.

If approved, applicants could receive their Orchard Bank credit card within a few days after completing the application process.

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