The current economy has taken a toll on everybody. Trying to maintain the perfect credit record with mounting bills, inflation, interest rates and the like is probably something that only High Networth Individuals can afford to do. One of the ways of being able to rotate cash and manage one’s finances is with a good credit card. However, a bad credit history makes even that a difficult thing to get. This is where an orchard bank secured credit card can help make a difference.
This card is essentially meant for those individuals who have been turned down by financial institutions for a credit card. It helps them rebuild their credibility while fixing their finance. Some of the advantages of the card are that they function on a very low interest rate and you have no annual fee applicable for the first year. You also do not have to pay an account processing fee.
The APRs applicable are a 7.9% variable on anything you buy as well as balance transfers from other cards. Should you go into penalty payment, then this will be at a rate of 29.49%. There are two aspects of the card that can also be perceived as disadvantages and they are that a security deposit of $200 is needed and you get a credit limit that corresponds with your deposit amount.
To put doubts to rest, the $200 deposit is not a ripoff but rather just a minimum security deposit that you keep with the bank. When you decide to close your account, this amount will be fully refunded to you. This, of course, is completely based on whether you have any dues pending with the company or not. In addition, the $200 deposit is much lower than the standard $500 that most places demand.
Also, the fees that you have to pay to the orchard bank secured credit card are much lower compared to other cards that actually make you pay for the service from the first year onwards. Since there are no processing fees and you are working with reasonable interest rates, you will be in a much better position financially than with any other card.
Your main advantage with this card is that the bank is a wholly owned subsidiary branch of Capital One and therefore reports to Experian, Equifax as well as TransUnion. As and when you begin improving your credit score, rest assured the bureaus will know of it.
Applying for an orchard bank secured credit card may seem a bit confusing but on closer examination, you will find that the process works to your benefit. The first step of the prequalification form will let you know which offers you are already eligible for. You can then choose a card based on your requirements. After you have chosen your card, all that you need to review will be shown to you, and at this point, any additional information will be requested of you. Then you move on to processing your card. It is that simple to get to a debt-free life.
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