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Verdict: If you have a low credit score, it’s not easy to earn approval for many bank credit cards. The Orchard Bank Visa Card, though, is designed for consumers with low scores. It should come as no surprise, then, that you might be saddled with a high interest rate, depending on your creditworthiness. But the card can serve as a fist step toward rebuilding your poor credit.
Overview: Orchard Bank advertises this Visa card as one designed for consumers in the processing of repairing bad credit. Unlike standard credit cards, the Orchard Bank card comes with interest rates that can rise as high as 28.9 percent depending on your credit scores. The card’s annual fee is also dependent on your credit.
How This Card Works: Much of what you pay in terms of interest and fees is dependent on your credit score. But by using this card wisely, and by paying your bill on time every month, you can steadily rebuild your ailing credit scores. This gives you the opportunity to graduate to credit cards with far more favorable terms.
Travel and Shopping Benefits: The Orchard Bank® Visa® Card comes with no standard shopping or travel rewards. However, Orchard Bank will report your payments each month to the nation’s three credit bureaus, TransUnion, Equifax and Experian. This is important: As the three bureaus, which each maintain one of your three credit reports, sees that you are paying your credit card bill on time, each of them will gradually tweak your credit score. If you continue to pay on time each month, your score will eventually rise from the “bad” category to the “good” category, and you’ll be able to apply for credit cards that come with lower fees and interest rates and rewards programs. In general, banks consider credit scores of 750 or higher to be in the “good” category.
Fees: Because this card is designed for consumers with bad credit, it comes with a high interest rate that can range from 14.9 percent to 28.9 percent, depending on your creditworthiness. The card’s penalty interest rate, if you miss a payment, is even higher, 29.4 percent.
The Orchard Bank Visa Card also comes with an annual fee that ranges from $39 to $74 a year depending on your credit score.
- Available to borrowers with weak credit scores
- Helps you to rebuild credit
- Annual fee could be low, depending on your credit score
- High interest rates
- Even higher penalty interest rate
- Annual fee can be as high as $74 depending on credit score