Orchard Bank® Secured MasterCard Reviews: Is It Worth It? (2024)Reviews, rates, fees, and customer service info for The Orchard Bank® Secured MasterCard. Compare to other cards and apply online in secondsJohn KiernanWalletHub
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
We're sorry, but the Orchard Bank® Secured MasterCard may no longer be available to new applicants or we may no longer be able to obtain complete information related to this offer.
Orchard Bank® Secured MasterCard has a rating of 3.8/5 according to our proprietary credit card rating system. This rating reflects how appealing Orchard Bank® Secured MasterCard's terms are compared to a pool of more than 1,500 credit card offers tracked by WalletHub. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is 'Rebuild Damaged Credit'. To break it down further, Orchard Bank® Secured MasterCard earned a score of 3.3/5 for Fees, 0.0/5 for Rewards, 4.0/5 for Cost, 5.0/5 for APR, and 3.8/5 for User Reviews.
WalletHub Rating Breakdown
User Reviews
3.8/5
240 reviewsRead and write reviews
Market Comparison
Market Comparison
3.8
The Market Comparison is a key component of the WalletHub Rating, as it measures how appealing the terms of a card are compared to a pool of over 1,500 credit card offers monitored by WalletHub. To ensure cards are evaluated for their most relevant purpose, we score each card across various cardholder needs and select the rating for the need with the highest score, which is “Rebuild Damaged Credit” for this card.
Fees
3.3
Rewards
0.0
Cost
4.0
APR
5.0
Other Features
3.3
3.8/5
Compared against 1,500+ credit cards
KEY TERMS
Accepted Credit Scores
Accepted Credit Scores
Fair Credit, Limited History, No Credit, Bad Credit
Minimum Security Deposit
$200
Fees
One-Time Fees→$0
Annual Fee→None 1st yr, $35 after
Monthly Fee→$0
APR on Purchases
7.99% (V)
Orchard Bank® Secured MasterCard's Additional Info
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Secured Credit Card / Min Deposit of $200
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Reports to 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score!
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Orchard Bank's goal is to offer you the credit card that best fits your credit profile based on your consumer credit report and other information you provide to Orchard Bank. You may be offered a secured card or an unsecured card which will be disclosed before your application is processed.
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Acceptance at millions of locations worldwide, including website purchases and reservations.
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Email and text messages are available to remind you of your upcoming payment due date.
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
User Reviews
3.8
Market Comparison
3.8
fees: 3.3
rewards: 0.0
cost: 4.0
APR: 5.0
Other Features: 3.3
3.8WalletHub Rating
WalletHub Rating
3.8
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Rebuild Damaged Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Editor’s Rating
5.0
User Reviews
3.6
Market Comparison
3.6
fees: 5.0
rewards: 0.0
cost: 3.3
Other Features: 3.8
4.7WalletHub Rating
WalletHub Rating
4.7
This card has been scored using WalletHub’s proprietary credit card rating system. We evaluated this card for various cardholder needs and picked the rating for the need with the highest score, which is "Improve Credit by Paying in Full Each Month." A score of 5 is the best a card can receive, and the rating for the card may vary on different pages where it is compared to other cards for different needs.
Can't find what you are looking for? Submit your question about Orchard Bank® Secured MasterCard to our community. Editorial and user-generated content is not provided, reviewed or endorsed by the issuer of this card. In addition, WalletHub independently collected information for some of the cards on this page.
You can no longer apply for the Orchard Bank® Secured MasterCard. Orchard Bank's credit cards have been off the market for quite a few years. However, there are many great secured credit cards you can apply for instead. The best one is the OpenSky® Plus Secured Visa® Credit Card. The card has a $0 annual fee and no credit check.
You can apply online for any of these credit cards. They can help you build or rebuild your credit, as long as you use them responsibly. This means paying your bill in full and on time every month.
You get your Orchard Bank Secured Mastercard deposit back (minus any unpaid balance) when you close your account or when you graduate to an unsecured card.
To cancel your Orchard Bank Secured Mastercard, you will need to call Capital One's customer service department at 800-227-4825, as Capital One purchased Orchard Bank.
As long as you have some income you should not have difficulty getting approved for the First Progress Secured Card since they do not even check your credit history - https://wallethub.com/d/first-progress-secured-credit-card-589c
Share your insights and review for the Orchard Bank® Secured MasterCard
5
34%
4
33%
3
20%
2
8%
1
5%
3.8
240 reviews
240 reviews
What's Your Rating?
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Damien Christopher @damienc3
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4 Star Rating
The application process was easy, fill it out and send in a check for the desired amount of credit. I started using the secured card years ago in beginning my credit history. Instore and online was easy to use, no issues as it had the Mastercard logo. Customer service was a bit frustrating; They never wanted to lower the interest rate or send back my deposit after my credit score went high after the first year, so I ended up just closing the account as many other places were offering much better deals. Great to build credit, but that is all.
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3
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Rus Tee @rusteh.rh1
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3 Star Rating
First let me start with the pros, these cards have low interest rates , they have no annual fee for the first year , free account processing(which is a good thing) , and it reports to the three top major credit bureaus in the world.
Now lets talk about the Cons of this card , they are not much but still they are cons. the minimum security deposit required is a minimum of 200 dollars , seriously? 200 bucks for security deposit? and the credit limit is very low, only up to the size of deposit which is very sad.
There are no rewards in this particular card.
when talking about APR's
there's 7.9% variable on purchases and balance transfers.
and the penalty interest rate is 29.49%.
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4
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Lisa Brantley @lisa.brantley.90
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3 Star Rating
I have used the customer svc about twice now, I was good, no complaints...but I wanted to know what the maintenance fee was for.
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1
WalletHub @WalletHub
Hi Lisa! While we can offer tips on credit cards, we are not the companies in question. If you have a problem with a fee on your account, you would need to go your credit card company and ask for an explanation.
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Margie Cole @margie.cole.52
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5 Star Rating
Did you guys hear that Capital One recently acquired HSBC, which of course owns (or used to own) Orchard Bank? I wonder how this will affect the Orchard Bank Secured Credit Card, which is one of the best secured cards on the market, in my opinion. Aren’t there a lot of changes made when one company acquires another one, partly because the acquiring company is better owned, party because people just like to make changes to throw their weight around and feel useful? (I could be off base, but House of Lies seemed pretttyyyy realistic). Who knows, maybe Capital One will decide that the Orchard Secured Card needs an annual fee, perhaps they’ll conclude it needs a higher minimum security deposit. The point is, if you need a secured credit card, I’d act fast and get the Orchard Bank Secured MasterCard before any potential changes can take effect. You’ll regret it if you don’t and end up having to pay to build your credit instead of being able to do so for free.
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Margie Cole @margie.cole.52
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5 Star Rating
People often look down on secured cards like they are red-headed step children, but the fact of the matter is they can be really really useful for a number of different consumer groups, ranging from young people, to those with damaged credit, to stay at home spouses. The reason why is secured cards offer basically guaranteed approval and have fairly cheap fees due to the fact that they require a refunable security deposit (this protects the issuer in the event you don’t pay your bill and makes strict approval guidelines and high fees redundant).
The Orchard Bank Secured Credit Card is one of the most popular secured cards on the market, but we all know how things can just become touted out of tradition, so we should see whether the Orchard Secured Card is worth the hoopla. You can obviously read the offer’s terms above, so I’m going to do something that always helps me decide whether a credit card is worth it, make a pro/con list for the Orchard Bank Secured Card.
Pros - Secured Cards are indistinguishable from unsecured ones on your credit reports, which means the Orchard Secured Credit Card will help you build, rebuild or maintain your credit standing. - Since you can usually expect to get significant credit score gains from a secured card in a year, the fact that the Orchard Bank Secured Credit Card does not charge any fees during the first year is certainly a plus and the fact that a $35 annual membership fee kicks in after that shouldn’t concern you much.
Cons - The fact that you have to place a deposit could be considered a con, but all secured card’s require deposits so don’t hold this against the Secured Card from Orchard Bank. - The same can be said for the Orchard Bank Secured MasterCard’s lack of rewards or 0% rate (you wouldn’t get very meaningful rewards or 0% rates with credit cards for bad or limited credit anyway).
You might think that I forgot to mention the Orchard Bank’s low regular APR as a Pro. It certainly is good, but you really should avoid revolving a balance in a secured card because it will make credit building more expensive (and do you really want to pay interest on a credit line you’re basically giving yourself). Overall the Orchard Bank Secured MasterCard Credit Card is a great option that you would do well to consider.
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Joe Weider @joe_weider
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5 Star Rating
The Orchard Bank Secured MasterCard is simply put the best secured credit card out there. In case you don’t know, secured credit cards are those that require a security deposit for approval. This security deposit serves as your credit line and is fully refundable (you get the full thing back if you close your account with no balance and amounts above your balance if you do). For this reason, secured cards basically offer guaranteed approval and are popular among people with limited or damaged credit. The Orchard Bank secured credit card is so good because it has extremely low fees. You aren’t responsible for paying any fees during the first year and only $35/yr. after that. This is particularly important since you do not need to make any purchases to build credit. Positive information still flows into your major credit reports on a monthly basis regardless, and you do not want to pay maintenance fees for a card that you do not actually use. In addition, you’ll typically be able to move to an unsecured credit card after around a year of responsible use (either not making purchases or making them and paying in full), so the Orchard Secured Card could very well be your free ticket to better credit. You shouldn’t worry about a secured card’s interest rate because you should always pay your bill in full when using one. Having the best possible credit score is important to getting low loan terms, finding a car or an apartment, and getting low insurance premiums.
Anyway, you might not want to take my word for it that the Orchard Bank Secured MasterCard is the best secured card on the market. So why don’t we take a look at some alternatives? The Capital One Secured MasterCard and the Platinum Zero Secured Visa Credit Card are the two most popular secured cards other than the Orchard Bank MasterCard. The CapOne card has a $29 annual fee, so it is obviously more expensive than the Orchard Bank Secured. The Platinum Zero Card might seem good but it has a $9.95 monthly fee, which makes it more expensive than the Cap One or Orchard Bank Secured Cards.
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Benjamin Pawlak @stitchesup
thanks for the help. So if I put down the $200 min. my credit line starts at $200?
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WalletHub @WalletHub
Benjamin Pawlak - That is correct. Then over time I would encourage you to keep adding on your security deposit because that will proportionally increase your credit limit and help your credit score, as long as you use your card responsibly.
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+ 234 WalletHub users submitted a rating without writing a full review
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