2007-02-24 14:41:36 · 9 answers · asked by vxeds 1 in Business & Finance ➔ Credit
Gold, Silver, Platinum used to have prestige attached to them. These days there is no real significance when dealing with a sub-prime credit card as the one you mention. They do serve a purpose to those people that cannot get approved by traditional banks. However, you will be paying higher than normal interest rates for the 'privilege' of using their credit card. Considering you will be a 'high risk', this may or may not be fair.
In addition, the high yearly fees and in most cases the $50 to $100 (or more) processing fees and application fees can put you far in debt before you even make your first charge. Not to mention the extra-ordinary late fees that are assessed can be too much to bear.
One way to get better rates is to establish a relationship with your local bank by making consistent deposits and maintaining a savings account, checking account and a money market account.
Banks want to see consistency and stability and the way they measure this is your bank statement.
If you absolutely need a credit card now, request that your bank provide a 'check-debit' card that shows the Visa or MasterCard logo. This type of card is attached directly to your checking account and can be used only if the money is available in your account.
After a few months, you can apply with your bank for an un-secured credit card that will not bury you in enormous fees.
2007-02-24 15:40:39 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you have not already accepted read the fine print very carefully. I get those offers once or twice a month. They have $30-$50 activation fees, approx. $95 annual fees and some other fees. The average card will be sent to you with nearly $300 in charges for initial fees charged to it before you can even take it out of it's envelope! Be careful with them and again, read the fine print!
2007-02-24 14:49:18 · answer #2 · answered by Anonymous · 0⤊ 2⤋
I have 2 cards with them, I've had them for about 2-3 yrs and have had no problems what so ever. Anytime I needed a credit increase I got it. Not sure why other people have had problems with them as they have posted in their answers. I pay my bill on time each month. The only thing I advise is checking on what fees they may be charging you. I think I pay annual fee on mine.
2007-02-24 14:53:34 · answer #3 · answered by babeebluez73 3 · 1⤊ 2⤋
my best friend recently got a card from them and i think she had a $300 limit & her first statement had $250 in fees, so no, I would say try a different bank like Bank of America or Capital one.
2007-02-24 16:13:47 · answer #4 · answered by Steph C 3 · 2⤊ 1⤋
There is NO good bank for credit cards, but Orchard is one of the worst. They are a bank, like I am a super model. Please get a copy of Dave Ramsey's "Total Money Makeover" so you can learn how to manage your life & money w/o having to use credit. I do it, you can, too.
2007-02-24 14:48:16 · answer #5 · answered by CIC 2 · 0⤊ 3⤋
It'll work just fine as long as you pay on time and don't go over the limit. I think that's what they *want* you to do so they can up your interest and add fees, etc.
Also, like everyone else says, do look at the fees.
2007-02-24 15:13:39 · answer #6 · answered by milomax 6 · 0⤊ 1⤋
for what reason do you really need the prestige of a gold Master Card?
be honest!
:-)
2007-02-24 20:56:47 · answer #7 · answered by Stefan D K 3 · 0⤊ 1⤋
Absolutely not. I had one for about three months. That bank is garbage. Choose a different one.
2007-02-24 14:46:56 · answer #8 · answered by jhedlind22 3 · 0⤊ 2⤋
NO!! Don't do it...I have heard bad things about them!!
2007-02-24 14:50:54 · answer #9 · answered by sugar_n_spice 5 · 0⤊ 3⤋