what is Orchard Bank Gold MasterCard??

Question

recently i got a mail from Orchard Bank, saying that i got a chance to have a Orchard Bank Gold Mastercard. What kind of card it is?? and what should i do to use this card if i get this card?? i only have Bank of America credit and debit card now, and what's the difference between the Orchard Bank Gold MasterCard and my Bank of America credit card??
thank you.

Answer 1

I have it. Don't get it. Don't go into further debt with these creditors. As soon as you have a problem, they become your enemy. They called me twice every hour for 10 hours straight today. They continue this everyday and I saw a whole website of people who they do this to as well. You may think you won't ever have a problem with a payment, but chances are you will at some point.

Can't wait to pay it off and close the account!

Oh, and watch for the annual fee! It's just like any other credit card really. They put those words like Gold and Platinum on the cards like it really matters (it doesn't). The only creditors that have been decent are Bank of America, CitiCard, and sometimes Captial One. And like I said, just "decent."

Don't do it dude!

Added: Orchard Bank won't waive the fee. I didn't even realize there was an annual fee when I first got the card. Suddenly, my bill went up to three times what it normally is. I asked them what I could do...I eventually just wanted to close the card. To that, she informed that if I did that I would still occur fees and have to pay to close it, which would leave me off even worse than just paying the fee. So they're not too afraid of that threat.

The other answerer is right about it helping you in building you credit. That's what I was doing. However, I'm learning that the credit card that really helps you maintain good credit is one that is supportive if you fall of track. The damage done is not so great. But with Orchard Bank, you mess up and you're on your own, thus more damage is done.

I can not stress enough how possible it is to miss a payment, or have a time period when you just can't pay for whatever reason. I'm a responsible person in general and didn't think I would ever have a problem. But it's life and that's what happens; you run into problems every now and then without planning to. Bank of America is a good, and for now, I'd stick with them and just make sure their balance is always paid off, and that you don't overdraw on your bank acount either. Bank of Anerica can be important for your future including loans and business. If you ever have money issues, having more credit cards means more people to pay that month, which means more fees and more stress. Sorry to sound negative, but I just happened to have experience with the very card you asked about :) If you want another card, maybe try Citi, especially if you are younger or a student like me. They have many services to offer, and their credit protector program actually helped me for months, even though I usually never try programs like that...

Good luck again!

Answer 2

Orchard Bank Gold

Answer 3

This Site Might Help You.

RE:
what is Orchard Bank Gold MasterCard??
recently i got a mail from Orchard Bank, saying that i got a chance to have a Orchard Bank Gold Mastercard. What kind of card it is?? and what should i do to use this card if i get this card?? i only have Bank of America credit and debit card now, and what's the difference between the Orchard...

Answer 4

Generally Orchard is a subprime card, though for some people they can be a prime card and for others they can be a super subprime.
BoA is generally a prime card, though for some they can be a subprime card.

Prime cards are cards that have a low interest rate and no annual fees.
Subprimes have higher interest and low annual fees.
Super subprimes have extremely high interest and extremely high fees.

With that said, Orchard is a pretty good credit builder/rebuilder type of card. They do offer prime rates and super subprime for some people, though both are rare with them.
They generally offer mid to high interest, so their cards should be used as "pay in full" when you receive the statement.
They do generally have an annual fee, though the fee is usually much lower than a super subprime creditor.

After a year of positive use they will, in many cases, either allow the full annual fee to be waived or reduced when it is requested. (a super subprime creditor will never waive or reduce fees)

If the only "credit" that you have is BoA, then the Orchard may be a good credit builder card for you.
The mailing that you received should list the options the card comes with - annual fee amount, interest rate, etc.

If you keep the card in good standing, and you have an annual fee, call them in a year when the annual fee shows up. Request that they waive the fee. If they refuse, make it sound like you might close the account. They may totally waive the fee or reduce it.
You can also request that your interest rate be lowered. Though if you stick to using it as a pay in full card, the interest rate would really not mean much to you.

Once you start building your credit, you will easily be able to move on to prime cards. But you have to start somewhere to get to the primes.

I would never recommend getting a Cap One card. While Cap One can also be a subprime, the major reason for not getting one is because they refuse to report credit limits.
When your credit limit is not reported it will lower your scores because it will look like you are over utilizating your credit.


One thing to keep in mind, as with "any" credit card offer - just because a person receives the offer does not mean a guaranteed approval.

Answer 5

For the best answers, search on this site https://shorturl.im/awDxB

Orchard bank is usually a sub-prime credit card. Most have a low credit limit and an annual fee. They aren't as bad as some other cards but still something you should be aware of. For some the credit limit is as low as a few hundred dollars. Depending on your credit and income, it could be much more.

Answer 6

I would not get involved in any off brand credit cards if I were you. I did and they generally have very low limits and high interest rates not to mention the fact that if you are late, its about a 25 dollar fee, over the limit same thing. Very very easy to get behind because when you are late or over limit they just start slapping fees on. They say those kind of credit cards are good to reestablish credit but if your not very good with credit , you can be in worse shape then you started out with. I'd avoid that and stick with Bank of America.

Answer 7

Don't get the card. That bank does not have anything good. The card probably has an annual fee.

Answer 8

Thats an interesting question and I hope you find some reasonable answers

Answer 9

Wanted to ask this question too this morning

Answer 10

I do not think that's true