The Orchard Bank MasterCard Secured is a wonderful option for people who have damaged credit who are interested in improving their scores. The way the secured card works is that applicants agree to open an FDIC secured bank account with a minimum deposit that will become their credit limit. The Orchard Bank card offers a way for people to either build credit or repair their damaged credit through appropriate channels.

Credit Check
Anybody with bad credit knows that a credit check will reveal their poor score and they will be denied credit. This has happened to so many people with damaged credit on so many occasions that it is no surprise these folks are gun shy when it comes to applying for a credit card, even a secured one. The good news with the Orchard Bank MasterCard Secured is that there is no credit check required. That is correct; no credit check will be performed to qualify for this card. You will qualify on your own merit as long as you provide a correct address, social security number, and deposit to secure the card.

Credit Limit
The minimum credit limit for this credit card is $200. The deposit you choose to make will secure your credit card limit in the same amount. This allows cardholders to determine their own credit limits and puts them in control of their limits.

Credit Reporting
Orchard Bank will report to all three credit bureaus. This is really good news for those with bad credit looking to improve their credit. This should also be taken very seriously because any mismanagement of the card or making late payments could backfire and have the opposite affect you were hoping for. So, if you are going to apply for this secured card be prepared to be responsible and work on increasing your credit score.

APR
The Variable Purchase APR is 7.9% and the Default APR is 29.49%. Those who manage their credit responsibly will benefit from this ultra low APR and will be able to pay more on their balance than to interest. The default rate is considerably higher and as a result it is highly recommended that cardholders pay their bills on time and manage their credit wisely to avoid the default rate.

Annual Fee
The annual fee for the Orchard Bank secured card is waived the first year. It is $35 each additional year after that. The annual fee is actually quite affordable and there are many other traditional cards charging significantly higher annual fees.

Online Application
Individuals interested in this particular secured credit card may apply online at any time through a secure server.