Introduction
Sometimes we encounter situations in life that lead us to undesirable credit. Regardless of the circumstances, it is important to rebuild credit by carefully and responsibly maintaining a new credit card. Unfortunately, individuals whose credit must be reestablished are not often eligible for the most delectable cards. Thankfully there are a variety of cards with various terms and fees to choose from. One such credit card is the Orchard Bank Low APR MasterCard.
The Orchard Bank Low APR MasterCard is a great card for individuals with bad credit. It offers impressive features including choosing your own payment due date and low APR, all with the buying power of a MasterCard. Even so, it is important to carefully review the fees and APR information below. This useful information can then be compared to other credit card choices you may be considering, since not all companies offer the same structure and rates.
Initial Fees
Orchard Bank Low APR MasterCard charges a potential initial $49.00 fee for the first year for individuals with poor credit. Exact fees are not disclosed until the application process is completed and the card you qualify for is determined. The breakdown of the possible charge is as follows:
•Account Set-up Fee: $0-$49.00 (one-time fee)
•Annual Fee: $60.00-$96.00 (waived the first year!)
An important factor to consider is that these fees are deducted from your available credit and are due immediately upon your first billing statement. This means that if you qualify for a $300.00 limit, your initial available credit will only be $251.00 and your statement balance will be $49.00 plus any additional credit you use during that billing cycle.
Additional Fees
In addition to the initial Orchard Bank Low APR MasterCard credit card fees that are required for establishing your new account, there are extra fees to be considered. While these fees are not disclosed until the application process is completed and the card you qualify for is determined, it is likely that they will include:
•Fee for late payment: typically $29.00
•Over limit fee: typically $29.00
As seen from the list above, most of these additional fees are conditional. In other words, these charges may or may not apply to you and your account, depending upon your circumstances and how you use the credit card. Also, fees may be added or removed at the leisure of the credit card company, and based on your specific card and credit history.
The APR
Orchard Bank Low APR MasterCard’s starting APR is 7.9% or 8.9% but can be increased up to 29.49%. Immediate increases in APR will incur if any default is made on the account. A default is a missed or late payment or exceeding the credit limit, which results in an APR penalty. The APR penalty may be removed and the initial APR may be restored if your account remains default-free for three consecutive months.
Conclusion
This concludes the summary of Orchard Bank Low APR MasterCard. These facts are meant to provide you with valuable information that you can use to obtain a new card that works for you. By understanding these basic details, you are unlikely to be caught off guard or surprised with any miscellaneous charges or high APR rates.
We have made every effort to ensure that the information here is accurate and up to date, however since these things keep changing, we encourage you to check the source of the full terms and disclosures. The fine print is not really all that hard to read!
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