Need to Build Credit?

Secured Credit Card

Orchard Bank Credit Card

Secured cards are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have experienced past credit problems. Orchard Bank secured credit cards look and work just like any other credit card. The only difference is that a savings account must be established to open a secured credit card account. The savings account serves as collateral for the secured credit card. Only you and Orchard Bank MasterCard will know that the card is secured.

With an Orchard Bank secured card, you can set your own credit line! The minimum deposit required is $200, with a maximum deposit of $15,000. Upon approval, you are guaranteed a credit line equal to 100% of your deposit.

Even if you have no credit, or your credit history is less than perfect, you have an excellent opportunity to be approved for an Orchard Bank secured card.

With our Credit Card Selector, you supply the information required to apply for a credit card. We then provide a recommendation for a credit card that best fits your needs before you continue with the application process. Once you've reviewed our recommendation, you can then choose to apply for your custom fit credit card. It may be a secured credit card or an unsecured credit card, depending on your credit.

• Set your own credit limit starting at $200, all online
• The perfect card to start building or rebuild your credit
• Reporting monthly to all major credit bureaus
• Your choice of payment due dates to fit your schedule
• Free standard bill pay and online account management tools
• E-alerts to your email or cell phone to remind you when a payment is due

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Secured Credit Card Scams

Ads like this may appeal to you if you have a poor credit history or no credit at all. Beware: while secured credit cards can be an effective way to build or re-establish your credit history, some marketers of secured cards make deceptive advertising claims to entice you to respond to their ads. 

Secured vs. Unsecured Cards 
Secured and unsecured cards can be used to pay for goods and services. However, a secured card requires you to open and maintain a savings account as security for your line of credit; an unsecured card does not. 

The required savings deposit for a secured card may range from a few hundred to several thousand dollars. Your credit line is a percentage of your deposit, typically 50 to 100 percent. Usually, a bank will pay interest on your deposit. In addition,you also may have to pay application and processing fees -- sometimes totaling hundreds of dollars. Before you apply, be sure to ask what the total fees are and whether they will be refunded if you're denied a card. Typically, a secured card requires an annual fee and has a higher interest rate than an unsecured card. 

Deceptive Ads and Scams 
The Federal Trade Commission (FTC) has taken action against companies that deceptively advertise major credit cards through television, newspapers, and postcards. The ads may offer unsecured credit cards, secured credit cards, or not specify a card type. The ads usually lead you to believe you can get a card simply by calling the number listed. Sometimes the number is not toll-free. A '900' number service, for which you are billed just for making the call, may instruct you to give your name and address to receive a credit application, or give you a list of banks offering secured cards. It also may tell you to call another '900' number -- at an additional charge -- for more information. 

Deceptive ads often leave out important information. 

• The cost of the '900' call -- which can range from $2 to $50 or more; 
• The required security deposit, application, and processing fees; 
• Eligibility requirements like income or age; 

An annual fee or the fact that the secured card has a higher than average interest rate on any balance. 

How to Avoid the Scam 
To avoid being victimized, look for the following signs: 

• Offers of easy credit. No one can guarantee to get you credit. Before deciding whether to give you a credit card, legitimate credit providers examine your credit report. 
• A call to a '900' number for a credit card. You pay for calls with a '900' prefix -- and you may never receive a credit card. 
• Credit cards offered by "credit repair" companies or "credit clinics." These businesses also may offer to clean-up your credit history for a fee. However, you can correct genuine mistakes or outdated information yourself by contacting credit bureaus directly. Remember that only time and good credit habits will restore your credit worthiness. 

Credit Reporting 
If you're considering a secured card as a way to build or re-establish a credit record, make sure the issuer reports to a credit bureau. Your credit history is maintained by companies called credit bureaus; they collect information reported to them by banks, mortgage companies, department stores, and other creditors. If your card issuer doesn't report to a bureau, the card won't help you build a credit history. 

For More Information 

• To build a credit record, you may want to apply for a charge card or a small loan at a local store or lending institution. Ask if the creditor reports transactions to a credit bureau. If they do -- and if you pay back your debts regularly -- you will build a good credit history. 

If you cannot get credit on your own, you can ask a relative or friend with a good credit history to act as your cosigner. The cosigner promises to repay the debt if you don't. 

• If you're having problems paying bills, you may want to contact a credit counseling service. Non-profit organizations in every state counsel consumers who are in debt. Counselors try to arrange a repayment plan that is acceptable to you and your creditors. They also can help you set up a realistic budget. These counseling services are offered at little or no cost to consumers. You can find the office nearest you by checking the White Pages of your telephone directory. 

Sometimes, non-profit counseling programs are operated by universities, military bases, credit unions, and housing authorities. They are likely to charge little or nothing for their services. Or you can check with your local bank or consumer protection office to see if it has a list of reputable low-cost financial counseling services. 

This information was provided by the FTC.