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The Orchard Bank Silver MasterCard®, issued by
HSBC Bank Nevada, N.A., is designed for those with an average or a limited
credit history who do not wish to secure a credit card account with a
deposit, as this is often the case with a secured card.
Although the card can help those with a limited credit history build towards
a positive and solid credit history (assuming payments are made on time), it
does have several costly factors that should be considered before applying.
The interest rate is reasonable for this type of card, but it can still be
costly for anyone planning on carrying a large balance. There is an annual
fee of $49, which is about average for this type of credit card. There is
also an application fee of $49. In total, the cardholder can expect to pay
$98 in the first year.
This card also offers common cardholder benefits such as emergency card
replacement, lost and stolen card reporting, and no liability for
unauthorized transactions.
Therefore, those who can afford to pay in full each month (to avoid finance
charges) and plan to use the card to help build a positive credit history
will benefit most from what the Orchard Bank Silver MasterCard® has to
offer.
Review Date: May 1st, 2007 |
