Orchard Bank

Orchard Bank credit cards have recently gone out of business, but left behind a legacy of offering some of the best deals and rates around. Offering low APR, reasonable fee charts and with no doubt it was one of the top secured cards for people with bad credit. With Orchard Bank’s departure from the credit card world the void left behind seemed irreplaceable, but when one door closes, another is opened. With that, we have no choice but to move on and look for another option that even may be of greater value than the Orchard Bank card.

We’d like to guide you to the Capital One secured credit card. CapOne recently acquired Orchard Bank and their businesses, and they’re trying hard to continue the fantastic deals they once offered. The Capital One secured is an awesome tool for building up low credit scores and \ is better than even the Orchard Bank card in several ways, such as the low cost, fair terms and account features. Even if you have a history of bankruptcy in your file or a terribly bad score, you can still qualify for credit. There are many advantages that come with the introduction of the Capital One secured card.

The Capital One Secured Card for Credit Rebuilding

The new Capital One secured card has many benefits, and some are even better than our good ole’ favorite Orchard Bank card. Here are some highlights:

First and foremost, it’s inexpensive. The yearly fee is only $29. Compared to the Orchard Bank at $35, which was considered very cheap for a secured credit card in its day. Normally, you are required to pay a security deposit before you can begin spending on it. This gives the bank a guarantee that it won’t lose money from bad debt, etc. And your limit is based on the amount you put down. Therefore, a $200 deposit would result in a $200 limit. With the Capital One, they don’t require that you put down a full deposit, yet you have the full limit to spend up to. You can pay $49, $99 or $200 to begin, based on your credit score, and you can always pay as much of an initial deposit as you want, which only increases your overall all limit. It’s really a great way to being rebuilding your credit if you have issues. Should you choose to close your account; all your deposits will be refunded.

Orchard had an incredibly low APR of only 7.99%, which for a secured credit card is almost unheard of. The Capital One’s APR is 22.99%; higher, but still reasonable for a secured card. The real use of these kinds of cards is for credit rebuilding, not growing.

One area where Capital One outshines the great rates of Orchard Bank, is online account features and tools. When you are initially approved for a Capital One secured credit card, you are automatically enrolled in Credit InForm. That’s an awesome online tool for monitoring your account status and gives you a roadmap on rebuilding your credit. Capital One accounts are linked directly to the three major credit bureaus, and positive adjustments can be made as you put in the hard work and you’re rewarded with improved scores.

We will miss Orchard Bank, no doubt. But a really great option to consider for a secured credit card is Capital One with their combination of low fees, fair APR and unbeatable account features. Happy Credit Rebuilding!