Orchard Bank Credit Card Review

  • 6 min read

Are you looking for a credit card because you need to establish or repair your credit? This has traditionally been the role that a line of credit from Orchard Bank has been able to fulfill for millions of customers! If you’ve already got an Orchard Bank credit card in your possession, then there is a good chance that you’ve recently received a letter or an e-mail telling you that your account has been transitioned to Capital One.

If you are looking for a new Orchard Bank credit card, however, you’ll need to look at the secured credit options that are available through Capital One for approval. Let’s take a look below at what your options happen to be!

The Guaranteed Secured MasterCard: If you have no credit history and other lenders aren’t willing to give you a chance with an unsecured line of credit, then this credit card could be right for you. It is specifically designed to help you establish a good credit history, but in order to do so, a security deposit of at least $75 is required to get this line of credit. You can’t already have an Orchard Bank credit card or a Capital One card to receive this offer or have applied for a new account within the last 45 days in order to qualify. In return, you’ll receive a fixed APR of 19.8%, which is highly competitive, and an annual fee of $59 applies to the account.

The Low Rate Guaranteed MasterCard: If your credit is on life support right now, but you don’t want to pay an APR that is approaching 30%, then this credit card option from Capital One can help to give you the tools that an Orchard Bank card would have in the past. There is a $79 annual fee associated with this card, but in return you’ll get a 14.9% APR that is fixed for transfers and purchases. A 19.8% annualized rate is placed on cash advances. You’ll be able to qualify for this card if you’ve managed to avoid defaulting on one of your existing lines of credit.

Vibe MasterCard: If you’re a student, then you may be able to qualify for the Vibe card instead of one of the above options. It acts in a similar way to these other lines of credit because it helps you to establish your credit and it may require a security deposit of at least $75 for you to open your account, but it also gives you tools for success. You’ll get reminders to make sure you remember to pay your bill on time and when your account is in good standing, you’ll get up to 1% returned to you in cash back.

Which Credit Card Is Right For You?
Even though Orchard Bank has fallen under the umbrella of Capital One, you still have access to a similar set of products that can help you to restore, establish, or refresh your credit history. Apply today to start getting the financial benefits that you deserve!

One of the best options for people who have poor credit has always been the Orchard Bank credit card. With very fair interest rates and minimal fees, it has always been a great option to help people either establish a credit history or repair one that has seen better days. Unfortunately there are no new Orchard Bank credit card applications being accepted at this time. That is because all credit accounts with this provider have been transitioned to Capital One.

If you are looking for a good poor credit option that is similar to what Orchard Bank used to provide, then here is the new option that is available to you through the new Capital One branded Orchard Bank credit card.

Get the Capital One Secured Credit Card

You may be quite surprised to find out that the annual fee or the Capital One secured credit card is just $29. This is actually $6 cheaper than what the Orchard Bank credit card used to provide. This makes it one of the most affordable secured credit cards in the industry today.

Unlike other credit cards, this option from Capital One doesn’t always require you to put down a full deposit. Instead of having to pay a $300 deposit to get a $300 credit limit, this Orchard Bank credit card alternative may ask for a deposit as low as $49. At your discretion, you can increase the amount of money you deposit when approved for this card up to $3,000.

It is important to remember that this type of credit card is only a temporary solution. The Capital One secured credit card can transition to an unsecured account with consistent on-time payments. You may also wish to consider closing this account to have your deposit refunded if you can improve your credit score enough.

Why Was the Orchard Bank Credit Card So Good?

The reason why the Orchard Bank credit card was often the #1 recommended poor credit option for people was its incredibly low interest rates. The APR on the old card was just 7.99%. Compare that to the Capital One secured credit card of today that has 22.9% APR and the world has become less forgiving for those with lower credit scores. This Orchard Bank credit card alternative still is very competitive with secured credit card interest rates today, but it is nowhere near what they used to be.

An additional advantage with Capital One is their free credit tracker. You can periodically check your credit scores once per month without payment or penalty with your online account. By tracking changes, either positive or negative, you can begin to fix your financial habits that required you to have a secured credit card in the first place.

It is unfortunate that the Orchard Bank credit card no longer exists. If you are thinking that a secured credit card is right for you, then be sure to check out the full terms and conditions of this option from Capital One to see if it could be the viable solution you need.


Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.