We received a solicitation in the mail today to apply for a card with Orchard Bank. I am a firm believer of reading all the disclosures before and after you receive the card and before you activate and use it. Many times Consumers myself included get into trouble because we don’t read and know the company disclosures and how and what we will be charged in certain situations.

The letter reads " You're Pre-approved "

Actually it is an invitation to apply.

The Solicitation is for a MasterCard with a Credit Line of up to $1000.00.

The odds of someone getting $1000.00 right off the bat?
Let's see what it says:

"Pre-Approved" means that you have been specially selected to receive this offer of credit from us.( How thoughtful of them)it goes on to say that certain creditworthiness criteria that they have established in connection with the offer must be met or verified before credit will actually be extended.(No mention of what the criteria actually is)
although your credit line will be based on Income and other factors bearing on your current creditworthiness will be considered.

Now the Real Deal upon approval your credit line will be at
least $300.00.

On approval the Annual Fee of $79.00 will be charged to your Card. Now we are down to $221.00 available credit when you receive your card and a balance of $79.00 on your first bill. Now In the interest of being objective you may not mind this, if you know it going in.

It is disclosed in the offer letter. The actual fee is on the back of the letter in very fine print along with the $19.00 one time processing fee that must be sent in along with your application.

(Truthfully this is lower than some which I have seen be up to $49.95 and Cross Country Bank's is $100.00) sending payment with the application is the method I recommend. If you are not approved your money will be refunded according to the disclosure (Refer to my epinion on Cross Country Bank)

Here's where things get hazy again:

If you request and are approved for a credit line increase a fee of as much as get this 50%of the increase may be charged.(Based on your creditworthiness)

It also says that this finance charge may increase your APR which will at minimum be $18.9%

Other fee's

We have discussed the Annual $79.00.You agree to pay this fee each year your account is open or closed with a balance. It is refundable if you do not use this card and close your account within the first 30 days after opening it.

Late Fee-$29.00
Overlimit- $29.00
Returned Payment-ie Bounced check-$29.00

Monthly Maintence Finance Charge- You agree to pay a this fee each billing cycle
that your account is closed but has a debit balance.This also may increase your APR.


In Case of billing Errors Address
Bankcard Services
P.O. Box 19360
Portland Or 97280-0360

Call 1-800-494-7664 to Apply

Websites
www.OrchardBank.com
www.orchardapply.com


Additional Terms & Conditions
By signing and using the card you agree to be bound by the Terms and Conditions of the Cardholder Agreement.

I have said this before and will again There are better cards to be had. Don't sign yourself into a bad situation! Hope this has been helpful!












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