Orchard Secured Card

[Shizume]

Hello.

I was just wondering if anyone here had any experiences with this card to share? I need to get another secured card so I’m shopping around and weighing my options. How does Orchard compare to the Capital One card? Can anyone shed a little light on things for me?

Thanks in advance!

[fontanaman]

I think the Orchard Secured Card should be a good option. I don’t have it, so I can’t really comment first hand on my experience using it, but I also considered Orchard when I was shopping for secured cards. I went with Capital One pretty much because I could apply online and get an immediate response.

Just a few pros and cons about each card:

– Orchard Pros: 7.90% APR, the annual fee is waived the first year, reputable bank. No mention about graduating your card or refunding your deposit on their site, but I have read stories about people getting their deposit back and their card graduating to unsecured.

– Orchard Cons: You have to apply by mail, minimum security deposit is $200 (which is not really bad, but higher than Capital One’s deposit).

– Capital One Pros: Online application, $49 minimum security deposit (if elegible), unsecured credit line increases (but don’t expect many), reputable bank.

– Capital One Cons: 22.90% APR, annual fee is not waived. No mention about graduating your card on their site. Your deposit will be refunded only after closing your account. People complain a lot about their card never graduating to an unsecure card.

[ambersun]

If u haven’t already, try their preapproval link, u may qualify for their unsecured card.

[ambersun]

on my phone sorry

[ambersun]

duplicate

[fontanaman]

Well there you go, they even have a pre-approval form.

[Shizume]

Thanks, everyone.

I’ll hold off on applying for any new credit cards, as I’ve been approved for an unsecured Capital One card, apparently. I don’t know what the limit is yet, I’m currently awaiting the card and additional information. I’ll post more once I get the details in hand, but needless to say that I’m pretty excited about this!!

[Author]

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