Digital News Report – Credit cards have been very difficult to acquire during the recession, despite the need customers have to rent cars, hotel rooms and make online purchases.
The Orchard Bank Classic MasterCard® is great for rebuilding credit. The card is designed for customers with bad credit or no credit. With on time payments the cardholder’s credit can improve. Orchard bank repots payments to the three reporting agencies on a monthly basis.
The customer’s credit history will reflect the punctual payments. “Over the years, millions of people have used this group of cards to build their credit history,” the bank said in a statement.
Revolving credit is declining, according to data provided by the Federal Reserve. In September commercial banks held $611.9 billion in revolving debt. In August there was $620.4 billion in revolving credit. That is the third straight month of declines.
If customers have trouble remembering their due date, the bank says they can send out an email reminder.
Secured credit cards do require a deposit. Unlike debit or pre-paid cards, the money is not removed from the account until the payments are delinquent.
The card is accepted at millions of locations worldwide.
By Tina Brown