Digital News Report – Economists believe that if the economy continues to improve, banks will begin issuing more credit cards this year.
In a recent survey, researchers found that approximately 29% of Americans do not have a credit card. In 2009 only 10% reported not having a credit card.
Despite the lack or card ownership, credit cards are needed to rent cars, reserve hotel rooms and make some online purchases. Since the recession began, the average TransUnion credit score has fallen. Combine that with stricter standards, credit cards have been more difficult to acquire.
The Orchard Bank Classic MasterCard is an excellent option for people with a poor or even bad credit history.
Because Orchard Bank reports all payments to the three major credit bureaus, on-time payments can improve a credit score. To make things easy, they can send an email reminder to customers before a payment is due.
Their interest rate is variable between 7.90% and 19.90%. Their final rate is dependent on the cardholder’s creditworthiness. There is an annual fee of $59 for the first year. After the first year the fee is between $35 and $59, again depending on the cardholder’s creditworthiness.
Orchard Bank tells Digital News Report that even people with no credit history can get this card. It is a great option for students and young people.
By Tina Brown