Comparison Site for Great Credit Card Offers

June 13, 2005 11:46 AM

Although the card can help those with a limited credit history build towards a positive and solid credit history (assuming payments are made on time), it does have several costly factors that should be considered before applying.

The interest rate is above average (though not outrageously high for this type of card) and can be costly for anyone planning on carrying a large balance. There is an annual fee that ranges from $0 - $79, which is about average for this type of credit card. The application fee also has a range of $0 - $49 and is only charged to those who are approved for the card.

The APR for both purchases and cash advances has a minimum cap and therefore will not go below the cap rate, no matter how low the Prime Rate is decreased (the APR is based on the Prime Rate).

Therefore, those who can afford to pay in full each month (to avoid high finance charges) and plan to use the card to help build a positive credit history will benefit most from what the Orchard MasterCard® Classic has to offer.