 |
  |
|
|
|
|
Orchard Bank Classic MasterCard® Review
Issued by HSBC Bank
  
|
Overall Rating:
Benefit Rating:
|
|
The Tribute® MasterCard® Gold Card, issued by First Bank of Delaware, is designed for those who only require the basic functions of a credit card, but would like to have their account reported to the credit bureaus.
The card offers high interest rates, and all of the variable interest rates have minimum caps. This simply means that no matter how low the Prime Rate drops, the interest rates on the account will not go below the stated minimum caps. In addition, the APRs for all transactions are tied to the highest Prime Rate during a 90-day period. Therefore, due to this policy, the APRs may never reach the lowest possible interest rates.
Cardholders will be issued either the $300 card or the $70 card after a review of their credit history.
The annual fee for the $300 card is $150. There is also a monthly maintenance fee of $9.95 that applies to this card, which amounts to $119.40 per year. The total amount of standard fees (not including penalty or default fees) is slightly above $269 for the first year.
While the $70 card does not have an annual fee, it does require a one-time $20 account opening fee. An account maintenance fee of $19 per month will be billed to the cardholder's account. Over the course of one year, this fee will total $228.
The best feature that both cards have is that cardholder's account activity can be reported to the credit bureaus, which may be worth the additional fees.
Therefore, those who can afford to pay in full each month in order to avoid high finance charges, do not mind paying the various fees associated with the card, and have a limited credit history will benefit most from the Tribute® MasterCard® Gold Card.
The card offers high interest rates, and all of the variable interest rates have minimum caps. This simply means that no matter how low the Prime Rate drops, the interest rates on the account will not go below the stated minimum caps. In addition, the APRs for all transactions are tied to the highest Prime Rate during a 90-day period. Therefore, due to this policy, the APRs may never reach the lowest possible interest rates.
Cardholders will be issued either the $300 card or the $70 card after a review of their credit history.
The annual fee for the $300 card is $150. There is also a monthly maintenance fee of $9.95 that applies to this card, which amounts to $119.40 per year. The total amount of standard fees (not including penalty or default fees) is slightly above $269 for the first year.
While the $70 card does not have an annual fee, it does require a one-time $20 account opening fee. An account maintenance fee of $19 per month will be billed to the cardholder's account. Over the course of one year, this fee will total $228.
The best feature that both cards have is that cardholder's account activity can be reported to the credit bureaus, which may be worth the additional fees.
Therefore, those who can afford to pay in full each month in order to avoid high finance charges, do not mind paying the various fees associated with the card, and have a limited credit history will benefit most from the Tribute® MasterCard® Gold Card.
Review Date: September 03, 2008
Note: The review on this card was updated on September 03, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
| Credit Card Rate Details | |
Intro Rate (Intro APR):
|
0% APR for 6 Months |
|
Intro Applied Towards:
|
Purchases |
|
Purchase APR:
|
24.50%* (Variable) The APR for purchases is based on the Prime Rate. |
|
Cash APR:
|
30.50%* (Variable) The APR for cash advances is based on the Prime Rate. There is a minimum APR on cash advances. |
|
Finance Configuration:
|
Average Daily Balance (including new purchases) |
| Credit Card Fee Details | |
|
Annual Fee:
|
$49 |
|
Additional Cardholders:
|
$0 |
|
Grace Period:
|
25 Days |
|
Late Payment Fee:
|
$30 on balances up to $1,000; $35 on balances over $1,000 |
|
Over the Limit Fee:
|
$30 |
|
Cash Advance Fee:
|
5%, $10 minimum |
|
Application Fee:
|
$49 |
|
Participation Fee:
|
$0 |
|
Total First Year Fees:
|
$98 |
| Features | |
|
Most Attractive Feature(s):
|
|
| Reports to credit bureaus. | |
|
Least Attractive Feature(s):
|
|
| Minimum APR caps for all transactions; annual fee; monthly maintenance fee. | |
|
Additional Features:
|
|
| See website for additional benefits. | |
|
Important Notations
|
|
| See website for complete terms and conditions of card usage and application disclosure. | |
