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I received a Change in terms letter stating that my credit card account APR will be raised to 19.99 percent. I called to ask why and they said it's a "company" decision and that 19.99 percent is the lowest they will be offering to anyone. I hate to say this but I got so angry that I said "That's BULLSh!T". orchard bank wouldn't get anyone to get there cards if they only offered 20.00 percent.
She said that I could OPT out and close the account, which all credit cards are saying ALL the time now because they know it hurts your credit score if you close all of these accounts. The best i can do is pay it off.
This is the second time this has happened to me. I believe cards are trying to raise their rates before the reform hits in feburary.
Yep. DW still has her Orchard cause its her oldest open TL. She got the letter yesterday.
I would hope you aren't carrying a balance on Orchard.
Mine went to 20.9% this month ($800 Limit) Fortunately it has a $0 balance and is enjoying its rightful spot at the bottom of my sock drawer
Same here....BOO!!
Luckily all Americans are all filthy rich and can easily afford our PIF's ea. month right?!!
I have 2 Orchards....MC I've had since '99, has 18.9% now going to 19.99% (not a huge jump) and Plat Visa since '95 with 14.9% increasing also to 19.99.
I've never been late on an Orchard card and now have a good portfolio of primes, so I guess this is sort of any 'across the board" rate increase for Orchard.
@rom828 wrote:I have 2 Orchards....MC I've had since '99, has 18.9% now going to 19.99% (not a huge jump) and Plat Visa since '95 with 14.9% increasing also to 19.99.
I've never been late on an Orchard card and now have a good portfolio of primes, so I guess this is sort of any 'across the board" rate increase for Orchard.
Yes, these are just across the board, "getting ready for new regulation restrictions" maneuvers.
Both DW and myself have high 700's, many primes, average CL's $15k+ and no derogs. Still got the letter going to 26.99% (I believe it was 23.99 plus prime or somthing like that).
For those who only got hit to 18 ro 19%, that's pretty interesting....I'd suggest you make sure it's not prime plus those numbers.
txjohn wrote:
For those who only got hit to 18 ro 19%, that's pretty interesting....I'd suggest you make sure it's not prime plus those numbers.
I read that ORCHARD was raising interest rates on all their cards with some starting at 14.99% going up to a high 0f 19.99% (AT TODAYS RATES) on purchases and also 28.99% on all their cards for cash advances.
If also stated that rates on other HSBC Serviced cards, particulary DIRECT MERCHANT BANK CARDS were being raised to 24.99% (Purchases) as it was the card they were having the biggest problems with.