cancel
Showing results for 
Search instead for 
Did you mean: 

Anyone else received a rate increase From Orchard Bank

tag
Anonymous
Not applicable

Re: Anyone else received a rate increase From Orchard Bank

Not Orchard, but my HSBC Plat APR went to 20.24%.  Stated they made the decision for the entire product type, not based on my credit.
Message 11 of 22
Anonymous
Not applicable

Re: Anyone else received a rate increase From Orchard Bank

I just got the letter this week.  My APR will be 26.99% for purchases and 28.99% for cash advances.  I use the card just for my scorewatch and PIF so I don't really care. 
Message 12 of 22
LisaPA
Regular Contributor

Re: Anyone else received a rate increase From Orchard Bank

I got the letter today. My effective rate will go to 19.99%, but I was planning to close it next month anyway. Now I have another excuse! $300 limit and opened the same month as my Cap1, so closing it won't affect my age and losing $300 isn't exactly going to wipe out my utilization.
Message 13 of 22
Uncle_Money
Established Contributor

Re: Anyone else received a rate increase From Orchard Bank

Mine has been high all along. Are ya'll ready? How does 29.49% strike you!

 

They are CROOKS. Plain and simple. Legalized loansharks. The ONLY reason I hold this card is due to the history I have with it since 1/2005. I zeroed out the balance and in the sock drawer it stays. Household is good if they're all you can get. Other than that, avoid it.

 

- UM

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 14 of 22
creditwherecreditisdue
Senior Contributor

Re: Anyone else received a rate increase From Orchard Bank


@Anonymous wrote:

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.


I just got the notice on my Direct Merchants Bank "legacy" card and it is going from 27.99% with a cap to 27.99% without a cap. Big deal. I also have been granted a promo APR rate for purchases, which will be up for renegotiation 01OCT. For the last six months it has been 6.99%F. They do not and have not (ever) had any problem with my DMB card.

Message 15 of 22
guiness56
Epic Contributor

Re: Anyone else received a rate increase From Orchard Bank

I haven't received notification yet but still expect to. 

 

I did get notified my Macy's card was going to 32%.  I won't be using it at all.

Message 16 of 22
hawkeye33
Regular Contributor

Re: Anyone else received a rate increase From Orchard Bank

My letter finally arrived today. As mentioned in previous post, I was at 14.9%. Letter indicates my rate is going up to Prime plus 16.74% spread (for purchases). Cash is Prime plus 25.74%. That equates to the roughly 19.99% that people have been mentioning here (obviously will get higher as Prime increases).

 

Not sure what their formula is doing to determine who gets what rate. Must not be scores as txjohn indicates he has 700s, and I'm mid 600s. CL is low on Orchard card ($520).

 

Interesting... 

Message 17 of 22
creditwherecreditisdue
Senior Contributor

Re: Anyone else received a rate increase From Orchard Bank

I am pretty sure this is an across the board increase.
Message 18 of 22
Anonymous
Not applicable

Re: Anyone else received a rate increase From Orchard Bank


@Anonymous wrote:
Not Orchard, but my HSBC Plat APR went to 20.24%.  Stated they made the decision for the entire product type, not based on my credit.

The other foot came down yesterday for my only other HSBC product. Letter came yesterday asvising my Direct Merchants Bank DIscover (an HSBC product) APR will be increased to 24.99% effective 12/5/09.

Message 19 of 22
creditwherecreditisdue
Senior Contributor

Re: Anyone else received a rate increase From Orchard Bank

HSBC are pretty much haters. Jacking a whole product base "just because" isn't quite right. Not like they offer you a path out of the product either. Try asking for a PC and see what happens!

Message 20 of 22
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.