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Anyone else received a rate increase From Orchard Bank

Valued Member

Anyone else received a rate increase From Orchard Bank

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.

 

Message 1 of 22
21 REPLIES
Senior Contributor

Re: Anyone else received a rate increase From Orchard Bank

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.  Smiley Wink

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 2 of 22
Regular Contributor

Re: Anyone else received a rate increase From Orchard Bank

Mine went to 20.9% this month Smiley Mad  ($800 Limit)  Fortunately it has a $0 balance and is enjoying its rightful spot at the bottom of my sock drawer Smiley Happy

***From ashy to classy***
Message 3 of 22
Valued Member

Re: Anyone else received a rate increase From Orchard Bank

Up to 26.99% now along with a $200 CLI to $900. PIF each month so as obnoxious as it is, it's not a huge deal for me.
Message 4 of 22
Established Contributor

Re: Anyone else received a rate increase From Orchard Bank

Same here....BOO!!Smiley Mad

 

Luckily all Americans are all filthy rich and can easily afford our PIF's ea. month right?!!


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Message 5 of 22
Established Contributor

Re: Anyone else received a rate increase From Orchard Bank

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.

FICOS: TU 732(05-16-16) EQ '08 739( 05-16-16) EX 737 (08-17-16)
Message 6 of 22
Senior Contributor

Re: Anyone else received a rate increase From Orchard Bank


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.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 7 of 22
Moderator Emerita

Re: Anyone else received a rate increase From Orchard Bank


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.

 



Excellent point! Go check your letters/ e-mails.

Current WSJ prime rate is 3.25%. If your new rate is prime + 19.99%, you need to add them. So for instance, this would actually be 23.24%.

The prime has been at this level for a good while and will probably stay there a while longer, but it's got to go back up again eventually. Unload any Orchard CC debt you have, but keep the card open and use it to buy a Slurpee once a month, if the CL is still important for your overall credit profile.
Message Edited by haulingthescoreup on 09-23-2009 05:00 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 8 of 22
Frequent Contributor

Re: Anyone else received a rate increase From Orchard Bank

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.

Message 9 of 22
Regular Contributor

Re: Anyone else received a rate increase From Orchard Bank

I have Orchard Gold MC ($520 CL), and I haven't yet received the letter. Currently at 14.9% and assuming I'll go to at least 19.9%. But like others, I PIF, so I'm not worried about the percentage. This is my second-oldest open TL (May 2008), so I'll probably keep it open. I was approved by my Credit Union (University of Iowa Community Credit Union) for $3500 CL on a rewards Visa, so as soon as that arrives in the mail, I think I'm going to close the oldest of my open TLs (Credit One $400 CL opened April 2008). I'm willing to take a small hit on score to get rid of that albatross (and the AF that comes with it)!
Message 10 of 22