09-24-2009 10:41 AM
09-24-2009 11:31 AM
09-24-2009 07:40 PM
09-24-2009 08:32 PM
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.
09-24-2009 08:45 PM
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.
09-25-2009 02:37 AM
09-26-2009 02:15 PM
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).
09-27-2009 01:43 PM
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.
09-27-2009 01:59 PM
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!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO