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Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

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.

Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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Frequent Contributor
lessons_learned
Posts: 312
Registered: ‎08-23-2008

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. 
Where I was 8/22/08 TU 581 EQ 554 EX 615
Where I am 7/30/09 EX 737 (FAKO) EQ 689 TU 745
Can't wait to see what my scores will be when all my accounts hit the 1 year mark!
Regular Contributor
LisaPA
Posts: 184
Registered: ‎10-26-2008

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.
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

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

Equifax Fico 785 as of 01/18/2012
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Anyone else received a rate increase From Orchard Bank


DickC 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.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

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.

Regular Contributor
hawkeye33
Posts: 248
Registered: ‎09-04-2008

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... 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Anyone else received a rate increase From Orchard Bank

I am pretty sure this is an across the board increase.
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: Anyone else received a rate increase From Orchard Bank


PurpleHaze 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.


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

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!


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