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Does Orchard Bank secured card have a maximum credit limit?

Established Member

Does Orchard Bank secured card have a maximum credit limit?

I have a question for Orchard Bank secure card users.  I know the minimum credit limit is $200 but is there a maximum?   Do you know if they will open a $10,000 credit limit if I send in a check for $10,000?   Anyone have any experience with this? It seems like all of the secured cards are capped at $5,000 limits.   Does Orchard Bank cap the limit?

 

Also, has anyone ever cancelled an account with them?  If so, how long did it take to get your security deposit back?

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Established Contributor

Re: Does Orchard Bank secured card have a maximum credit limit?

The straight HSBC secured card has a max of 30k, not sure about orchard.  BofA also allows 20/25k I think - Cant remember
Message 2 of 4
Moderator Emeritus

Re: Does Orchard Bank secured card have a maximum credit limit?


prioritybubble wrote:

I have a question for Orchard Bank secure card users.  I know the minimum credit limit is $200 but is there a maximum?   Do you know if they will open a $10,000 credit limit if I send in a check for $10,000?   Anyone have any experience with this? It seems like all of the secured cards are capped at $5,000 limits.   Does Orchard Bank cap the limit?

 

Also, has anyone ever cancelled an account with them?  If so, how long did it take to get your security deposit back?


Orchard secured (actually partially secured at $500/$600) was one of my first CCs. I tried and failed for a BofA secured and was looking to throw at least a thousand at a secured card somewhere. I remember calling them then and asking about increasing the CL. Their reply was that $500 was the max. That was 2 yrs ago and things may have changed since.

 

Ironically, I closed them last week. It served its purpose. Seems like the CSR said it would take about 4 weeks, but I've read other posts and the time stretched for them beyond 6 weeks. We'll see.

 

 

Message 3 of 4
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Established Member

Re: Does Orchard Bank secured card have a maximum credit limit?

I just applied for the OB secured card. How do you know if you are approved. When I check my status online it says they are "unable to finalize my application." When I call the 1-800 number I get an automated message saying my app has been received and tells me how many days it takes to process. This morning, I noticed the deposit had been taken out of my checking account.

 

I've tried to call and speak with someone to see if a decision has been made, but they keep referring me to the website and the 1-800 number. Any advice to this?

 

Thanks!

sleepyhead

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