05-11-2011 09:37 PM - edited 05-11-2011 09:40 PM
HSBC: Orchard Bank MC / Visa Gold
I applied for an Orchard Bank Secured Master Card card in March was approved but had to mail in information & my deposit check and this all had to be done within 30 days. Well I sent it in too late and they are returning my check to me. Boy was I disappointed when I heard this today. But then I thought maybe its for a good reason, maybe we need that money to remain in our bank. Who knows but oh well.
Tonight I got an email for an Orchard bank card, I've BEEN getting these and have been ignoring them until tonight. I applied expecting a big fat denial notice, but I got approved for a non secured Orchard Visa Gold! I have NO idea what the limit is, it didnt say..but I'm guessing its the lowest of 320.00. Notice says approved and that my card arrives in 10-14 days!
I have been online for hours trying to read up more on an HSBC Orchard Visa Gold..trying to find a list of HSBC cards but cant seem to really find one. I hear so much about HSBC and its cards but was curious if anyone knows what all they have out there under their umbrella?? I have gone to their main web page but it only list 2 cards, not really everything is listed.
05-11-2011 09:47 PM
orchard isnt that bad compared to ther rebuilder cards. I got one a couple years back, came with a limit of 300, and then i got a cli to 500 after 6 months or so. The negatives are that there is an annual fee, usually ranging from 34-79, also they hardly give limit increases.
I never got another increase even when i tried to request one.. but i still keep the card and use it once in a while, since orchard waives part of my annual fee most of the time (if they didnt i would have cancelled it by now). Its not that bad, but if you have good established credit, there are much better options out there.
05-11-2011 09:54 PM - edited 05-11-2011 09:59 PM
Thanks, yeah I'm in the re-building process and was just glad to see that just a couple months ago I only qualifed for a Secured Card and today I was given this opportunity for a non secured. I'm still in shock!
Oh, I did find on this here website MYFICO home page area a list of cards and probably found what I needed. was just curious of the difference from the VISA and MasterCard Secured and am even more exicited to see the VISA says "Good or Fair credit" and the MC secured is "limited or bad credit". So nice to know in a short time I'm moving on up! Not sure what they pull but if its FAKO's then minE are in the 600's but I know my Fico's are still low..but I have cleaned up a bunch of stuff. Thanks to MYFICO's help!
CANT BELIEVE I'M IN THE "GOOD OR FAIR" CATEGORY NOW!! YIPPEE! Hope its not all just a dream..guess I'll believe it when i see the card!
05-11-2011 10:15 PM
HSBC is a large international bank. They have branches in the US. The HSBC branded CC are currently only available to bank customers with checking accounts. I have one of their secured cards but they don't offer that to the general public at this time.
Orchard and Household Bank are both owned by HSBC. HSBC also underwrites several store credit cards, some are cobranded. Neiman Marcus, Saks Fifth Ave. Best Buy and some others.
Today, HSBC announced major cost cutting plans and is reviewing US operations. There is speculation that they may sell some or all of the credit card business.
05-12-2011 12:51 AM
That might be an absolute plus for some of us if they sold their card portfolio to another issuer/servicer. I've had my OB MC since 2003, and still stuck at 1600.00. The only reason i haven't closed it is because it's my oldest tradeline, and they waive the AF each year. Otherwise, it's served its purpose when i needed to rebuild my scores again. Maybe another bank will pick up the HSBC accounts, and start showing us some love with CLI's and rewards.
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