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Regular Contributor
scorerise
Posts: 150
Registered: ‎05-26-2009
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Orchard Bank CC pet peeve

Online payments will not post until the next business day (unless you PAY for a rush payment). If you make it after 3PM, it will be the 2nd business day.

 

But when I make a purchase, the pending charge shows up within an hour.

 

I can't wait until I don't need this card anymore.

Regular Contributor
xkaosx
Posts: 127
Registered: ‎05-13-2008
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Re: Orchard Bank CC pet peeve

2 totally different processes. 

 

You really shouldnt wait the day before a bill is due to try to pay it online.

I would pay it at least 1-2 weeks before its due.

 

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Regular Contributor
scorerise
Posts: 150
Registered: ‎05-26-2009
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Re: Orchard Bank CC pet peeve

The point being that every other cc I have posts payments same day if paid before 5. Orchard wants to CHARGE for the ability.

 

Yes, I am fully aware of how it posts and pay it early. This is my little vent.

Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: Orchard Bank CC pet peeve


scorerise wrote:

The point being that every other cc I have posts payments same day if paid before 5. Orchard wants to CHARGE for the ability.

 

Yes, I am fully aware of how it posts and pay it early. This is my little vent.


 

And this is exactly why -- amongst other reasons -- Orchard is considered subprime.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Orchard Bank CC pet peeve


Underh20 wrote:

scorerise wrote:

The point being that every other cc I have posts payments same day if paid before 5. Orchard wants to CHARGE for the ability.

 

Yes, I am fully aware of how it posts and pay it early. This is my little vent.


 

And this is exactly why -- amongst other reasons -- Orchard is considered subprime.

 

Nonsesnse! I have a non-Orchard HSBC card and it costs money to post a payment the same day it is made and the same held true for WaMu cards while they existed. Just figure out what the program is and then work with it. All you have to do is schedule the pament a day in advance - you don't have to make it a day in advance!
Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: Orchard Bank CC pet peeve

[ Edited ]

creditwherecreditisdue wrote:

Underh20 wrote:

scorerise wrote:

The point being that every other cc I have posts payments same day if paid before 5. Orchard wants to CHARGE for the ability.

 

Yes, I am fully aware of how it posts and pay it early. This is my little vent.


 

And this is exactly why -- amongst other reasons -- Orchard is considered subprime.

 

Nonsesnse! I have a non-Orchard HSBC card and it costs money to post a payment the same day it is made and the same held true for WaMu cards while they existed. Just figure out what the program is and then work with it. All you have to do is schedule the pament a day in advance - you don't have to make it a day in advance!

 

Whether other banks do the same or not, the fact remains Orchard is subprime, period.  And so is, by the way, the vast majority of HSBC cards in general -- now more than ever. 

 

When you are dealing with subprime lenders such as HSBC, Orchard, Household or any of the other myriad oless than savory credit card companies, the best thing to do is just suck it up and stick it out until your subprime products have served their purpose and then you can shred them.  Meanwhile, you have to sleep with one eye open to avoid their fee traps.

 

 

Message Edited by Underh20 on 07-07-2009 07:13 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Orchard Bank CC pet peeve

This was recently hashed over in another thread. Not all Orchard bank cards are subprime and certainly not all HSBC cards. You may not like dealing with them (if you actually do), but lets try to stick to the meat of the subject. Be specific when you rail against them. There are plenty of legitimate reasons to do so.
Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: Orchard Bank CC pet peeve


creditwherecreditisdue wrote:
This was recently hashed over in another thread. Not all Orchard bank cards are subprime and certainly not all HSBC cards. You may not like dealing with them (if you actually do), but lets try to stick to the meat of the subject. Be specific when you rail against them. There are plenty of legitimate reasons to do so.

 

There are few, if any, credit card products by HCBC, Orchard or Household that do not exhibit subprime characteristics.

 

But it's not just me ...

 

The Times (UK): "HSBC, America's biggest subprime lender ... "

 

The NY Attorney General: "NYAG probes subprime lender HSBC ... "

 

Business Week: "HSBC, the third largest subprime lender in the US ... "

 

And then there are Forbes, National Mortgage News and a multitude of others who label HSBC as subprime. 

 

Again, there are very few credit card products in the HSBC family of financial institutions in the USA that do not exhibit subprime characteristics. 

 

Banks like to spout the "Know Your Customer" spiel.  More important is "Know Your Banker."  Just because HSBC is probably THE most prestigious bank in certain parts of the world (i.e. Asia Pacific), doesn't mean you should relax and be surpirsed when you are gouged by HSBC USA or that you should expect that HSBC follows a lot of the same -- albeit few -- consumer friendly policies that the major prime lenders do.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Orchard Bank CC pet peeve

[ Edited ]

Could you kindly post links to the stories you cited above?

 

Quotations lacking attribution, are, well, you know...

Message Edited by creditwherecreditisdue on 07-07-2009 10:41 PM
Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
0

Re: Orchard Bank CC pet peeve

[ Edited ]

creditwherecreditisdue wrote:

Could you kindly post links to the stories you cited above?

 

Quotations lacking attribution, are, well, you know...

Message Edited by creditwherecreditisdue on 07-07-2009 10:41 PM

The nice thing about Google is that it is amazingly simple to operate ... for some of us.  :smileywink:

 

 

Spitzer probes subprime lenders, including HSBC and Citigroup ... - 10:08amThe office of New York Attorney General Eliot Spitzer has started an investigation into dubious lending practices by the subprime lenders.
www.financegates.com/news/banking/.../spitzer280422.html


A Sinking Sensation for Subprime Loans - 10:07am14 Feb 2007 ... Global banking giant HSBC Holdings (HBC), the third largest subprime lender in the U.S., disclosed on Feb. 7 that full-year 2006 impairment ...
www.businessweek.com/investor/.../pi20070214_954191.htm

 

Sub-prime lenders fear defaults after costly HSBC fallout - Times ...10 Feb 2007 ... Billions of dollars have been wiped from the value of America's biggest sub-prime lenders as the fallout from a profits warning by HSBC, ...
business.timesonline.co.uk/tol/business/...and.../article1361758.ece

 

domain-b.com : Countrywide, Citi, HSBC, AIG among top subprime ...Countrywide, Citi, HSBC, AIG among top subprime lenders: study news. 11 May 2009. Top 25 lenders in the US, including Countrywide, Citigroup, HSBC and AIG, ...
www.domain-b.com/.../20090511_subprime_lenders.html

 

HSBC Consumer Lending is largest subprime lender in America ...As for subprime, according to National Mortgage News, in the second quarter of 2008 HSBC Consumer Lending was the largest — #1 — subprime lender in the ...
householdwatch.com/.../hsbc-consumer-lending-is-largest-subprime-lender-in-america

 

STOCKS NEWS US-HSBC's US lending warning knocks subprime lenders ...8 Feb 2007 ...

Stocks on the move [HOT-RTRS] Real-time Equity news [UE] [RESF/US] US stock market report [.N] 1039 ET 07Feb2007 - HSBC's US lending warning ...
uk.reuters.com/article/idUKN0823551420070208

 

Citi, HSBC among biggest subprime loan originators: Rediff Money11 May 2009 ... At the ninth spot, HSBC Finance Corp/HSBC Holdings Plc had raised ... Going by the study, at least 21 of the top 25 subprime lenders were ...
business.rediff.com/.../bcrisis-citi-hsbc-among-biggest-subprime-loan-originators.htm

 

=====

 

Or just look at your own credit card portfolio.  If you see no major differences between your HSBC credit card product and your prime lender credit card products, then the problem is probably more with your portfolio.

 

I see big overall differences in credit limits, APRs, billpay features, annual fees, online account management and features, customer service hotline hours of operation, credit scores necessary for application approval, rewards functions & limitations, CLIs and CLDs.  Although you cannot just use one of these factors, taken as a whole there should be little doubt ... not only are Orchard and Household subprime, so is -- for the most part -- HSBC in general.

Message Edited by Underh20 on 07-07-2009 07:58 PM

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