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Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008
0

Re: WTF is up with HSBC


Underh20 wrote:

I think the card design is pretty, just corny.  I wish they'd change to something like the Chicago skyline.


I recently converted to the Chase Emerald Card.  It is probably the most attractive card in my wallet.  Beautiful Emerald green with very well designed appointments.  However, it's value does not exceed any other card in my wallet.  They each represent a trust that has been placed in ME and for that I am grateful.  So much so that I will endeavor to repay each one in a timely way. 

 

But, if they think that the pretty green card will influence me to use it more often that the "ugly" Alliant card, they are sadly mistaken.  I have met the monster and he is ME.  As long as I realize that, the color of a card or the amount of credit one obtains will not make me rich, I will be fine.  When I begin to believe that the cards I hold or the amount of credit I command actually reflects my true value, I have just crossed a bridge that has only one end.  The other end is oblivion.

 

But that's probably way too deep for this thread.


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Underh20
Posts: 322
Registered: ‎11-15-2008
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Re: WTF is up with HSBC


Itsmeagain wrote:

Underh20 wrote:

I think the card design is pretty, just corny.  I wish they'd change to something like the Chicago skyline.


I recently converted to the Chase Emerald Card.  It is probably the most attractive card in my wallet.  Beautiful Emerald green with very well designed appointments.  However, it's value does not exceed any other card in my wallet.  They each represent a trust that has been placed in ME and for that I am grateful.  So much so that I will endeavor to repay each one in a timely way. 

 

But, if they think that the pretty green card will influence me to use it more often that the "ugly" Alliant card, they are sadly mistaken.  I have met the monster and he is ME.  As long as I realize that, the color of a card or the amount of credit one obtains will not make me rich, I will be fine.  When I begin to believe that the cards I hold or the amount of credit I command actually reflects my true value, I have just crossed a bridge that has only one end.  The other end is oblivion.

 

But that's probably way too deep for this thread.


 

That's just you.  :smileyhappy:

 

A lot of research shows that people use cards that are pretty the most.

 

I use those that have the best rewards.  :smileywink:

Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: WTF is up with HSBC

I am ashame to use publcally my Saks World Elite MC, somebody may know that it is backed by HSBC.

 

I am PROUD that no nastiness even gets to my credit report.

 

But what do I know, I am just an immigrant.

 


Itsmeagain wrote:

When I was rebuilding I proudly used my Orchard, Cap 1, Best Buy, Macys, and Hooters card to buy everything from soup to nuts.  I also listened to the posters here and learned to PIF before the statement dropped.  But I used them extensively and to the best of my knowledge, there was NO ONE who chuckled when I presented one of these cards to complete a purchase; whether it was for diapers for my grandson or for a new fishing pole for me. 

 

Now, because I have successfully followed the path to better credit,  I can present my Amex Gold Rewards Card, My Chase Emerald Card, My Discover More Card, My BoA Rewards Card or my Alliant Visa, to complete my transaction for the same items.  I wonder if they are still laughing?

 

My point is that no matter where you are in your quest to improve your credit, be PROUD of your accomplishments.  When that statement cuts and shows -0- balance, that is a victory.  When you call for a CLI and they say "Sure, how much do you want"? . . . . that is a victory.  When the phone rings and you don't worry about turning on the recorder, that is a victory.  When a nasty is removed from your credit report, that is a MAJOR victory.  And best of all, when the long time posters on this forum start telling you that you are doing the right things; it is a time to sit back, pat yourself on the back for a few minutes and enjoy the victory.  You've certainly earned it. And remember, no matter HOW the clerk may look at you while you're completeing your transaction, they are either envvious because you CAN ask for credit and have it approved; or angry because they can't.  Don't think the smirk or smile you get is anything but respect.  And that is as it should be.

 

Congratulations on your progress.


 

 

 

 

IN VINO VERITAS.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: WTF is up with HSBC


wmarat wrote:

I understand the need of so called rebuilders.

 

What I do not understand  why people voluntary agree to sign up for a card with insane fees.

 

First of all financial wisdom much more important than a few FICO points.

 

Second of all, I have recently researched CU's. A lot of them have so called rebuilder cards with no or very modest fee (but they do not call it Platinum) and APR.

 

 

Third of all, there is still option an of secured credit card (worked for me).

 

JMHO.



Lots of these folks just don't know any better. They don't realize that there are sources like the forums that can suggest better ways to improve their credit profiles, so they sign up for the fees, perhaps thinking that that's what they deserve and the best that they can expect at this point.

Some of those fee cards blow my mind --a monthly fee and an annual fee; a fee to pay online; a fee to pay within 4 days of the due date in order to make them credit the payment; on and on. Just goes to show that an uneducated consumer will always pay more.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: WTF is up with HSBC

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.

Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
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Re: WTF is up with HSBC

Which one is not subprime?

 

http://www.orchardbank.com/

 


creditwherecreditisdue wrote:

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.


 

 

IN VINO VERITAS.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: WTF is up with HSBC

:smileywink:
wmarat wrote:

Which one is not subprime?

 

http://www.orchardbank.com/

 


creditwherecreditisdue wrote:

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.


 

 


Not all the cards they issue are available to those entering thru the website. Furthermore the cards that are issued thru the website have highly variable terms (APR/AF/CL/CL cap). There is no way of knowing what you might get without doing a pre-qual or an app. It is, however, grossly unfair to blanketly state that ALL Orchard Bank products are sub-prime. Most, but not all. If you have an Orchard card or are offered an Orchard card that is sub-prime you will know it. As I previously stated for those who have recently been product changed into a OB card: read the T&C'S. Most likely nothing has changed.

 

Having said that, based on my personal experience I will never knowingly or voluntarily open another CC account with HSBC or any of their entities. They are too high maintenance/poor customer service for me to contemplate. I will, however, continue to garden that which I already have. They have managed, after years of my asking, to morph it into something I can stand. At least as long as I can have an APR promo.

 

 

Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
0

Re: WTF is up with HSBC


wmarat wrote:

Which one is not subprime?

 

http://www.orchardbank.com/

 


creditwherecreditisdue wrote:

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.


 

 


 

Some of their cards are less subprime than others.

 

I have an Orchard Bank card with a permanent 8.9% APR and no annual fee.  Only problem is that the card does not grow with you like other CCs. 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: WTF is up with HSBC


Underh20 wrote:

wmarat wrote:

Which one is not subprime?

 

http://www.orchardbank.com/

 


creditwherecreditisdue wrote:

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.


 

 


 

Some of their cards are less subprime than others.

 

I have an Orchard Bank card with a permanent 8.9% APR and no annual fee.  Only problem is that the card does not grow with you like other CCs. 


This is typical of most or all HSBC offerings. They do not like to grow CL's. Also, never forget to use an HBSC family issued card at least once every three months. If you don't they will instantly close it without recourse.

Senior Contributor
score_building
Posts: 3,530
Registered: ‎01-10-2008
0

Re: WTF is up with HSBC


creditwherecreditisdue wrote:


Underh20 wrote:


wmarat wrote:

Which one is not subprime?

 

http://www.orchardbank.com/

 


creditwherecreditisdue wrote:

Not all Orchard cards are the same. Not all Orchard cards are sub-prime.

 

Do not over generalize. Read your terms and conditions. YMMV. It is my opinion that Orchard is being allowed to broaden their base of card holders, much the same way Providian did years ago. Just because a card was issued by Providian did not neccessarily mean it was sub-prime.

 

However, all Orchard cards are issued by Orchard Bank, owned by HSBC. That is not a good thing. HSBC has a proven track record of poor customer service and customer relations in just about every regard. I have been doing business with them for 10 years and I try avoid dealing with them at all costs. Every issue with them seems to not be resolved well or at all. Except for two minor CLI on my Direct Merchants MC ($1K -> $1.5K -> $2K, the last now years ago) and a recent APR promo (temporary) to 6.9% and a permanent AF waiver they have not done much for me. I consider myself very fortunate to have gotten much of anything out of them.


 

 


 

Some of their cards are less subprime than others.

 

I have an Orchard Bank card with a permanent 8.9% APR and no annual fee.  Only problem is that the card does not grow with you like other CCs. 


This is typical of most or all HSBC offerings. They do not like to grow CL's. Also, never forget to use an HBSC family issued card at least once every three months. If you don't they will instantly close it without recourse.


all unmistakable characteristics of sub prime products. 

 

i can't think of any orchard products that don't share some or all of these features that you mention here plus some others like 'pay to play' for cli etc (that is why they are considered sub prime, granted perhaps some less so than others)

 

i honestly don't see how it is grossly unfair to depict orchard as a subprime lender generally speaking.

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