topic Re: Orchard Bank CC pet peeve in Credit Cards

Orchard Bank CC pet peeve

Anonymous — Tue, 07 Jul 2009 20:32:43 GMT

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.

Re: Orchard Bank CC pet peeve

xkaosx — Tue, 07 Jul 2009 20:37:42 GMT

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.

Re: Orchard Bank CC pet peeve

Anonymous — Tue, 07 Jul 2009 20:47:40 GMT

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.

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 01:13:08 GMT

@Anonymous 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.

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 01:58:01 GMT

@Underh20 wrote:
@Anonymous 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!

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 02:13:39 GMT

@Anonymous wrote:
@Underh20 wrote:
@Anonymous 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

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 02:11:09 GMT

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.

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 02:26:47 GMT

@Anonymous 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.

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 02:41:51 GMT

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

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 02:58:00 GMT

@Anonymous 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.

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

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 03:09:18 GMT

Nice, timely articles you cite. Too bad every one of the links is broken.

If you want to cite broken links to two and one half year old articles pertaining mainly to mortgage lending practices to bolster some argument you are trying to make pertaining to CC issuance you'll have to excuse me for failing to be impressed.

Message Edited by creditwherecreditisdue on 07-07-2009 11:09 PM

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 03:17:37 GMT

@Anonymous wrote:
Nice, timely articles you cite. Too bad every one of the links is broken.

Copy and paste from the Google searchh results probably wasn't a good idea, but here are some fool-proof steps most people should be able to follow:

1. Surf on over to Google;

2. Type in "HSBC subprime lender" without the quotes

===

Citi, HSBC among biggest subprime loan originators

http://business.rediff.com/report/2009/may/11/bcrisis-citi-hsbc-among-biggest-subprime-loan-originators.htm

HSBC's Subprime Iceberg Part Deux

http://seekingalpha.com/article/54495-hsbc-s-subprime-iceberg-part-deux

Decision One Not The Source of HSBC Subprime Problem

http://mortgageblues.us/news/194

HSBC Consumer Lending is largest subprime lender in America

http://householdwatch.com/monitor/news/hsbc-consumer-lending-is-largest-subprime-lender-in-america

Countrywide, Citi, HSBC, AIG among top subprime lenders: study news

http://www.domain-b.com/finance/banks/20090511_subprime_lenders.html

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article1361758.ece

http://www.businessweek.com/investor/content/feb2007/pi20070214_954191.htm

http://www.financegates.com/news/banking/2005-04-28/spitzer280422.html

Have you finished comparing the other cards in your portfolio to your HSBC card yet?

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 03:19:33 GMT

Oh yeah - one other point while we are at it. Why do I push my payment to my Citi card from my bank account rather that pull it from the citicards site? I have to do it because Citi will not allow you to pay an unbilled amount through their website! Is it damned inconvenient? Yes! Does it make Citi subprime? I don't think so. Oh, wait,,, one of the articles you site on the other end of one of those broken links extolls some glop about Citi being subprime. Or is that their mortgage business?

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 03:27:57 GMT

@Anonymous wrote:
Nice, timely articles you cite. Too bad every one of the links is broken.

If you want to cite broken links to two and one half year old articles pertaining mainly to mortgage lending practices to bolster some argument you are trying to make pertaining to CC issuance you'll have to excuse me for failing to be impressed.
Message Edited by creditwherecreditisdue on 07-07-2009 11:09 PM

So you want us to believe that HSBC went from subprime to prime in two years? How about throwing in a story about how Snow White and The Seven Dwarves shoudl really be Snow White and The Eleven Dwarves, too.

I can understand how some people feel personally offended by having their credit card issuing bank deemed subprime, but having a subprime card doesn't mean that the cardholder is subprime so there's no need to feel defensive.

How much longer will it take you to compare your HSBC card with the other prime cards in your portfolio?

Re: Orchard Bank CC pet peeve

Anonymous — Wed, 08 Jul 2009 03:32:10 GMT

Only one of your citations references information that pertains to CC's. And that one is not a reference source, It is the site of another axe grinder.

1) I am not here to perfect your research for you.

2) I had you perfect your own mis-cited items for the benefit of the many others who will pass thru here and might take your out-of-context cites at face value.

Message Edited by creditwherecreditisdue on 07-07-2009 11:32 PM

Re: Orchard Bank CC pet peeve

Underh20 — Wed, 08 Jul 2009 03:32:09 GMT

@Anonymous wrote:
Oh yeah - one other point while we are at it. Why do I push my payment to my Citi card from my bank account rather that pull it from the citicards site? I have to do it because Citi will not allow you to pay an unbilled amount through their website! Is it damned inconvenient? Yes! Does it make Citi subprime? I don't think so. Oh, wait,,, one of the articles you site on the other end of one of those broken links extolls some glop about Citi being subprime. Or is that their mortgage business?

A lot of banks have that feature, not only subprime credit card lenders like HSBC.

Trick: If you have a savings or checking account at the same institution you can transfer $ from your account to your credit card account in many cases.

In any event, you must be confused. There is not only one single indicator that defines a card is subprime rather than a combination of items.

When will you compare your HSBC card with the others in your portfolio?

Re: Orchard Bank CC pet peeve

haulingthescoreup — Wed, 08 Jul 2009 03:33:48 GMT

C'mon, you two. Don't make me come down there. (To quote every mother who ever lived.)

It's not like this thread was either of yours in the first place.

Re: Orchard Bank CC pet peeve

Scamp — Wed, 08 Jul 2009 03:40:10 GMT

Okay, OP seems to have finished venting and the threadjacking by others has gone on long enough - this thread is now locked.

(ETA: HTSU's more patient than I am.)

Message Edited by Scamp on 07-07-2009 08:40 PM