topic Re: First Premier vs. Orchard Bank in Credit Cards

First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:13:08 GMT

Which one do you guys prefer? I am reading a lot on both cards, i hear good and bad from both so not sure which one to get. what does your score have to be to even get a secured card? What were some of your scores when your were approved for a secured card? Hopefully they even approve me lol I don't know my fico score, i cannot view because it says i haven't had an open account for 6 months or more, but im so curious to know my scores, last i checked from true credit they were TU 558, Ex 535, and EQ 573, but that was before i disputed a lot of paid items and had maybe 4 or 5 deleted, so maybe its higher now who knows. If anyone has had these cards what were the fees, and which one would be the best to go with?

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:18:16 GMT

With orchard bank if you go over your CL by even one dollar they will take you to a 30% apr. But on the other hand they offer free online bill pay where as First Premier charges for online access and I think 7.00 for online payments. So if you think you can stay under your CL I would go with Orchard.

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:27:35 GMT

also with orchard i get annaul cli w/o having to ask or pay for it and no annual fee, no monthly maint. fee. if i had to choose orchard anyday.

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:36:03 GMT

how do you get the no annual fee and no monthly fee?

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:40:00 GMT

just replied to the offers they mailed me. have a visa and mc, the discover did come with an ann fee.

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 21:10:44 GMT

wow i definitely need to try orchard bank, also do you have to have your own savings account to get the card? i have read a lot that they accept almost anyone, if you dont mind me asking what was your score when they approved you?

Message Edited by Michelle27 on 09-08-2007 02:10 PM

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 20:51:02 GMT

really don't know what the scores where, but i've had the mc over two years. i've only had a savings account since march (had to join a credit union to have them finance a van), but have had a checking account for years.

funny thing after we got the van, in the welcome call they offered (and i accepted and ran like a thief) a $3500 visa card.

Re: First Premier vs. Orchard Bank

Anonymous — Sat, 08 Sep 2007 22:02:05 GMT

I had applied and received both cards when I was building my credit back up. My scores were all around 550 across the board. I would DEFINITELY recommend Orchard Bank over Premier for these reasons.

Online bill pay is free with Orchard Bank (as long as it's not a rush payment). Anytime you want to pay with Premier, it was $7.00 per payment! There was also a hefty annual fee if I remember correctly. Orchard Bank's was/is $39.00. Orchard Bank started me off with a $300.00 limit and mine is $1800 now. I ended up closing the Premier account after a year. I had a $250.00 limit with them and it never increased.

I've had my Orchard Bank card since 2004 and I used it often back then just to show usage on my report but I would pay it off the moment it showed online. I don't use it much anymore but since I've had it for awhile now, I don't want to close it. Hope this helps a bit.

Re: First Premier vs. Orchard Bank

Anonymous — Sun, 09 Sep 2007 11:26:38 GMT

Orchard or another HSBC card by far. Also look at the Tribute card. FP sucks and I was so glad I could close mine this week.

Re: First Premier vs. Orchard Bank

PayYouNever — Tue, 11 Sep 2007 21:24:54 GMT

I have both Orchard and FP. Although FP charges a monthly service charge, and they haven't give me a CLI in the three years that I had the card, they are more willing to waive late and OTL charges. Orchard claims they have a policy of one adjustment per mistake per year... whereas with FP if you miss a payment, get jacked up to 30%APR, it goes back down to 9% after two back to back payments. I don't know if that happens with Orchard.

What I did to alleviate the online payment fee is pay through the BillPay on checking account, that way BofA issuing a check free of charge. So far I haven't been charged the $7/monthly fee for that.

Re: First Premier vs. Orchard Bank

Anonymous — Wed, 12 Sep 2007 14:04:14 GMT

I had both Orchard and First Premier. The Orchard Annual Fee was higher than Firsst Premier in my case, but no monthly fees and no charge for paying online. First Premier had monthly fees, but lower interest rate and did not ratejack me like Orchard did. Started with 14.99% with Orchard and they jacked me to 29.99% based on Universal Default, so they said, while First Premier remained a constant 9.9% plus $6 monthly maintenance fee.

I have closed my First Premier just because I don't need it anymore, and my Orchard Silver has been upgraded to HSBC Platinum with 1/2 the annual fee and the interest rate back down to 14.99%. But if they ratejack me again, I am gone and not lookig back. So what I am saying, I guess, is that each one has good points, but neither is Prime of course.

If you want to get CLI and move up to better cards, go with Orchard. Just always pay more than the minimum and PIF if you can, never be late, and keep your other utils low. They are watching.